By Jaime Llinares Taboada

Glencore PLC on Thursday cut 2022 production guidance for copper, cobalt and zinc, and raised it for nickel and ferrochrome.

The commodity mining and trading giant reduced copper guidance to around 1.11 million metric tons from 1.15 million tons, and cobalt to 45,000 tons from 48,000 tons, reflecting first-quarter performance.

In addition, because of a slower-than-expected ramp-up at the Zhairem project in Kazakhstan, the 2022 outlook for zinc production is cut by 9% to 1.01 million tons, the company said.

Conversely, nickel guidance has been raised to 118,000 tons from 115,000 tons, and ferrochrome to 1.50 million tons from 1.46 million tons, it said.

In addition, Chief Executive Gary Nagle said the marketing segment's first-quarter performance would see the division's 2022 earnings comfortably exceeding the long-term guidance range of $2.2 billion-$3.2 billion adjusted earnings before interest and tax.

Write to Jaime Llinares Taboada at; @JaimeLlinaresT

(END) Dow Jones Newswires

04-28-22 0246ET