Glencore 1st Half Production Dropped, Lowers 2020 Coal and Nickel Guidance
July 31 2020 - 2:53AM
Dow Jones News
By Jaime Llinares Taboada
Glencore PLC said Friday that production across most of its
commodities declined in the first half of the year, and revised
down full-year guidance for nickel and coal.
The FTSE 100 mining and energy company said its production of
copper fell 11% on a year-on-year basis. However, zinc was up 3%.
All other commodities' offtake, including cobalt, nickel and lead,
declined in the period.
In addition, coal production fell 15% and oil output dropped
17%.
"Although some of our industrial operations were temporarily
suspended in line with national and regional guidance, or where our
risk assessment determined a suspension was appropriate, the
majority of our assets continued to operate relatively normally,"
Chief Executive Ivan Glasenberg said.
As for 2020 overall, Glencore has downgraded nickel production
forecasts to 114,000 metric tons from 122,000 tons, and coal
guidance to 114 million tons from 132 million tons.
The company said its marketing business performance was strong
in the first half of the year, and that it has raised 2020
expectations for marketing EBIT to the top of its long-term range
of $2.2 billion-$3.2 billion.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
July 31, 2020 02:38 ET (06:38 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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