Glencore Reports Decline in Copper, Zinc, and Cobalt Production for 2024

Swiss resource giant Glencore reported a 4% year-on-year decline in copper production to 705,200 tons for the period from January to September 2024. The decrease was primarily attributed to the sale of its Cobar mine in Australia in June. Zinc production also fell by 4%, reaching 643,600 tons, mainly due to reduced output at the Antamina mine in Peru. Cobalt production dropped sharply by 18% to 26,500 tons, largely driven by reduced production at the Mutanda mine in the Democratic Republic of Congo (DRC) amid falling market prices. Nickel output decreased by 9% to 62,300 tons, following the suspension of production at the Koniambo site in New Caledonia.

However, production saw some positive momentum in the July-September quarter. Copper production rose by 9% to 242,600 tons, aided by higher ore grades at the Coahuasi mine in Chile and increased production in the DRC. Zinc output also increased by 7%, totaling 226,400 tons, with contributions from Zailem in Kazakhstan.