BRUSSELS (dpa-AFX) - Switzerland-based minerals and metals business Glencore Plc (GLEN, GLNCY) on Wednesday released the Production Report for 2021 which showed own-sourced copper production dip by 5 percent to 1.2 million tonnes, own-sourced cobalt production grow by 14 percent to 31,300 tonnes and own-sourced zinc production drop by 4 percent to 1.1 million tonnes. Coal production also dropped by 3 percent to 103.3 mt.
The drop in copper production is attributed to the Mopani disposal, expected lower copper grades at Antapaccay and the lower copper by-products from mature zinc and nickel mines. Limited restart of production at Mutanda in 2021 contributed to the increase in cobalt production.
The 2022 production guidance is kept unchanged from the Investor Update issued in December 2021. Copper production is seen around 1.15 mt whereas Zinc production is expected to be around 1.1 mt. Coal is expected to increase to around 121 mt.
Shares of Glencore closed Tuesday's trading at $10.77, up $0.41 or 3.91 percent from previous close.
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