Glencore Cuts 2022 Guidance for Copper on Technical Constraints
July 29 2022 - 2:56AM
Dow Jones News
By Michael Susin
Glencore PLC on Friday cut its 2022 output guidance for copper,
while keeping its production outlook on other commodities
unchanged.
The commodity mining and trading company reduced copper guidance
to around 1.06 million metric tons from 1.2 million tons,
reflecting continuing technical constraints at Katanga's open pit
in the Democratic Republic of Congo and lower run-rate at
Australia's Mount Isa Copper due to Covid-related issues.
The company said that cobalt, nickel and ferrochrome production
levels improved, driven by the Cerrejon mine in Colombia,
reflecting its full ownership from early January.
Glencore said its performance in industrial and marketing were
robust in the second quarter, driven by strong energy markets.
"Allied with the strong results, particularly in marketing and
mostly energy related, our net working capital has significantly
increased during the period, in line with materially higher oil,
gas and coal prices, and their elevated market volatilities," the
company added.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
July 29, 2022 02:41 ET (06:41 GMT)
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