According to me-metals, citing mining.com, Glencore’s own-sourced copper production dropped by 4% to 705,200 metric tons, while its cobalt output declined by 18% to 26,500 tons. Despite this, Glencore has maintained its 2024 copper production forecast, critical for energy transition applications, at between 950,000 and 1.01 million tons.
The company’s trading division, which saw a record profit of $6.4 billion in 2022, includes coal, oil, liquefied natural gas, and metals. Glencore expects full-year marketing earnings before interest and tax (EBIT) to range between $3 billion and $3.5 billion, reaching the upper end of its long-term forecast of $2.2 billion to $3.2 billion.
Glencore has kept its coal business, strengthened by its recent acquisition of Teck Resources’ coking coal assets and investor support, given the sector’s strong earnings potential. CEO Gary Nagle noted in August that Glencore may seek additional steelmaking coal assets.
As one of the world’s largest producers and exporters of thermal coal, Glencore forecasts a total output between 98 million and 106 million tons this year, having produced 73.1 million tons so far—7% lower than the previous year. The acquisition is set to boost its steelmaking coal production in 2024 to 19 million-21 million tons, up from the previous range of 7 million-9 million tons.
