Glencore records 9% y-o-y production decline in base metals in 2023

Glencore’s 2023 production report revealed own-sourced copper production at 1.01 mnt, down 5% from 2022 due to the sale of Cobar and lower copper by-product production. Zinc production reached 0.91 mnt, 2% lower than 2022, impacted by disposals and Matagami closure but offset by increased output from Kazzinc and Antamina. Lead production was down by 5% y-o-y to 0.18 mnt. Meanwhile, nickel production totalled 0.09 mnt, down 9% from 2022.