Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Glencore production falls but guidance held

(Sharecast News) - Glencore reported a fall in production but reiterated annual trading profits and the commodities company would come in above its long-term guidance. The mining and trading giant said copper, nickel and cobalt output were all lower last year and indicated there would be falls in the latter two in 2024.

Copper production fell 5% to 1.01 million metric tonnes, below guidance of 1.04 million. It now expects output of 950,000 - 1.01 million this year, after selling the Cobar mine in Australia.

Nikel production fell below guidance to 97,600 tonnes of nickel in 2023, with current-year production guidance of 80,000 - 90,000 tonnes.

Cobalt production fell 6% to 41,300 tonnes. The company expects this to be between 35,000 - 40,000 tons this year.

Glencore said earnings before interest and tax from its trading division would be $3.5bn, above its long-term guidance of $2.2bn - $3.2bn.

Reporting by Frank Prenesti for Sharecast.com

Share this article

Related Sharecast Articles

Eli Lilly weight-loss drug 'significantly' reduces sleep apnoea
(Sharecast News) - Eli Lily's weight-loss drug tirzepatide has been shown to "significantly" reduce sleep apnoea severity, the US drugs giant said on Wednesday.
Royal Mail-owner rebuffs takeover approach
(Sharecast News) - Shares in International Distribution Services soared on Wednesday, after it emerged that Czech billionaire Daniel Kretinsky had made a takeover approach for the Royal Mail owner.
Just Eat shares drop as Q1 orders disappoint
(Sharecast News) - Shares in Just Eat dropped sharply on Wednesday after the food delivery marketplace delivered underwhelming order numbers for the first quarter, though revenue growth picked up sharply in the UK and Ireland.
Tekcapital's Innovative Eyewear inks deal with US firm
(Sharecast News) - Intellectual property investor Tekcapital announced a fresh development from its portfolio company Innovative Eyewear on Wednesday, as the latter launched a strategic partnership with Windsor Eyes, a prominent eyewear manufacturing and distribution firm.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.