Glencore Cuts 2020 Guidance After Decline in 1Q Copper, Cobalt Production

   By Adria Calatayud

Glencore PLC on Thursday lowered its production guidance across the board due to the coronavirus pandemic after experiencing declines in copper, cobalt and coal output for the first quarter.

The Anglo-Swiss commodity trading and mining company said it produced 293,300 metric tons of copper in the first three months of the year compared with 320,700 tons in the year-earlier period.

Cobalt production during the quarter dropped 44% to 6,100 tons, Glencore said.

The mining company also said zinc output rose 13% to 295,600 in the quarter, while total coal production fell to 31.9 million tons from 33.2 million tons a year earlier.

Glencore said it now expects copper production for 2020 to be around 1,26 million tons, give or take 45,000 tons, having previously expected it at around 1.3 million tons. Cobalt production is forecast at around 28,000 tons, lower than the company's previous guidance of around 29,000.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

April 30, 2020 02:37 ET (06:37 GMT)

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