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Glencore cuts nickel, coal guidance as output falls on virus-led disruptions

By BFN News | 08:07 AM | Friday 31 July, 2020

Mining company Glencore cut its output guidance for nickel and coal, after reporting a fall production across its commodities in the first half of the year, owing to pandemic-related disruptions. The company cut its nickel production forecasts to 114K tons from 122K tons, and coal guidance to 114m tons from 132m tons. For the six months ended 30 June, copper, coal, oil and cobalt saw the biggest delcine in output down 11%, 15%, 17% and 33% respectively. But zinc output was up 3%. 'Although some of our industrial operations were temporarily suspended in line with national and regional guidance, or where our risk assessment deteramined a suspension was appropriate, the majority of our assets continued to operate relatively normally,' the company said. The company raised its full-year guidance for marketing earnings (EBIT) within the top of its long-term range of $2.2bn-to-$3.2bn. At 8:07am: (LON:GLEN) Glencore PLC share price was +1.43p at 178.49p Story provided by

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