Glencore Cuts 2020 Coal Guidance Due to Strikes at Colombia Mine
October 30 2020 - 3:58AM
Dow Jones News
By Jaime Llinares Taboada
Glencore PLC on Friday cut full-year guidance for coal
production by 4% due to strikes at the Cerrejon mine in
Colombia.
The FTSE 100 Anglo-Swiss miner produced 25.4 million metric tons
of coal in the three months to Sept. 30 compared with 35.8 million
tons a year earlier. The company blamed the strikes for the
decline, and revised full-year guidance down to 106 million-112
million tons from the previous 111 million-117 million range.
Glencore said it produced 346,600 tons of copper in the third
quarter, down 2% from a year earlier. Zinc output was up 13% and
gold and silver production also increased in the third quarter.
However, cobalt offtake nearly halved, lead was down 8%, nickel
fell 22%, ferrochrome was down 20%, and oil plunged 46%.
"We maintain our 2020 full-year production guidance, except
coal, which was adjusted for the extended strike at Cerrejon,"
Chief Executive Ivan Glasenberg said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
October 30, 2020 03:43 ET (07:43 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Glencore (LSE:GLEN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Glencore (LSE:GLEN)
Historical Stock Chart
From Apr 2023 to Apr 2024