- Glencore (OTCPK:GLCNF, OTCPK:GLNCY) reports declines in coal, copper and cobalt production for FY 2020 but maintains all of its production targets for 2021.
- The company says it produced 106.2M metric tons of coal last year, down 24% from 139.5M mt in 2019 and at the lower end of its 106M-112M mt guidance range.
- In Colombia, Glencore suffered a three-month strike at its Cerrejon coal mine and the closure of its Prodeco mine.
- Copper output slipped 8% Y/Y to 1.26M mt from 1.37M mt, in line with 1.23M-1.28M mt guidance, and cobalt production plunged 41% to 27.4K mt.
- Excluding the impact of the closure of Congo's Mutanda mine, 2020 copper output was in line with 2019 and cobalt was 6.2K tons higher due to the Katanga mine ramp-up.
- Analysts at J.P. Morgan maintain their Neutral rating on Glencore, saying the miner fell slightly short of its estimates for coal, nickel and copper production while beating on zinc and ferrochrome.
- Separately, Glencore names former Anglo American CEO Cynthia Carroll to its board.
- Copper prices yesterday posted their lowest closing price of the year, as Citigroup predicted prices likely would move "materially lower" in next 2-4 weeks.