Glencore lifts annual trading unit guidance

Mining giant Glencore on Friday said it expected annual earnings to beat the top end of guidance and maintained production forecasts.

The company forecast earnings before interest and tax at its marketing unit to exceed the top end of its $2.2bn - $3.2bn long-term guidance.

"The asset base has largely performed in line with our expectations and our full year production guidance remains unchanged,” said chief executive Gary Nagle.

“Notably, as energy markets have improved, we are recovering from the market-driven production cuts initiated within our Australian coal portfolio in H2 2020.”

Glencore said coal production fell 9% in the year to date due to a suspension at its Prodeco mines in Colombia lower domestic production in South Africa.

Ferrochrome production surged 65% year on year to 1.07m tonnes as South African mines ramped back up after a Covid-19 lockdown.

Own-sourced nickel production was down 13% year to date to 71,100 tonnes due to planned maintenance at the Murrin Murrin mine in Australia and operating issues at its New Caledonia Koniambo mine.