Glencore PLC on Tuesday reported mostly lower interim production in what is shaping up to be a year of two halves for the diversified miner that maintained its annual guidance.

The Barr, Switzerland based multinational commodity trading and mining company said copper production fell 5% to 462,600 tonnes for the first six months of 2024 from 488,000 tonnes a year earlier.

Over this period, steelmaking coal output was down 8% to 3.4 million tonnes from 3.70 million tonnes. Ferrochrome production for the first half slumped 16% to 599,000 tonnes from 717,000 tonnes.

Gold was flat at 369,000 ounces, while silver was 3% lower at 9,117 ounces from 9,446 ounces.

Zinc production declined 4% to 417,200 tonnes from 434,700 tonnes, but lead output was up 1% to 87,900 tonnes from 87,400 tonnes.

Cobalt dropped 27% to 15,900 tonnes from 21,700 tonnes, while nickel output fell 5% to 44,200 tonne from 46,400 tonnes.

Glencore maintained its 2024 annual guidance.

It guides for copper production of between 950,000 and 1.01 million tonnes versus 1.01 million tonnes in 2023.

Full-year guidance for ferrochrome is between 1.1 million and 1.2 million tonnes, from 1.16 million tonnes. Cobalt output is expected at between 35,000 and 40,000 tonnes, compared to 41,300 tonnes.

Annual zinc production is likely to range between 900,000 and 950,000 tonnes versus 918,500 tonnes, while that of nickel is projected at between 80,000 and 90,000 tonnes, against 97,600 tonnes.

But steelmaking coal guidance was revised up to between 19 million tonnes and 21 million tonnes, from the 7 million tonnes and 9 million tonnes forecast previously. This follows its acquisition of a 77% interest in Elk Valley Resources this month.

Glencore Chief Executive Officer Gary Nagle said 2024 is expected to be a year of two halves, whereby the tracking of its year-to-date production versus guidance is expected to be caught up during the second half of the year.

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