Glencore Sees 2021 Marketing Earnings Above Guidance Range -- Update
October 29 2021 - 3:18AM
Dow Jones News
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
long-term guidance range of $2.2 billion-$3.2 billion per
annum.
Glencore's marketing arm sources, transports, stores, processes,
sells and delivers commodities to customers.
In addition, the commodity mining and trading company said its
assets performed in line with expectations in the third quarter,
and that full-year production guidance remains unchanged.
The Anglo-Swiss group produced 895,500 metric tons of copper in
the nine months ended Sept. 30, down from 934,700 tons a year
earlier.
Coal output fell to 76.3 million tons from 83.5 million
tons.
"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.
Cobalt production rose 8% to 23,400 tons, zinc edged down 0.5%
to 855,800 tons, lead was 11% lower at 173,400 tons, and nickel
fell 13% to 71,100 tons. Ferrochrome production increased 65% to
1.07 million tons.
Gold output fell 9% to 593,000 ounces, and silver rose 2% to
23.79 million ounces. Oil was 23% higher, at 4.15 million
oil-equivalent barrels.
Glencore reported that on Oct. 15 it had 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 03:03 ET (07:03 GMT)
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