Glencore Reports $998M Loss in 2024 Amid Rising Costs

February 20, 2025

The company cited an "other expense" of $2.12 billion, a 67% increase from 2023, which included $445 million in foreign exchange losses, $295 million in legal and government proceedings, and $870 million in site rehabilitation provisions.

Commodity price movements varied in 2024:

Copper: Up 2.2% to $8,653 per tonne.
Zinc: Up 12% to $2,954 per tonne.
Aluminium: Up 7.7% to $2,527 per tonne.
Lead: Down 5.4% to $1,925 per tonne.
Nickel: Down 7.7% to $15,111 per tonne.
Gold: Up 27% to $2,625 per ounce.
Silver: Up 20% to $29 per ounce.

Despite the loss, CEO Gary Nagle highlighted a strong operational year, with production within guidance ranges and a 4% growth in copper-equivalent volumes, partly driven by the acquisition of Elk Valley Resources. Glencore expects a 4% compound annual growth rate in copper-equivalent production through 2028.

Glencore announced a $1.2 billion cash distribution for 2024, down from $1.6 billion in 2023, and introduced a $1.0 billion share buyback, an increase from no buyback the previous year.

Following the announcement, Glencore shares fell 6.6% to 330.10 pence in London and 6.1% to ZAR77.00 in Johannesburg, making it the biggest FTSE 100 decliner on the day.