Glencore PLC on Wednesday said it remains on track to meet 2024 production guidance despite falls in output of copper, cobalt and zinc so far in the year.

Glencore is a commodities trader and miner based in Barr, Switzerland.

Glencore reported a 4% decrease in copper production for the year to date to 705,200 tonnes, down from 735,800 a year before. It attributed this to a geotechnical event at its Antapaccay mine in Peru in the first half of the year.

Cobalt production fell by 18% to 26,500 tonnes in the nine months ended September 30 from 32,500 a year before. Zinc production fell by 4% to 643,600 tonnes from 672,100.

Gold production was unchanged year-on-year at 543,000 ounces, while silver production decreased by 4% to 14.0 million ounces.

For the same nine-month period, nickel production fell by 9%, while lead production increased by 2%.

More positively, year-to-date steelmaking coal production more than doubled to 11.1 million tonnes, from 5.2 tonnes a year before. This reflected the completion of its Elk Valley Resources acquisition back in July. Glencore bought a 77% interest in Elk Valley.

However, energy coal production fell by 7% to 73,100 tonnes from 78,700 a year before as a result of scheduled mine closures in Australia, export rail constraints in South Africa, and permit delays in Colombia.

Looking ahead, Glencore said it remains on track to meet its 2024 guidance.

Chief Executive Officer Gary Nagle said: ‘Our full-year 2024 production guidance has again been maintained and reflects the additional steelmaking coal volumes that have contributed to our portfolio.’

For the full-year copper production is expected to be between 950,000 and 1.0 million tonnes.

Cobalt production is estimated between 35,000 and 40,000 tonnes and zinc between 900,000 and 950,000 tonnes.

Steelmaking coal production is expected to be between 19 and 21 million tonnes.

Glencore shares were up 1.7% at 411.20 pence each in London on Wednesday morning.

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