Glencore lowers full-year production guidance for copper, zinc, cobalt
2022.04.28 09:57
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in the Swiss town of Baar November 20, 2012. REUTERS/Arnd Wiegmann/File Photo/File Photo
LONDON (Reuters) – Miner and trader Glencore (OTC:GLNCY) lowered its 2022 production guidance on copper, zinc and cobalt after operational challenges and COVID-related absenteeism in the first quarter drove output for some metals lower.
It however expects its full-year marketing earnings before interest and taxes (EBIT) to exceed the top range of its long-term annual guidance of between $2.2 billion and $3.2 billion.
The London-listed company reported a 14% fall in copper production in the three months to the end of March and a 15% drop in zinc output.
