Glencore Trims Copper and Zinc Production Targets

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(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.
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