Glencore Backs Full-Year View for Copper, Zinc Despite Output Fall

   By Christian Moess Laursen 
 

Glencore backed its full-year copper, zinc and coal production guidance even as output declined in both metals in the first nine months of the year, while lowering full-year targets for nickel and ferrochrome after steep drops in production.

The Anglo-Swiss commodity mining and trading company said Monday that it produced 735,800 metric tons of copper in the year to the end of September, a 5% fall from 770,500 tons in same period a year prior, due to the sale of its Cobar mine in Australia in June and lower copper by-product production outside the copper department.

Zinc volumes fell 4% to 672,100 tons, while nickel and ferrochrome production dropped sharply by 16% and 21% to 68,400 tons and 873,000 tons, respectively.

Coal production rose 2% to 83.9 million tons from 81.9 million tons a year prior.

The FTSE 100-listed company backed its full-year target for copper and zinc, while lowering its forecast for nickel to 102,000 tons from 112,000 tons and guidance for ferrochrome to 1,200 tons from 1,310 tons.

Write to Christian Moess Laursen at [e-mail]

(END) Dow Jones Newswires

October 30, 2023 03:49 ET (07:49 GMT)

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