Glencore cuts zinc output guidance after production drops 18% in nine months
Glencore produced 18% less zinc in the first nine months compared with the same period a year before, the company said on Friday as it trimmed its full-year output forecast by 6% due to knock-on effects of the Ukraine war.
Glencore revised down its base forecast, or the mid-point of its forecast range, for zinc production this year by 65,000 to 945,000 tonnes.
Lead production fell 21% to 136,900 tonnes, largely due to similar reasons for weaker zinc output since the two metals are often found in the same ore bodies.
Cobalt output, however, soared by 41% to 33,100 tonnes due to higher output at its Katanga mine in the Democratic Republic of Congo (DRC).
Copper output fell 14% to 770,500 tonnes, partly owing to continued reduced output at Katanga.
Glencore expects second-half operating profit at its trading arm to fall sharply, but it remains on track for a record 2022 performance, it also said.