29th Oct 2021 09:12
(Alliance News) - Glencore on Friday reported lower production of copper, gold and zinc for the quarter, but the miner and commodities trader reaffirmed its full-year production guidance.
Copper production in the third quarter ended September 30 fell 14% to 297,500 tonnes from 346,600t a year before. While gold output was down 30% annually at 170,000 ounces from 244,000oz. Zinc production fell 12% annually to 274,000t from 310,000t previously.
However, ferrochrome output jumped by 61% annually in the quarter to 298,000t from 185,000t.
"The asset base has largely performed in line with our expectations and our full-year production guidance remains unchanged," said Chief Executive Officer Gary Nagle. "Notably, as energy markets have improved, we are recovering from the market-driven production cuts initiated within our Australian coal portfolio in the second half of 2020."
Coal production of 76.3 million tonnes was 9% lower than the comparable 2020 period, partially reflecting lower domestic production and demand in South Africa.
For the company's Marketing arm, which trades commodities, Nagle said Glencore expects full-year adjusted earnings before interest and tax to exceed the top end of the company's USD2.2 billion to USD3.2 billion per annum long-term guidance range. Glencore reported adjusted earnings before interest and tax of USD3.3 billion for the Marketing arm in 2020, up 41% from 2019.
Glencore shares were up 0.9% at ZAR75.32 each in Johannesburg. In London, the stock was up 0.2% to 359.95 pence each.
By Will Paige; [email protected]
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