Glencore Chief Executive Officer, Gary Nagle:
“We are pleased to report a solid first-half production performance from our underlying base business, where our key copper, coal and zinc assets performed in line with expectations and previously communicated guidance.
“Our full year production guidance remains unchanged from earlier guidance. Second half volume weightings in copper, zinc and nickel reflect higher expected production volumes from Collahuasi, Kazzinc, Mount Isa and INO.
“In our Marketing segment, progressively through 2023, the particularly elevated commodity market imbalances and volatility levels that prevailed through much of 2022, have largely normalised, which, while clearly impacting profitability, has allowed for the release of some of the investment made in non-RMI marketing working capital in 2022. We continue to expect a full year 2023 Adjusted EBIT outcome above the top end of our $2.2-3.2 billion p.a. long-term guidance range, likely in the $3.5-4.0 billion range.”