Glencore Trims Copper and Zinc Production Targets

This post was originally published on this site

https://i-invdn-com.akamaized.net/content/picc486642e643ae3e474468de1440412cb.jpg

(Bloomberg) — Glencore PLC (LON:), the world’s biggest commodity trader, said it will produce slightly less and zinc this year than previously forecast.

  • Glencore now expects to produce about 1.01 million tons of copper from its non-African business, compared to an earlier forecast of about 1.025 million tons. It will aim to mine 1.11 million tons of zinc, down 7%.

Key Insights

  • Glencore’s African business is on target to hit its revised production goal this year. The company is trying to turn around its flagship Katanga mine and had previously lowered its output expectations.
  • The company also trimmed its ferrochrome output target for the year.
  • There was no update on its fabled trading business. Earlier this year Glencore (LON:) said the marketing business was tracking toward the middle of its full-year guidance range of adjusted earnings before interest and taxes of $2.2 billion to $3.2 billion, after adjusting for $350 million of non-cash cobalt losses.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment