Glencore Backs 2021 Production View; Sees Marketing Earnings at Top Half of Range
April 29 2021 - 2:59AM
Dow Jones News
By Jaime Llinares Taboada
Glencore PLC on Thursday said that first-quarter production was
in line with expectations, maintained guidance for its key
commodities, and said full-year marketing earnings will be within
the higher end of the guidance range.
The Switzerland-headquartered, natural-resources company
reported that its coal production declined 23% to 24.5 million
metric tons in the first quarter from a year earlier, reflecting
the Prodeco operation in Colombia being in care and maintenance and
market-related production cuts in Australia.
As for metals, copper output was up 3% in the period, cobalt
increased 11%, zinc fell 4%, lead was down 10%, nickel dropped 11%,
and ferrochrome rose 3%.
Gold production was up 6% and silver stayed broadly flat. Oil
output plunged 41% to 1.07 million barrels.
Glencore reaffirmed full-year production guidance for copper,
cobalt, zinc, nickel, ferrochrome and coal.
In addition, Chief Executive Ivan Glasenberg said that 2021
earnings before interest and taxes from the marketing business are
expected to sit within the top half of Glencore's long-term $2.2
billion-$3.2 billion annual guidance range.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
April 29, 2021 02:44 ET (06:44 GMT)
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