London-listed Glencore cut 2023 production guidance across all the commodities it mines, missing consensus estimates and sending its shares sharply lower on Tuesday.
Lifts short-term net debt view towards top of target rangecut 2023 production guidance across all the commodities it mines, missing consensus estimates and sending its shares sharply lower on Tuesday.
The company sees 2023 earnings before interest, tax, depreciation and amortisation at $28.7 billion and free cash flow at $14.7 billion. RBC had forecast EBITDA at $31.8 billion and free cash flow at $20 billion. Copper production at Glencore's Katanga mine in the Democratic Republic of Congo was affected by issues including grid power instability, higher volumes of acid-consuming ore and incursions by artisanal miners."It's been a challenging year at Katanga, and disappointing in terms of output," said Peter Freyberg, Glencore's head of industrial assets at the company's annual investor day.Profit from its trading division, which reached a record $3.
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