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Glencore says EBIT will be at the top end of guidance range

The mining and commodities trading group said it now expects EBIT to be at the top end of its US$2.2bn-US$3.2bn guidance range

Glencore PLC -

Glencore PLC (LSE:GLEN) said it expects full-year underlying earnings (EBIT) to be at the top end of its US$2.2bn-US$3.2bn guidance range after a storming first half for its marketing business.

In a production report covering the first half of the year, the mining and commodities trading group said its key copper and zinc businesses produced in line with expectations but nickel and coal volumes were hampered.

“Prodeco's care and maintenance and market-driven Australian supply reductions since H2 2020 [second half of 2020] are mainly responsible for a 16% period-on-period decline in coal production. Nickel production was constrained by various operating issues at Koniambo, with a restart of its second production line currently expected in August,” explained Gary Nagle, chief executive officer of Glencore.

"In the near term we remain alert to the continuing challenges of Covid-19, and our operational teams remain focussed on operating safely and responsibly to create sustainable long-term value for all stakeholders,” Nagle said.

(The full production report is available on Glencore’s website)

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