Glencore’s profits hit a record US$34 billion in 2022, driven largely by coal which hit highs after Russia’s invasion of Ukraine. But, below the headline figures, copper production fell from 137,600 tonnes in 2021 to 1,058,100 tonnes in 2022, 12% lower.
The reason for the decrease give in their report: due to the basis change from the sale of Ernest Henry in January 2022 (44,800 tonnes), the ongoing geotechnical constraints at Katanga (44,300 tonnes), Collahuasi planned mining sequence changes (26,100 tonnes) and a lower contribution from Mount Isa (21,000 tonnes).
Find out why the struggling supply of copper is set to electrify prices in our latest analysis: