Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Mining giant Glencore reported first-quarter production was 'broadly in line' with its expectations as coal production fell and copper production increased.
The company also forecast full-year marketing earnings within the top half of guidance.
'[W]e expect full year marketing EBIT to be within the top half of our long-term $2.2-3.2 billion p.a. guidance range,' the company said.
Coal production fell 23% to 24.5 million tonnes and ferrochrome production of was 3% up on Q1 2020.
'Coal production was down 7.4 million tonnes, reflecting Prodeco's care and maintenance status and the market-related production cuts in Australia, actioned in H2 2020,' the company said.
Copper production was up 3% to 301,200 tonnes in Q1 year-on-year, while zinc production slipped 4% and nickel output fell 11%.
Looking ahead, the company maintained production guidance for its key commodities.