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Global commodities and trading firm Glencore's metals output showed mixed progress on the year in the third quarter of 2022, and the company has lowered its production guidance for both zinc and nickel while tightening other ranges.
The Switzerland-based company's zinc production fell by 18pc year on year to 699,600t in the first three quarters of this year.
Glencore closed the Matagami mine in Canada in June and the Iscaycruz mine in Peru late last year. It also disposed of its Bolivian mining portfolio in the first quarter, all of which has weighed on production.
At smelter level, the company's European production will be further bottlenecked, with its Nordenham zinc smelter in Germany being placed on care and maintenance from 1 November. This comes after the zinc line at its Italian Portovesme plant was suspended in the final quarter of last year.
With output falling, Glencore has lowered its zinc production guidance for the year to 920,000-970,000t, from 980,000–1.04mn t, citing emerging supply chain issues in Kazakhstan caused by the conflict in Ukraine.
Glencore's nickel production rose by 15pc on the year to 81,600t in the reporting period but the company has still lowered its guidance on the fallout from labour action.
Nickel production guidance for this year has been revised down to 106,000-114,000t, from 113,000-123,000t, as a result of a 15-week employee strike at Raglan in Canada and a 10-day strike an Nikkelverk in Norway.
Glencore's copper production fell by 14pc on the year to 770,500t in January-September. This was driven by geotechnical and processing issues at Katanga in the Democratic Republic of the Congo, lower ore mined at Collahuasi in Chile and reduced output within its zinc operations. The company sold its Ernest Henry asset in Australia in January.
Glencore has tightened its 2022 copper production guidance range to 1.04mn-1.08mn t, from 1.03mn-1.09mn t.
The company also produced 136,900t of lead in the first nine months of this year, down by 21pc on the year.
Consistent performance at Glencore's smelters led to slightly higher production of ferrochrome. The company produced 1.11mn t of ferrochrome in January-September, up by 4pc on the year.
Ferrochrome production guidance for this year was tightened to 1.48mn-1.52mn t, from 1.47mn-1.53mn t.
Glencore produced 33,100t of cobalt in the first nine months of this year, climbing sharply by 41pc from the same period last year.
Cobalt production guidance is now at 43,000-47,000t, tightening from 42,000-48,000t. Argus Metals
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- [Editor:kangmingfei]
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