LONDON (Reuters) – Commodity trader and miner Glencore on Monday maintained its overall 2023 guidance for copper, zinc, coal and cobalt output, but cut its outlook on nickel production due to maintenance and strikes.
The London-listed miner said profits at its trading division would be above the top end of its $2.2-$3.2 billion a year long-term guidance range, “with a likely outcome within the previously communicated $3.5-4.0 billion range”.
Glencore’s own sourced copper production of 735,800 metric tons year to date was down 5%, while its own sourced nickel output was down 16% at 68,400 tons.
Glencore lowered its guidance for full-year nickel production by 9% to at around 102,000 tons.
“Nickel has been reduced to reflect…maintenance outages at the Sudbury smelter and a longer than expected recovery from 2022 strike action, together with a lower full-year revision for Koniambo,” Glencore said in a statement.
(Reporting by Pratima Desai; editing by Jason Neely)
