Glencore Reports Decline in Copper, Cobalt, Zinc, Nickel, and Thermal Coal Output for 2024
Glencore reported lower production of copper, cobalt, zinc, nickel, and thermal coal in 2024, aligning with its guidance.
The company produced 951,600 metric tons of copper, a 6% decline from 1.01 million tons in 2023, reaching the lower end of its forecasted range of 950,000 to 1.01 million tons.
Copper, essential for electric vehicle wiring, batteries, renewable energy infrastructure, and data centers, faces increasing supply constraints due to declining ore grades and rising demand driven by the energy transition.
Glencore will release its 2025 production guidance alongside its annual financial results on February 19.
The company previously projected full-year marketing earnings before interest and tax (EBIT) of $3 billion–$3.5 billion, near the upper limit of its long-term range of $2.2 billion–$3.2 billion.
Glencore’s trading division, which generated a record $6.4 billion in profit in 2022, deals in coal, oil, liquefied natural gas, and metals.
Despite industry shifts, Glencore has retained its coal business, completing the acquisition of Teck Resources’ coking coal assets with strong investor support, given coal’s continued profitability.
The company’s steelmaking coal production surged to 19.9 million tons in 2024, up from 7.5 million tons the previous year. However, thermal coal output fell to 99.6 million tons, down from 106.1 million tons in 2023.
Glencore remains one of the world’s largest producers and exporters of thermal coal.
