The logo of commodities trader Glencore is pictured outside the company’s headquarters in the Swiss town of Baar November 20, 2012. REUTERS/Arnd Wiegmann/File Photo/File Photo

LONDON, April 28 (Reuters) – Miner and trader Glencore (GLEN.L) has lowered its 2022 production forecast for copper, zinc and cobalt after operational difficulties and COVID-related absenteeism in the first quarter led to a decline in the production of certain metals.

However, it raised its production forecast for nickel and ferrochrome and said it expected its operating profit before interest and tax (EBIT) for the full year to “comfortably” top 3, $2 billion, which is the high end of its long-term annual report range. orientation. The lower end is $2.2 billion.

Prices for many of Glencore’s metal mines remain close to their 2021 highs, reflecting shortages during extended COVID-related shutdowns and also the impact of Russia’s war in Ukraine.

The London-listed company reported a 14% drop in copper production in the three months to the end of March and a 15% drop in zinc, mainly due to delays at its Zhairem plant in Kazakhstan.

“Full-year forecast reduced for copper and cobalt, but increased for nickel and ferrochrome, while slower-than-expected ramp-up at Zhairem lowers full-year zinc production forecast by 9%,” chief executive Gary Nagle said in a statement.

Glencore joined other global miners, including Anglo American (AAL.L) and BHP Group (BHP.AX), in warning of future production targets, partly blaming labor shortages -related to the COVID-19 pandemic. Read more

The company posted a 16% increase in thermal coal production to 28.5 million tonnes in the first quarter, after completing the acquisition of the stake it did not already hold in Colombia’s Cerrejon mine in January .

Reporting by Clara Denina; edited by John Stonestreet

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