By Jaime Llinares Taboada
Glencore PLC said Friday that production across most of its commodities declined in the first half of the year, and revised down full-year guidance for nickel and coal.
The FTSE 100 mining and energy company said its production of copper fell 11% on a year-on-year basis. However, zinc was up 3%. All other commodities' offtake, including cobalt, nickel and lead, declined in the period.
In addition, coal production fell 15% and oil output dropped 17%.
"Although some of our industrial operations were temporarily suspended in line with national and regional guidance, or where our risk assessment determined a suspension was appropriate, the majority of our assets continued to operate relatively normally," Chief Executive Ivan Glasenberg said.
As for 2020 overall, Glencore has downgraded nickel production forecasts to 114,000 metric tons from 122,000 tons, and coal guidance to 114 million tons from 132 million tons.
The company said its marketing business performance was strong in the first half of the year, and that it has raised 2020 expectations for marketing EBIT to the top of its long-term range of $2.2 billion-$3.2 billion.
Write to Jaime Llinares Taboada at email@example.com; @JaimeLlinaresT