Glencore Sees Higher Zinc and Oil Production by 2022, Copper to Decline
December 03 2019 - 9:39AM
Dow Jones News
By Adriano Marchese
Glencore PLC (GLEN.LN) said Tuesday that it expects zinc and net
oil equivalent production to be higher by 2022 while copper
production is expected to modestly decline.
The Anglo-Swiss commodity trading and mining company said net
oil equivalent production is set to reach a range of between 12.3
million barrels and 13.1 million barrels in 2022. This compares
with a range of between 5.3 million and 5.7 million barrels for
2019.
Zinc production is also expected to rise in the period, with
production peaking at around 1.4 million metric tons in 2021, and
then falling to around 1.2 million tons in 2022, the company said.
Production in 2019 is expected to be around 1.1 million tons.
For 2019, coal guidance was reduced by 5 million tons to between
138 million and 142 million tons, and the company expects largely
flat production in 2022, offering a range of between 135 million
and 145 million tons.
The company expects a modest copper-production decline over the
outlook period, primarily reflecting the transition of Mutanda
facility in Congo to care and maintenance in the fourth quarter.
For 2019, Glencore guides for a production of around 1.4 million
tons. This is expected to fall to around 1.3 million to 1.4 million
tons in 2022.
Shares at 1353 GMT were down 3.5% at 236.25 pence.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 03, 2019 09:24 ET (14:24 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Glencore (LSE:GLEN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Glencore (LSE:GLEN)
Historical Stock Chart
From Apr 2023 to Apr 2024