Glencore (GLEN) Status Update summary

Production and operational performance

• Full-year 2024 production guidance maintained, reflecting additional steelmaking coal from the EVR acquisition in July 2024.

• Sequential quarterly improvements seen in African Copper (+13%), Antapaccay (+35%), Kazzinc (+27%), Murrin Murrin (+7%), and Australian energy coal (+27%).

• Own-sourced copper production YTD was 705.2kt, down 2% year-on-year after adjusting for asset sales; cobalt down 18%, zinc down 4%, nickel down 9%.

• Steelmaking coal production rose to 11.1mt, reflecting the EVR acquisition; energy coal output fell 7% due to mine closures, rail constraints, and permitting delays.

• Marketing Adjusted EBIT for 2024 expected at $3.0–$3.5 billion, near the top end of long-term guidance.

Segment and asset highlights

• African Copper production declined due to lower grades and unplanned downtime; Collahuasi and Antamina saw higher copper output from improved grades and throughput.

• Zinc production at Antamina dropped 47% due to mine sequencing; Zhairem ramp-up boosted Kazzinc zinc output by 32%.

• Nickel production excluding Koniambo increased 18% year-on-year, with INO and Murrin Murrin both showing strong recoveries.

• Ferrochrome output remained stable; zinc metal production rose 23% due to asset restarts and consolidation.

Coal and energy assets

• Canadian steelmaking coal contributed 5.7mt post-EVR acquisition; Australian steelmaking coal up 4% year-on-year.

• Australian thermal and semi-soft coal production fell 6% due to mine closures and longwall moves.

• South African and Cerrejón thermal coal output declined 10% each, impacted by rail constraints and weather.

• Oil production (non-operated) dropped 13% year-on-year, mainly from natural field decline in Cameroon.