Glencore expects better earnings in marketing division
But the group reported a 9% fall in coal production in the year to date, due to its Prodeco mines in Colombia being suspended and lower production in SA
29 October 2021 - 10:20
byHelen Reid
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Glencore's headquarters in Baar, Switzerland. Picture: REUTERS/Arnd Wiegmann
Glencore says it expects full-year 2021 earnings before interest and tax (ebit) for its marketing unit to exceed the top end of its $2.2bn to $3.2bn long-term guidance, but stuck to its production guidance.
The miner and trader reported a 9% drop in coal production year-to-date due to its Prodeco mines in Colombia being suspended and lower domestic production in SA.
Ferrochrome production jumped 65% year on year to 1,071,000 tonnes as SA mines ramped up after a Covid-19 lockdown.
CEO Gary Nagle said the improvement in energy markets had helped the company recover from market-driven production cuts in its Australian coal assets in the second half of 2020.
Coal prices have surged to record highs in 2021 due to a squeeze in supply.
Own-sourced nickel production was down 13% year to date to 71,100 tonnes due to planned maintenance at Australian mine Murrin Murrin and operating issues at its Koniambo mine in New Caledonia.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Glencore expects better earnings in marketing division
But the group reported a 9% fall in coal production in the year to date, due to its Prodeco mines in Colombia being suspended and lower production in SA
Glencore says it expects full-year 2021 earnings before interest and tax (ebit) for its marketing unit to exceed the top end of its $2.2bn to $3.2bn long-term guidance, but stuck to its production guidance.
The miner and trader reported a 9% drop in coal production year-to-date due to its Prodeco mines in Colombia being suspended and lower domestic production in SA.
Ferrochrome production jumped 65% year on year to 1,071,000 tonnes as SA mines ramped up after a Covid-19 lockdown.
CEO Gary Nagle said the improvement in energy markets had helped the company recover from market-driven production cuts in its Australian coal assets in the second half of 2020.
Coal prices have surged to record highs in 2021 due to a squeeze in supply.
Own-sourced nickel production was down 13% year to date to 71,100 tonnes due to planned maintenance at Australian mine Murrin Murrin and operating issues at its Koniambo mine in New Caledonia.
Reuters
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