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Glencore sees trading unit beating earnings guidance -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Glencore’s logo is seen in front of its headquarters in Baar (Switzerland), July 18, 2017. REUTERS/Arnd Wiegmann

JOHANNESBURG – Glencore (OTC 🙂 stated Friday it anticipates that full-year 2021 earnings (before interest and taxes) for its marketing units will exceed the top end its $2.2 billion to $32 billion long-term guidance. But, it stayed true to its production guidance.

Trader and miner Prodeco Mines in Colombia were suspended, and South Africa’s lower production contributed to a 9% decline in coal production.

After a COVID-19 ban, South African mines reopened and ferrochrome production shot up 65% to 1,071,000 tonnes.

Gary Nagle CEO stated that market driven production reductions at its Australian coal assets have been reversed by the improvements in energy markets.

A squeezed supply has caused coal prices to soar to new all-time highs.

Nickel production from own-source was reduced by 13% in the past year, to 71.100 tonnes. This is due to operating problems at Koniambo Mine in New Caledonia and planned maintenance at Murrin Murrin mine.

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