© Reuters. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann
JOHANNESBURG (Reuters) – Glencore (OTC:) on Friday said it expects full-year 2021 earnings before interest and tax (EBIT) for its marketing unit to exceed the top end of its $2.2 billion to $3.2 billion long-term guidance, but stuck to its production guidance.
The miner and trader reported a 9% drop in coal production year-to-date due to its Prodeco mines in Colombia being suspended and lower domestic production in South Africa.
Ferrochrome production jumped 65% year on year to 1,071,000 tonnes as South African mines ramped back up after a COVID-19 lockdown.
CEO Gary Nagle said the improvement in energy markets has helped the company recover from market-driven production cuts in its Australian coal assets in the second half of last year.
Coal prices have surged to all-time highs this year due to a squeeze in supply.
Own-sourced nickel production was down 13% year to date to 71,100 tonnes due to planned maintenance at Australian mine Murrin Murrin and operating issues at its Koniambo mine in New Caledonia.
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