Glencore affirms FY guidance after 2021 output in line

Miner and commodity trader Glencore on Wednesday reaffirmed full-year guidance as operations in 2021 were in line with expectations in a “challenging” environment.

Copper production fell 5% to 1.20m metric tonnes last year and coal output decline 3% to 103.3m tonnes. Cobalt rose 14% while zinc fell 4%.

Chief executive officer Gary Nagle said maintaining production in 2021 “became increasingly important as many of our products, so crucial for decarbonisation, energy supply and industrial output, saw higher levels of demand”.

"Overall, our operations largely performed in line with guidance expectations. We completed the Cerrejon acquisition and Ernest Henry disposal in January, such transactions being consistent with our continued strategy to simplify and align our portfolio with the materials needed for the energy transition and the responsible decline of our coal business."