Glencore Various Metals Output Fall in Q1 but Full-Year Guidance Unchanged

SHANGHAI, Apr 21 (SMM) - Glencore reported last Friday that first-quarter output of copper, zinc, nickel and coal fell, but the company maintained its full-year forecast unchanged.

Specifically, Glencore's first-quarter copper production fell 5% year-on-year to 244,100 mt, mainly due to lower grades at the Collahuasi mine and delays caused by bad weather at Antamina. But the company continues to support its fiscal 2023 copper production guidance of 1.04 million mt (+/- 30,000 mt).

Second, Glencore's first-quarter zinc production fell 15% to 205,300 mt due to the disposal of its South American zinc business, the closure of the Matagami project and the temporary suspension of operations at Antamina due to wet weather.

Glencore's first-quarter nickel production fell 32% year-on-year to 20,900 mt, while coal production fell 6% to 26.9 million mt, largely due to the Cerrejon community lockdown and geological anomalies in South Africa.

Finally, Glencore also stated that it expects full-year marketing earnings before interest and taxes in fiscal 2023 to exceed the guidance target of $2.2-3.2 billion.

Glencore last month made a $22.5 billion takeover bid for Teck Resources (TECK.US), which was rejected as its shareholders faced thermal coal and energy deals, it is reported.