By Ian Walker

Glencore cut its energy coal guidance for the year following its decision to lower production at the Cerrejon mine in Colombia, but backed guidance for all other commodities. Here is what the Anglo-Swiss company had to say:

On own sourced copper production:

"Own sourced copper production of 167,900 tons was 71,800 tons (30%) below 1Q 2024, primarily due to lower ore mining rates, head grades and overall recoveries at Collahuasi (29,400 tons), Antapaccay (20,800 tons) and KCC (16,700 tons)."

On own sourced cobalt production:

"Own sourced cobalt production of 9,500 tons was 2,900 tons (44%) higher than 1Q 2024, mainly reflecting higher cobalt grades and volumes at Mutanda."

On own sourced zinc production:

"Own sourced overall zinc production of 213,600 tons was 8,000 tons (4%) higher than 1Q 2024, mainly reflecting higher zinc grades from Antamina (7,000 tons) and stronger Australian production (7,700 tons)."

On own sourced nickel production:

"Adjusting for 5,000 tons of Koniambo production in the base period (prior to its transition to care and maintenance), own sourced nickel production of 18,800 tons was in line with 1Q 2024."

On ferrochrome production:

"Attributable ferrochrome production of 277,000 tons was 20,000 tons (7%) below 1Q 2024, such decrease being the result of proactive management in response to market conditions."

On steelmaking coal production:

"Steelmaking coal production of 8.3 million tons mainly comprises the Elk Valley Resources business acquired in July 2024, which produced 6.6 million tons in 1Q 2025. Australian steelmaking coal production of 1.7 million tons was 0.3 million tons (21%) higher than 1Q 2024, due to a longwall move at Oaky Creek in the base period."

On energy coal production:

"Energy coal production of 23.4 million tons was down 7% on 1Q 2024, reflecting the progressive impact of two scheduled mine closures in Australia."

On guidance

 
                              Actual   Previous 
                               FY      guidance  Current guidance        2025 weighting 
                                2024       2025              2025            H1       H2 
-----------------  ----     --------  ---------  ----------------  ---  -------  ------- 
Copper              kt       951.6    850-910     850-910                   42%      58% 
-----------------  -------  --------  ---------  ----------------  ---  -------  ------- 
Cobalt              kt       38.2      40-45      40-45            (1)      45%      55% 
-----------------  -------  --------  ---------  ----------------  ---  -------  ------- 
Zinc                kt       905.0    930-990     930-990                   51%      49% 
-----------------  -------  --------  ---------  ----------------  ---  -------  ------- 
Nickel              kt       82.3      74-86      74-86                     46%      54% 
-----------------  -------  --------  ---------  ----------------  ---  -------  ------- 
Steelmaking coal    mt       19.9       30-35       30-35          (2)      50%      50% 
-----------------  -------  --------  ---------  ----------------  ---  -------  ------- 
Energy coal         mt       99.6      92-100     87-95            (3)      51%      49% 
 

Shares were down 8.65 pence, or 3.3%, at 255.25 pence in early morning European trading. They are currently down 28% over the year to date.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

April 30, 2025 03:20 ET (07:20 GMT)

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