Glencore Production in Five of 10 Commodities Declined in Year to Date -- Update
October 28 2022 - 2:48AM
Dow Jones News
By Ian Walker
Glencore PLC on Friday reported falls in year-to-date production
on five out of ten commodities and lowered its full-year guidance
for three of them.
The FTSE 100-listed commodity mining and trading company said
copper production fell 14%, while production of zinc fell 18%, lead
fell 21%, gold fell 15% and silver fell 25% for the first nine
months of the year.
However, cobalt production rose 41%, Nickel rose 15%,
ferrochrome rose 4%, coal rose 7% and oil rose 16% over the
period.
Glencore reduced production guidance on zinc, nickel and
coal.
Zinc production for the year is now expected to be around
945,000 metric tons plus or minus 25,000 tons, nickel production is
expected at 110,000 tons, plus or minus 4,000 tons while coal is
forecast to be around 110 million tons, plus or minus 4 million
tons.
Production forecasts for all other commodities remain unchanged
from those given at the time of the second-half report.
The company blamed a number of issues for its performance,
including extreme weather in Australia, industrial action at nickel
assets in Canada and Norway and supply-chain issues in Kazakhstan
due to Russia's war in Ukraine.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
October 28, 2022 03:33 ET (07:33 GMT)
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