Glencore cuts full-year output targets after declines in first half
Glencore cut its 2017 output targets on Thursday after first-half production was hit by rainfall, maintenance and changes in what it extracts at some of its mines. The global miner and trader said copper output for the six months fell 9% and nickel was down 10%, while zinc production jumped 13% and coal rose 4%. At its Antamina mine in Peru, Glencore shifted its focus to ore containing a combination of copper and zinc instead of purely copper, which led to a rise in zinc while copper fell. Glencore said it was lowering its full-year production guidance for copper, lead, ferrochrome, nickel and coal. Despite a rise in output, its forecast for zinc production was cut to about 1.13-million ounces for the year because it expects to complete the sale of two mines to Trevali Mining in the third quarter. A decision by Glencore to shut some zinc capacity pushed prices on the London Metal Exchange up 60% in 2016, making it the best-performing metal last year. Glencore raised its guidance on ...
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