Glencore maintains full-year guidance as first-quarter production meets expectations

29th April 2021

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer


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Diversified miner Glencore’s overall production for the first quarter was broadly in line with the company’s expectations, with production reflecting that many of its operations continue to maintain thorough Covid-19 safe working practices.

Full-year production guidance, however, has been maintained for Glencore’s key commodities, while full-year earnings before interest and taxes are expected to be within the top half of the miner’s long-term guidance range of between $2.2-billion and $3.2-billion.

Glencore’s own-sourced copper production of 301 200 t was 3% higher year-on-year, mainly as a result of productivity improvements and mine plan sequencing at the South American operations including Collahuasi, Antamina and Antapaccay.

Own-sourced zinc production of 282 600 t was 4% lower year-on-year, mainly as a result of lower grades and Kazzinc’s Maleevsky mine and mine sequencing at Kidd.

Own-sourced nickel production, meanwhile, fell by 11% year-on-year to 25 200 t primarily reflecting maintenance at Konjambo.

Attributable ferrochrome production of 399 000 t was 3% higher year-on-year, reflecting the impact of the South African national lockdown on the base period, having started late in March 2020.

Coal output, meanwhile, decreased by 7.4-million tonnes year-on-year to 24.5-million tonnes, reflecting Prodeco’s care-and-maintenance status and the market-related production cuts in Australia, actioned in the second half of 2020.

Australian coking coal output increased by 33% year-on-year, while Australian thermal and semi-soft coking coal decreased by 19% year-on-year.

Thermal coal output in South Africa decreased by 8% year-on-year.

Glencore is headed by CEO Ivan Glasenberg.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online


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