Glencore PLC (GLEN.LN) upgraded its full-year earnings guidance Thursday, but said copper production during the first half of the year fell 9%.
The Switzerland-based company commodities giant said own-sourced copper production during the half year ended June 30, was 642,900 tons compared with 703,000 tons a year earlier, reflecting a transition to mining a greater portion of copper/zinc ores at Antamina and temporary lower copper grades at Antapaccay, both in Peru. Also the effects of wet weather at Mutanda, in the Democratic Republic of Congo, resulting in reduced ore throughput, and lower production issues at Alumbrera in Argentina as it nears the end of its life, affected production, it said.
Own-sourced zinc production was, however, up 13% to 570,800 tons during the period, reflecting a generally solid performances across the portfolio, Glencore said.
Glencore said for the 2017 full year, marketing earnings before interest and taxes--a closely watched measure of the company's performance--is being increased to $2.4 billion to $2.7 billion from $2.3 billion to $2.6 billion previously.
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(END) Dow Jones Newswires
July 27, 2017 03:01 ET (07:01 GMT)