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Glencore Shares Plunge 3.13% on Lower Guidance

Updated 30 Oct 2020
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Shares of Glencore PLC (LON: GLEN) today fell 3.13% after the Anglo-Swiss multinational commodity trading and mining company downgraded its guidance for coal production by 4% due to the extended strikes at Cerrejon in Colombia.

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The company produced 25.4 million metric tons of coal in the three months to September 30 as compared to the 35.8 million tons recorded in a similar period last year. Annual coal production fell to 83.5 million tonnes, 20.5 million tonnes (20%) decline as compared to last year.

Copper production fell to 934,700 tonnes an 81,100 tonnes decline, which is 8% lower than the comparable prior period. Cobalt production also dropped to 21,600 tonnes representing a 37% decline of 12,800 tonnes as compared to a similar period last year.

Glencore Chief Executive Officer, 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. Our teams have adapted well to the numerous challenges presented by Covid-19.”

Adding:

“We maintain our 2020 full-year production guidance, except coal, which was adjusted for the extended strike at Cerrejon. We will provide a detailed business update, including progress on climate change initiatives at our Investor Update on 4 December.”

Glencore share price

Tradingview chart of Glencore share price 30102020

Glencore shares today fell 3.13% to trade at 150.62p having dropped from Thursday’s closing price of 155.5p.

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