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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Glencore    GLEN   JE00B4T3BW64

GLENCORE

(GLEN)
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Glencore Sees Higher Zinc and Oil Production by 2022, Copper to Decline

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12/03/2019 | 09:25am EST

By Adriano Marchese

Glencore PLC (GLEN.LN) said Tuesday that it expects zinc and net oil equivalent production to be higher by 2022 while copper production is expected to modestly decline.

The Anglo-Swiss commodity trading and mining company said net oil equivalent production is set to reach a range of between 12.3 million barrels and 13.1 million barrels in 2022. This compares with a range of between 5.3 million and 5.7 million barrels for 2019.

Zinc production is also expected to rise in the period, with production peaking at around 1.4 million metric tons in 2021, and then falling to around 1.2 million tons in 2022, the company said. Production in 2019 is expected to be around 1.1 million tons.

For 2019, coal guidance was reduced by 5 million tons to between 138 million and 142 million tons, and the company expects largely flat production in 2022, offering a range of between 135 million and 145 million tons.

The company expects a modest copper-production decline over the outlook period, primarily reflecting the transition of Mutanda facility in Congo to care and maintenance in the fourth quarter. For 2019, Glencore guides for a production of around 1.4 million tons. This is expected to fall to around 1.3 million to 1.4 million tons in 2022.

Shares at 1353 GMT were down 3.5% at 236.25 pence.

Write to Adriano Marchese at adriano.marchese@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE -0.96% 217.05 Delayed Quote.-24.78%
LME COPPER CASH 2.00% 5985 End-of-day quote.2.50%
LME ZINC CASH -0.76% 2233 End-of-day quote.-9.30%
LONDON BRENT OIL 0.17% 64.14 Delayed Quote.16.84%
WTI 0.39% 59.06 Delayed Quote.29.85%
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Financials (USD)
Sales 2019 213 B
EBIT 2019 4 359 M
Net income 2019 1 453 M
Debt 2019 32 854 M
Yield 2019 6,25%
P/E ratio 2019 25,1x
P/E ratio 2020 11,3x
EV / Sales2019 0,33x
EV / Sales2020 0,32x
Capitalization 37 600 M
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 3,65  $
Last Close Price 2,85  $
Spread / Highest target 125%
Spread / Average Target 28,1%
Spread / Lowest Target -52,2%
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Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
Leonhard Heinrich Fischer Independent Non-Executive Director
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