Economic news

Glencore Reports Lower 2023 Copper, Nickel, Cobalt Output, Flags Further Falls

LONDON, Feb 1 (Reuters) - Miner and trader Glencore on Thursday reported lower copper, nickel and cobalt production in 2023 and signalled a further decline in output this year.

The London-listed company reiterated its expectation that 2023 profits from its trading division would be $3.5 billion, above its long-term guidance range between $2.2 billion and $3.2 billion.

Glencore said it produced 1.01 million metric tons of copper in 2023, down 5% from 2022 and compared to its previous guidance of 1.04 million tons.

It now expects copper production of between 950,000 and 1.01 million tons this year, reflecting the sale of its Cobar mine in Australia.

The miner produced 97,600 tons of nickel in 2023, lower than its revised October guidance, and expects 2024 production of about 80,000 to 90,000 tons.

Cobalt production stood at 41,300 tons in 2023. The company expects this to be between 35,000 and 40,000 tons this year.

Copper, nickel and cobalt are materials used for electric vehicles, a key plank of the energy transition.

Reporting by Clara Denina; editing by Jason Neely and Jamie Freed

Source: Reuters

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree