By Oliver Griffin
Glencore PLC (GLEN.LN) on Monday raised its full-year guidance for earnings before interest and tax to between $2.6 billion and $2.8 billion, citing a strong third-quarter performance as it reported production declines in some metals.
In its quarterly production report, Glencore said that own-sourced copper production totaled 946,500 tons, 11% less on year. The mining company attributed the drop to a minority sale transacted in the last quarter of 2016 and to declines in end-of-mine-life production, among other reasons.
Nickel production also fell, declining 2% to 80,700 tons, while zinc production went up 5% to 827,400 tons.
The company said that the 91 million tons of coal it produced was in line with the year-earlier period, as expected increases were offset by the impacts of industrial action in New South Wales, Australia, and unusually heavy rainfall in Colombia.
Glencore also said that its oil entitlement production interest of 3.9 million barrels was 36% below last year's figure, due to natural field declines.
With oil drilling having recommenced in Chad in the second half of the year, Glencore expects an improved performance in the African country as the single-rig drilling campaign is brought to fruition.
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