Glencore Backs Full-Year View for Copper, Zinc Despite Output Fall
October 30 2023 - 4:04AM
Dow Jones News
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 christian.moess@wsj.com
(END) Dow Jones Newswires
October 30, 2023 03:49 ET (07:49 GMT)
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