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.
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
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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