Global mining group Glencore's output of copper, zinc and cobalt fell slightly on the year in the third quarter, while its nickel production registered a larger decrease and ferro-chrome output increased sharply.
Glencore produced 242,600t of refined copper in July-September, down by 2pc from the same quarter last year. Production for January-September totalled 705,200t, down by 4pc on the year, although the decrease was equivalent to 2pc when factoring in the sale of the Cobar mine in Australia in June last year.
Cobalt production fell by 2pc on the year to 10,600t and was down by 18pc for January-September at 26,500t, pressured by lower run rates at the Democratic Republic of Congo's Mutanda mine that were planned in response to a weaker cobalt pricing environment.
Zinc output decreased by 5pc to 226,400t in the third quarter and by 4pc on the year in January-September. The lower volumes this year were attributed to decreased output from the Antamina mine in Peru as a result of a mining sequence that has exhibited lower zinc grades and higher copper grades, and disruption to operations at the McArthur River operation in Australia in the first quarter as the result of a tropical cyclone.
These headwinds were partially offset this year by the ramp-up of the Zhairem operation at Glencore's Kazzinc business in Kazakhstan.
Nickel output fell by 18pc on the year to 18,100t in the third quarter, with the decrease attributed to the transition of Glencore's Koniambo operation in New Caledonia into care and maintenance in February. That also pushed January-September production down by 9pc on the year to 62,300t, with the decrease partially offset by higher volumes from the Murrin Murrin mine in Australia.
Glencore's ferro-chrome production surged by 89pc on the year in the third quarter to 295,000t, lifting January-September output to 894,000t, a 2pc increase from the same period in 2023.
Ferro-chrome output in the first half of 2024 had lagged the previous year by 16pc, which Glencore attributed to the continued idling of its Rustenburg smelter, for which a restart was pending an improvement to the cost and price environment.
The group did not state in its results whether the third-quarter jump in ferro-chrome output was the result of any restart to operations at the Rustenburg smelter. Additional factors that could drive ferro-chrome output increases would include higher production rates and fewer offline days at Glencore's other smelter complexes in South Africa.
