Glencore Posted Notable Dip in 2022 Copper Output

SEATTLE (Scrap Monster): Glencore published full year 2022 production report, which indicates notable decline in copper production during the previous year.

The copper production by the company recorded significant decline by 12% year-on-year in 2022, mainly driven by issues at its Katanga open-pit mine in the Democratic Republic of Congo (DRC). The production had totalled around 1.06 million tonnes of copper during the year. The dip in volumes was mainly due to the ongoing geotechnical constraints at Katanga. The basis change arising from the sale of Ernest Henry, planned mining sequence changes at Collahuasi and a lower contribution from Mount Isa too impacted production.

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The overall production volumes were in line with the revised guidance released in October 2022, said the company press release. The final quarter of the year witnessed sequential increase in production in key commodities, including copper, zinc, nickel and coal. Meantime, Glencore kept its 2023 production outlook unchanged at around 1.04 million tonnes.

In addition, the company reported 6% surge in coal production in 2022, primarily driven by its Cerrejon mine in Colombia. The company’s zinc production fell 16% to 938,500 tonnes, mainly due to closures and sales. On the other hand, the restart of the Mutanda mine in the DRC resulted in 40% increase in cobalt output during the year.