Glencore Chief Executive Officer, Gary Nagle:

"We are pleased to report a solid first-half production performance from our underlying base business, where our key copper, coal and zinc assets performed in line with expectations and previously communicated guidance.

“Our full year production guidance remains unchanged from earlier guidance. Second half volume weightings in copper, zinc and nickel reflect higher expected production volumes from Collahuasi, Kazzinc, Mount Isa and INO.

“In our Marketing segment, progressively through 2023, the particularly elevated commodity market imbalances and volatility levels that prevailed through much of 2022, have largely normalised, which, while clearly impacting profitability, has allowed for the release of some of the investment made in non-RMI marketing working capital in 2022. We continue to expect a full year 2023 Adjusted EBIT outcome above the top end of our $2.2-3.2 billion p.a. long-term guidance range, likely in the $3.5-4.0 billion range.”

Production from own sources – Total1
H1 2023 H1 2022 Change %
Copper kt 488.0 510.2 (4 )
Cobalt kt 21.7 20.7 5
Zinc kt 434.7 480.7 (10 )
Lead kt 87.4 95.1 (8 )
Nickel kt 46.4 57.8 (20 )
Gold koz 369 334 10
Silver koz 9,446 12,579 (25 )
Ferrochrome kt 717 786 (9 )
Coal mt 54.2 55.4 (2 )
1. Controlled industrial assets and joint ventures only (excludes Volcan). Production is on a 100% basis, except as stated later in this report.

H1 production highlights
Own sourced copper production of 488,000 tonnes was 22,200 tonnes (4%) lower than H1 2022, consistent with our expectations around mining sequences at Collahuasi and Antamina, and lower copper by-products outside the Copper department. Own source copper sales volumes were some 11,000 tonnes lower due to timing of shipments.
Own sourced cobalt production of 21,700 tonnes was 1,000 tonnes (5%) higher than H1 2022, reflecting improved recoveries at Katanga.
Own sourced zinc production of 434,700 tonnes was 46,000 tonnes (10%) lower than H1 2022, mainly reflecting the 2022 disposals of South American zinc operations (18,700 tonnes) and the closure of Matagami (17,300 tonnes).
Own sourced nickel production of 46,400 tonnes was 11,400 tonnes (20%) lower than H1 2022, primarily reflecting higher INO third party production (versus own sourced), in large part necessitated by the strike at Raglan mine in 2022.
Attributable ferrochrome production of 717,000 tonnes was 69,000 tonnes (9%) below H1 2022 due to planned additional smelter offline days.
Coal production of 54.2 million tonnes was broadly in line with H1 2022.
Full year production guidance remains unchanged from that presented in Glencore’s Q1 2023 Production Report and December 2022 investor update.
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