Glencore’s Nickel Output Dropped by 7% YoY, Ferrochrome Output Rose by 43%

SHANGHAI, Mar 18 (SMM) - Glencore’s report showed that its annual revenue in 2021 increased by 43% to $203.75 billion. The adjusted gross profit rose by 84% 21.32 billion, and the attributable net profit increased from -$1.9 billion in 2020 to $4.97 billion.

In 2021, Glencore’s nickel output from its own mines dropped by about 7% YoY to 102,300 mt, and the ferrochrome output from Glencore-Merafe, in which Glencore holds 79.5% of the shares, increased by 43% to 1.47 million mt.

The company’s nickel sales rose by 36% to 202,000 mt, and the average sales price was $18,497/mt. The total revenue from the nickel assets increased by 20% to 2.82 million mt, and the adjusted gross profit rose by 47% to $868 million.