Glencore Says No Material Disruption to Businesses, Supply Chain from Pandemic

By Ian Walker

Glencore PLC said Friday that there hadn't been any material disruptions to its businesses or supply chain, but certain smaller operations were affected by restrictions made by governments around the world in reaction to the coronavirus pandemic.

The Anglo-Swiss commodities giant--one of the world's biggest producers of raw materials such as copper, cobalt and coal--added that its marketing business is delivering annualized earnings before interest and tax within its long-term guidance of $2.2 billion to $3.2 billion a year.

Glencore added that liquidity has increased since the start of the year to due lower working capital requirements, weakening of currencies against the U.S. dollar and falling oil prices. It had $10 billion of undrawn credit and cash at the end of 2019.

Earlier this week Glencore postponed its annual general meeting which was due on May 6 after the Swiss Federal Council's decree banning public meetings. It said Wednesday that the company must hold meeting by June 30 under its articles of association, and will provide a new date by the end of May.

London-listed shares at 1505 GMT were up 5.64 pence, or 4.8%, at 122.94 pence.

Write to Ian Walker at [e-mail]; @IanWalk40289749

(END) Dow Jones Newswires

March 20, 2020 11:26 ET (15:26 GMT)

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