(Alliance News) - Glencore PLC on Wednesday said 2022 production was in line with expectations, despite a "mixed overall production performance".

The Anglo-Swiss commodity trading and mining company said 2022 total copper production was 1.1 million tonnes, a drop of 12% from 1.2 million tonnes a year ago.

The company said the reduction was due to the reductions arsing from the sale of Ernest Henry in January last year, geotechnical constraints at Katanga, mining sequence changes at Collahuasi and a reduced contribution from Mount Isa, all of which amounted to a combined loss of 135,200 tonnes.

Glencore said zinc production was 938,500 tonnes, down 16% from 1.1 million tonnes the year prior. The company said this reduction was due to the cessation of is South Africa operations, the closure of Matagami and lower volumes from Mount Isa.

The company noted that nickel production was 107,500 tonnes, rising 5.1% from 102,300 in 2021, owing to the running o two production lines at Koniambo for most of the year, Glencore said.

Coal production also increased, rising 6.5% to 110.0 million tonnes, from 103.3 million in 2021, due to higher attributable production from Cerrejon following Glencore's acquisition of the final two thirds of the project.

The company noted that gold production dropped 18% to 661,000 ounces from 809,000 ounces a year ago, while silver production fell by 25% to 23.8 million ounces, from 31.5 million ounces.

Chief Executive Officer Gary Neagle said: "Overall, 2022 production volumes were in line with our revised guidance from October 2022, with final quarter sequential production increases delivered across most of our key commodities, including copper, zinc, nickel and coal. During the year, however, we saw a mixed overall production performance.

The company said its guidance for 2023 is unchanged from its December update.

Glencore shares were down 0.3% trading at 539.50 pence per share on Wednesday morning in London.

By Harvey Dorset, Alliance News reporter

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