Glencore Says No Material Disruption to Businesses, Supply Chain from Pandemic
20 Março 2020 - 12:41PM
Dow Jones News
By Ian Walker
Glencore PLC said Friday that there hadn't been any material
disruptions to its businesses or supply chain, but certain smaller
operations were affected by restrictions made by governments around
the world in reaction to the coronavirus pandemic.
The Anglo-Swiss commodities giant--one of the world's biggest
producers of raw materials such as copper, cobalt and coal--added
that its marketing business is delivering annualized earnings
before interest and tax within its long-term guidance of $2.2
billion to $3.2 billion a year.
Glencore added that liquidity has increased since the start of
the year to due lower working capital requirements, weakening of
currencies against the U.S. dollar and falling oil prices. It had
$10 billion of undrawn credit and cash at the end of 2019.
Earlier this week Glencore postponed its annual general meeting
which was due on May 6 after the Swiss Federal Council's decree
banning public meetings. It said Wednesday that the company must
hold meeting by June 30 under its articles of association, and will
provide a new date by the end of May.
London-listed shares at 1505 GMT were up 5.64 pence, or 4.8%, at
122.94 pence.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
March 20, 2020 11:26 ET (15:26 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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