Glencore trading division to hit top end of earnings guidance

GLENCORE said on Wednesday its trading profit for the 2024 would test the high end of guidance set at between $2.2bn to $3.2bn.Commenting in its third quarter production update, Glencore CEO Gary Nagle said the full year adjusted ebit for marketing would be between $3bn to $3.5bn.Its trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals, according to a report by Reuters.Glencore also kept production guidance unchanged for all its key metals after reporting lower copper, cobalt, zinc, nickel and thermal coal production for the first nine months.The miner and trader’s own sourced copper production fell 4% to 705,200 tons, while its own sourced cobalt output fell 18% to 26,500 tons, said Reuters. Glencore left its overall 2024 outlook for copper, a metal needed for energy transition applications, unchanged at between 950,000 and 1.01 million tons.The miner has kept its coal business after concluding the purchase of Teck Resources’ coking coal assets and securing backing from a majority of its investors who see lucrative earnings from the fossil fuel.Nagle in August said the company could acquire more steelmaking coal.It is one of the largest producers and exporters of thermal coal, with an expected output of between 98 million and 106 million tons this year. It produced 73.1 million tons so far, 7% lower than year-ago levels.Its 2024 steelmaking coal production should increase to 19 to 21 million tons post-acquisition, from seven million to nine million tons.The post Glencore trading division to hit top end of earnings guidance appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com