Glencore Backs Guidance After Declines in Copper, Coal Output

   By Christian Moess Laursen 
 

Glencore backed its full-year production guidance despite slight declines in its copper and coal output in the first quarter of the year.

The Switzerland-based commodity mining and trading company said Tuesday that its first-quarter copper output fell 2% to 239,700 metric tons compared with the same period a year prior, while production of coal--its main profit center--declined 1% to 26.6 million tons.

Elsewhere, zinc production edged higher to 205,600 tons from 205,300 tons, while nickel output jumped 14% to 23,800 tons and ferrochrome volumes slumped 26% to 297,000 tons.

The Anglo-Swiss company backed its full-year targets across its portfolio.

Glencore also said it expects adjusted earnings before interest, taxes, depreciation and amortization from marketing activities--its trading arm--to be between $3.0 billion and $3.5 billion for the year, which puts it around the top end of the long-term annual target of $2.2 billion-$3.2 billion.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

April 30, 2024 02:36 ET (06:36 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.