By: African mining market

Glencore PLC shares surged almost 7% to their highest since the start of the year after the commodities giant backed its full-year production outlook after reporting a stronger third quarter, particularly in copper and coal output.

Copper production increased 36% quarter on quarter, with significant gains at KCC and Mutanda in DR Congo, and Peru’s Antamina and Antapaccay.

In the year to date, copper output is still down 17% at 583,500 tonnes, due to lower head grades and recoveries from planned mine sequencing. Zinc production rose 10% to 709,400 tonnes, while cobalt increased 8% to 28,500 tonnes on stronger grades at Mutanda.

Zinc production rose 10% to 709,400 tonnes, while cobalt increased 8% to 28,500 tonnes on stronger grades at Mutanda.

Nickel output declined 16% to 52,400 tonnes, while ferrochrome production dropped 51% following smelter suspensions earlier in the year.

Steelmaking coal production more than doubled to 24.7 million tonnes, driven by EVR’s contribution following its acquisition in July 2024. Energy coal output remained steady at 73.5 million tonnes as higher Australian volumes offset voluntary production cuts at Cerrejón.

CEO Gary Nagle added that “basis Marketing’s performance year to date, we expect full year Marketing Adjusted EBIT around the mid-point of our recently upgraded US$2.3 – US$3.5 billion p.a. long-term through the cycle guidance range.”

The shares rose 23.4p to 374.85p, levels that have not been reached since January