Glencore Backs 2022 Production Guidance After In-Line 2021 -- Update
02 February 2022 - 7:28PM
Dow Jones News
By Jaime Llinares Taboada
Glencore PLC on Wednesday reaffirmed guidance for 2022, and said
that its operations in 2021 performed in line with
expectations.
The Anglo-Swiss commodity mining and trading company said
guidance for this year remains unchanged from the investor update
in December.
Glencore said its copper production fell 5% to 1.20 million
metric tons last year, in line with expectations, reflecting the
disposal of the Mopani mines in Zambia, weaker grades at Antapaccay
in Peru and lower copper by-products from zinc and nickel
mines.
Production of cobalt rose 14% to 31,300 tons, but missed
guidance of 32,000-38,000 tons. Zinc was down 4% at 1.12 million
tons, also missing the 1.14 million-1.20 million tons guidance.
Nickel declined 7% to 102,300 tons, while ferrochrome increased 43%
to 1.47 million tons, slightly above the top end of the 1.40
million-1.46 million tons guidance.
Coal output dropped 3% to 103.3 million tons, reflecting the
care and maintenance status of the Prodeco business in Colombia,
and both lower demand and rail capacity constraints in South
Africa.
"Overall, our operations largely performed in line with guidance
expectations," Chief Executive Gary Nagle said.
Citigroup said in a note that Glencore's fourth-quarter
production was broadly in line with expectations, and forecast that
the company's marketing arm will deliver strong earnings before
interest and tax for 2021. "Our estimate at $3.3 billion appears
conservative," the bank said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
February 02, 2022 03:13 ET (08:13 GMT)
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