Glencore Cuts 2022 Guidance for Copper, Cobalt, Zinc
April 28 2022 - 3:01AM
Dow Jones News
By Jaime Llinares Taboada
Glencore PLC on Thursday cut 2022 production guidance for
copper, cobalt and zinc, and raised it for nickel and
ferrochrome.
The commodity mining and trading giant reduced copper guidance
to around 1.11 million metric tons from 1.15 million tons, and
cobalt to 45,000 tons from 48,000 tons, reflecting first-quarter
performance.
In addition, because of a slower-than-expected ramp-up at the
Zhairem project in Kazakhstan, the 2022 outlook for zinc production
is cut by 9% to 1.01 million tons, the company said.
Conversely, nickel guidance has been raised to 118,000 tons from
115,000 tons, and ferrochrome to 1.50 million tons from 1.46
million tons, it said.
In addition, Chief Executive Gary Nagle said the marketing
segment's first-quarter performance would see the division's 2022
earnings comfortably exceeding the long-term guidance range of $2.2
billion-$3.2 billion adjusted earnings before interest and tax.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
April 28, 2022 02:46 ET (06:46 GMT)
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