Glencore Production in Five of 10 Commodities Declined in Year to Date -- Update

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.

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(END) Dow Jones Newswires

October 28, 2022 03:33 ET (07:33 GMT)

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