By Jaime Llinares Taboada

 

Glencore PLC on Friday raised guidance for its marketing division and reaffirmed expectations for the mining business. Here's what the commodity giant had to say:

 

On mining:

 

"The asset base has largely performed in line with our expectations and our full year production guidance remains unchanged. Notably, as energy markets have improved, we are recovering from the market-driven production cuts initiated within our Australian coal portfolio in 2H 2020."

 

"Own sourced copper production of 895,500 [metric tons] was 39,200 tons (4%) below the comparable 2020 period, reflecting lower mined grades at various operations. Approximately half this variance relates to lower copper by-product at non-Copper department assets."

 

"Own sourced zinc production of 855,800 tons was in line with the comparable 2020 period. Recovery from 2020 Covid restrictions was offset by temporarily lower Kazzinc production pending the ramp-up of the recently commissioned Zhairem mine."

 

"Own sourced nickel production of 71,100 tons was 10,700 tons (13%) lower than the comparable 2020 period due to planned maintenance at Murrin Murrin and various operating issues at Koniambo."

 

"Attributable ferrochrome production of 1,071,000 tons was 420,000 tons (65%) higher than the comparable 2020 period, reflecting that operations were suspended for much of 2Q 2020 due to the South African national lockdown, with a period of ramp-up thereafter."

 

"Coal production of 76.3 million tons was 7.2 million tons (9%) lower than the comparable 2020 period, reflecting a full period of Prodeco care and maintenance, the progressive recovery from the market-related reductions across the Australian portfolio initiated in 2H 2020 and lower domestic production/demand in South Africa."

 

"Entitlement interest oil production of 4.1 million barrels of oil equivalent (boe) was 0.8 million boe (23%) higher than the comparable 2020 period. This mainly reflects the gas phase of a project in Equatorial Guinea that commenced in February 2021, and a full period contribution from the new Cameroon well. The Chad fields remained on care and maintenance throughout 2021."

 

On marketing:

 

"Basis Marketing's continued strong performance, we now expect full year 2021 Adjusted EBIT to exceed the top end of our $2.2-3.2 billion per annum long-term guidance range."

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

October 29, 2021 02:48 ET (06:48 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Glencore (LSE:GLEN)
Gráfico Histórico do Ativo
De Dez 2021 até Jan 2022 Click aqui para mais gráficos Glencore.
Glencore (LSE:GLEN)
Gráfico Histórico do Ativo
De Jan 2021 até Jan 2022 Click aqui para mais gráficos Glencore.