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Glencore Cuts 2021 Guidance for Zinc, Nickel, Coal Output

07/30/2021 | 02:37am

By Jaime Llinares Taboada

Glencore PLC on Friday cut full-year production guidance for zinc, nickel and coal production.

The natural-resources company reduced 2021 zinc guidance to 1.17 million metric tons from 1.25 million; the nickel forecast to 105,000 tons from 117,000 tons; and the coal guidance to 104 million tons from 113 million tons.

Conversely, ferrochrome production guidance has been upgraded to 1.43 million tons from 1.40 million tons, it said.

The group said it also expects 2021 earnings before interest and taxes from the marketing business at the top end of its long-term $2.2 billion-$3.2 billion guidance range.

Glencore said that its copper production rose 2% in the six months to June from the same period of 2020, to 598,000 tons.

Cobalt production increased 3% to 14,800 tons; zinc was up 6% at 581,800 tons; lead fell 9% to 117,000 tons; and nickel dropped 14% to 47,700 tons, it said.

Ferrochrome output rose 66% to 773,000 tons; gold rose 3% to 423,000 ounces; and silver increased 13% to 16.0 million ounces, it said.

As for energy, coal output declined 16% to 48.7 million tons, and oil production slipped 2% to 2.6 million oil-equivalent barrels, Glencore said.

Write to Jaime Llinares Taboada at; @JaimeLlinaresT

(END) Dow Jones Newswires

07-30-21 0236ET

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