Glencore's Peru operations report mixed results

Swiss miner Glencore presented mixed 2024 results for its operations in Peru.

Attributable copper production at Antamina grew 2% to 144,700t, while production at Antapaccay fell 16% to 145,800t.

Glencore holds 33.75% in Antamina, BHP 33.75%, Teck Resources 22.50% and Mitsubishi Corporation 10%. Considering these shares, Antamina’s total production should have amounted to 428,740t.

With this figure, the mine in Ancash region ranks second at the national level, trailing Cerro Verde, which produced 958Mlb (434,541t).

Antamina’s zinc production was heavily affected by lower ore grades. Output reached 92,100t, compared to 156,600t in 2023. Silver output fell 2% to 3.8Moz.

According to Glencore's earnings release, results were in line with expectations given a rebound in copper production in the second half of the year.

Antapaccay’s result was affected by geotechnical problems in 2Q24, but operations normalized during the second half.

In the second quarter, the mine in Cusco produced 26,500t of copper, 35,900t in Q3 and 40,500t and Q4.

Silver production fell 15% to 1.08Moz and gold 18% to 80,000oz.