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Glencore Q1 production 'broadly in line' with expectations; keeps guidance unchanged
StockMarketWire.com
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Mining giant Glencore reported first-quarter production was 'broadly in line' with its expectations as coal production fell and copper production increased.
The company also forecast full-year marketing earnings within the top half of guidance.
'[W]e expect full year marketing EBIT to be within the top half of our long-term $2.2-3.2 billion p.a. guidance range,' the company said.
Coal production fell 23% to 24.5 million tonnes and ferrochrome production of was 3% up on Q1 2020.
'Coal production was down 7.4 million tonnes, reflecting Prodeco's care and maintenance status and the market-related production cuts in Australia, actioned in H2 2020,' the company said.
Copper production was up 3% to 301,200 tonnes in Q1 year-on-year, while zinc production slipped 4% and nickel output fell 11%.
Looking ahead, the company maintained production guidance for its key commodities.
Story provided by StockMarketWire.com
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