Copper production in Q4 amounted to 300,200 tonnes, down 7% year-on-year but up 1% versus Q3 and in line with estimates by analysts at Canadian investment bank BMO.
Zinc production in the same period fell by 4.4% qoq and 15.6% yoy to 262,000t, 11% below BMO's estimate. This underwhelming performance was driven by the slower-than-expected ramp up of Glencore's Zhairem mine in Kazakhstan and lower grades at Kidd in Ontario, Canada.
It meant Glencore just missed its full year guidance for the base metal, with 2021 zinc production coming in at 1.118Mt, below its guided range of 1.14-1.18Mt.
Full year copper volumes snuck in just above guidance of 1.19-1.25Mt, with total production amounting to 1.196Mt.
Full year volumes for other commodities were generally at the low end of expectations.
"The operating environment remained challenging in 2021, with the COVID-19 pandemic again dominating the daily lives of many of our colleagues, families, local communities and society at large," Glencore's chief executive Gary Nagle said.
Looking ahead to 2022, Glencore made no changes to the guidance figures it provided at its investor day in December.
"With 2022 guidance unchanged from the investor update in December, we don't expect to make any significant updates to our estimates on the back of the result," BMO said.
Glencore's reorientation of its coal business continues, as the company moves gradually away from thermal coal production.
The company's total coal output fell by 3% in 2021, to 103.3 million tonnes, while coking coal production rose by 20%, to 9.1 million tonnes
"We completed the Cerrejon acquisition and Ernest Henry disposal in January, such transactions being consistent with our continued strategy to simplify and align our portfolio with the materials needed for the energy transition and the responsible decline of our coal business," said Nagle.
Glencore shares were up 1.0%, at 399.65p at 9.35 London time.
