POSITIVE RESULTS
Glencore hits targets, keeps its forecast
Glencore, one of the world’s major commodity suppliers and traders, hit its targets for last year’s output and kept its forecasts for this year unchanged.Shares in London-listed Glencore, a Swiss-based company headed by South African Ivan Glasenberg, extended this year’s gains slightly, with the stock up 18%, in line with its peers which have rallied on generally firmer commodity prices.Among the closely watched commodities within Glencore, which is the world’s largest producer of ferrochrome from its South African operations, was copper.Copper output of 1.42-million tonnes was 5% lower in 2016 than the previous year because of the suspension of its African copper assets, which was offset by improvements at its South American mines.In zinc, production was 24% lower year on year at 1.09-million tonnes as the company mothballed an estimated 4% of the world’s capacity because of low prices. For this year, Glencore kept its forecast output of 1.19-million tonnes intact."Overall, we see ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.