Glencore lowers full-year forecasts for zinc, nickel and coal production
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Anglo-Swiss commodity trader Glencore, presenting production results third quarter, changed downward forecasts for the year for a number of commodity positions. The company attributes this to the negative effects of miners’ strikes, floods, and chain problems.
As follows from the Glencore reporting, in the third quarter production fell, including copper by 14%, to 770.5 thousand tons, zinc by 18%, to 699.6 thousand kilotons, lead by 21%, to 136.9 thousand tons, gold by 15%, up to 504 thousand ounces and silver by 25%, up to 17.9 thousand ounces. Glencore expects full-year zinc production to fall by 6% due to “supply chain disruptions in Kazakhstan as the entire CIS region feels spillover effects” from Ukraine. Nickel production is estimated by Glencore to be down 7% for the year, driven by a 15-week miners’ strike in Canada and a 10-week miners’ strike in Norway. Coal production will decrease by 9% due to floods in the Australian state of New South Wales and heavy rains in Queensland.
According to forecasts, Glencore sales division revenue in the second half of the year will be about $1.6 billion. In the first half of the year this figure was $3.7 billion. The company’s shares on the London Stock Exchange are growing by 1%.
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