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Glencore raises full-year marketing guidance again

Business Monday 30/October/2017 13:03 PM
By: Times News Service
Glencore raises full-year marketing guidance again

London: Glencore increased its full-year marketing guidance for earnings before interest and tax (EBIT) to between $2.6 billion and $2.8 billion, reflecting the mining and trading company's continued recovery from the commodity crash that ended last year.
Its previous guidance was $2.4 billion to $2.7 billion, which already an upward revision from $2.1 billion to $2.4 billion at the start of the year.
Glencore issued the guidance in its third-quarter output report, which showed lower output for some commodities, citing operational difficulties and end-of-mine-life declines in some places, but it said full-year earnings would not suffer.
For zinc output, it lowered its 2017 guidance to 1.1 million tonnes (+/- 15,000 tonnes) from 1.13 million tonnes (+/- 25,000 tonnes) seen in August.
Glencore's zinc output has been in focus as a strong market has raised questions over whether Glencore would bring back production it shut in when the market was much weaker.
CEO Ivan Glasenberg has said he will only raise zinc output once he is confident any increase will not drag the market lower.