Glencore outlines 'solid' Q3 trading, lowers FY coal production guidance

Commodity trading and mining firm Glencore delivered a "solid" third-quarter operating performance, with the effects of several Covid-19 related shutdowns being reversed in the three month period.

Glencore said on Friday that its third-quarter own-sourced copper production came to 934,700 tonnes, 8% lower year-on-year, principally due to its Mutanda asset being placed on care and maintenance and the temporary suspension of operations at the Antamina project. However, the group also stated this had been partly offset by a continued strong milling performance at Collahuasi and a ramp-up at the Katanga mine.

Cobalt production was 37% lower 21,600, while nickel production was 9% lower at 81,800 tonnes and attributable ferrochrome production tumbled 37% to 651,000.

Coal production sunk 20% to 83.5m tonnes, leading the group to lower its full-year guidance for the substance by 4%, while zinc production grew 6% to 860,100 tonnes.

Chief executive Ivan Glasenberg said: "Glencore has delivered a solid third-quarter operating performance, including the continued successful ramp-up of Katanga, which remains on track to achieve design capacity by year-end.

"We maintain our 2020 full-year production guidance, except coal, which was adjusted for the extended strike at Cerrejon."

As of 0820 GMT, Glencore shares were down 2.51% at 151.60p.