Glencore sees trading unit beating earnings guidance

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The miner and trader reported a 9% drop in coal production year-to-date due to its Prodeco mines in Colombia being suspended and lower domestic production in South Africa.

Ferrochrome production jumped 65% year on year to 1,071,000 tonnes as South African mines ramped back up after a COVID-19 lockdown.

CEO Gary Nagle said the improvement in energy markets has helped the company recover from market-driven production cuts in its Australian coal assets in the second half of last year.

Coal prices have surged to all-time highs this year due to a squeeze in supply.

Own-sourced nickel production was down 13% year to date to 71,100 tonnes due to planned maintenance at Australian mine Murrin Murrin and operating issues at its Koniambo mine in New Caledonia.