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Glencore production slips, lowers coal guidance due to strikes in Colombia
StockMarketWire.com
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Miner and commodities trader Glencore said production across most of its commodities declined in the year to date, while downgrading its guidance for coal production amid extended strikes at Cerrejon in Colombia.
Annual coal output was now expected 114 million tonnes, give or take 3 million tonnes, from previous guidance for 109 million tonnes, give or take 3 million tonnes.
Copper production fell 8% year-on-year and rose 3%. All other commodities, including cobalt, nickel and lead, fell in the period. Coal production fell 20% and oil output dropped 8%.
'We maintain our 2020 full year production guidance, except coal, which was adjusted for the extended strike at Cerrejon,' the company said. 'We will provide a detailed business update, including progress on climate change initiatives at our Investor Update on 4 December.'
At 8:03am: (LON:GLEN) Glencore PLC share price was -3.49p at 152.01p
Story provided by StockMarketWire.com
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