Glencore on track to meet full-year target

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Glencore on track to meet full-year target

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Published Date: 2021-04-30 | Source: Stephen Gunnion | Author: Stephen Gunnion

Glencore on track to meet full-year target

The commodities mining and trading giant says first-quarter output was broadly in line with its expectations.

Glencore has maintained full-year production targets for its key commodities after output came in broadly in line with its expectations in the first quarter of the year.

In a production report for the three months to end-March, the mining and trading giant reported mixed production results for the commodities it mines. Copper output was 3% ahead of the corresponding quarter last year due to production improvements and mine plan sequencing at its South American operations including Collahuasi, Antamina and Antapaccay. Cobalt production was up 11%.

The company's own sourced zinc production declined by 4%, mainly due to lower grades at Kazzinc's Maleevsky mine in Kazakhstan and mine sequencing at Kidd in Canada. Own sourced nickel production fell 11%, primarily reflecting maintenance at its Koniambo mine in New Caledonia.

In South Africa, attributable ferrochrome production rose 3% after the corresponding period was impacted by the start of the national lockdown late last March. Coal production sank 23% after it ceased mining at Prodeco in Colombia and due to various changes in its Australian portfolio.

Based on the first-quarter performance, the company said it expected full-year earnings before interest and tax (Ebit) from its marketing arm to be within the top half of its long-term guidance range of $2.2-billion to $3.2-billion.

Glasenberg is set to retire as CEO during the first half of this year and will be replaced by Gary Nagle, head of its coal assets.

Glencore's shares fell 1.6% to R59.88 yesterday.





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