Glencore PLC reported on Monday production at most of its operations fell for the first nine months of 2023, and the diversified mining group indicated it had slashed its annual guidance for nickel and ferrochrome.

But the Barr, Switzerland-based miner and commodity trader left forecast in other commodities unchanged.

For the nine months that ended September 30, copper production fell by 4.5% to 735,800 tonnes from 770,500 tonnes, mainly due to the sale of Cobar in Australia in June 2023 and lower copper by-product production outside the Copper department.

Silver production over the same period dropped by 19% to 14,510 ounces from 17,878 ounces, but gold output rose by 7.9% to 544,000 ounces from 504,000 ounces.

Zinc production declined by 3.9% to 672,100 tonnes from 699,600 tonnes, in part reflecting the 2022 disposals of South American zinc operations and the closure of Matagami.

Nickel output was 16% lower at 68,400 tonnes from 81,600 tonnes, while lead production decreased by 2.4% to 133,600 tonnes from 136,900 tonnes.

Ferrochrome slumped by 21% to 873,000 tonnes from 1.1 million tonnes as a result of planned additional smelter offline days during the three-month high electricity demand winter season, a period of elevated power prices.

Coal production was up 2.4% at 83.9 million tonnes from 81.9 million tonnes.

‘We are pleased to report a solid production performance from our underlying base business over the first nine months of the year, where our key copper, coal and zinc assets performed in line with expectations and previously communicated guidance,’ Glencore Chief Executive Gary Nagle said.

For 2023 guidance, Glencore trimmed its nickel prediction to about 102,000 tonnes from 112,000 tonnes previously. In 2022, production was 108,000 tonnes.

Ferrochrome output guidance was also lowered to around 1.20 million tonnes, from the previously estimate of 1.31 million tonnes. Production was 1.48 million tonnes in 2022.

Full-year production guidance for copper, zinc, coal and cobalt remains in line with previous prediction.

Copper production is guided to drop to 1.04 million tonnes in 2023 from 1.05 million tonnes in 2022.

Coal output is expected to remain flat at 110 million tonnes.

On cobalt, production is estimated at 30,000 tonnes from 43,800 tonnes, and zinc is projected at 950,00 tonnes, compared to 939,000 tonnes.

In the marketing segment, the mining group continues to expect a full-year 2023 adjusted earnings before interest and tax above the top end of its $2.2 billion and $3.2 billion long-term guidance range, with a likely outcome within the previously communicated $3.5 billion and $4.0 billion range.

Glencore shares rose 0.8% to 448.60 pence per share on Monday morning in London. In Johannesburg, shares were up 0.4% to R 102.24.

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