Glencore Sees 2021 Marketing Earnings Above Guidance Range

By Jaime Llinares Taboada

Glencore PLC said Friday that it now expects earnings from its marketing business to be ahead of the guidance range in 2021.

The FTSE 100 company forecast full-year marketing adjusted earnings before interest and taxes to exceed the top end of the $2.2 billion-$3.2 billion per annum long-term guidance range.

In addition, the commodity mining and trading company said that its assets performed in line with expectations in the third quarter, and that full-year production guidance remains unchanged.

"Notably, as energy markets have improved, we are recovering from the market-driven production cuts initiated within our Australian coal portfolio in the second half of 2020," Chief Executive Gary Nagle said.

Glencore also reported that on Oct. 15 it agreed the sale of its Chemoil Terminals LLC subsidiary, which owns two oil storage terminals in California, for $242 million. Closing is expected before the end of the year.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

October 29, 2021 02:38 ET (06:38 GMT)

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