Glencore 1Q Output Was Largely in Line With Views; Guidance Unchanged

By Oliver Griffin

Glencore PLC (GLEN.LN) said Thursday that production in the first quarter of 2018 was largely in line with views across all commodity groups, with full year guidance unchanged.

The Anglo-Swiss commodity trading and mining company said its own-sourced copper production rose to 345,400 tons, from 342,100 tons in the first quarter of 2017, reflecting the commissioning of the first phase of the whole-ore leach project at the Katanga mine in Congo.

Zinc production fell 13% to 242,700 tons following the disposal last August of the Rosh Pinah and Perkoa mines in Namibia and Burkina Faso, respectively, Glencore said. Cobalt production increased 11% to 7,000 tons.

Oil production net to the company was 1.2 million barrels, 15% lower than a year earlier due to natural field declines in Equatorial Guinea.

The company said earnings before interest and taxes for its marketing division are expected within the top half of the $2.2 billion-$3.2 billion long-term guidance range.

Write to Oliver Griffin at [email protected]