Glencore Raises Coal Guidance Amid Unprecedented Market Conditions
17 Giugno 2022 - 08:55AM
Dow Jones News
By Jaime Llinares Taboada
Glencore PLC on Friday raised price and cost guidance for its
coal operations and said that the trading business is outperforming
expectations.
The commodity mining and trading giant said that unprecedented
dislocation in energy markets has resulted in record pricing
differentials between coal benchmarks and quality categories. As a
result of these larger differentials, Glencore has increased coal
portfolio mix guidance for the first half to $82-$86 a metric ton
relative to the Newcastle thermal coal pricing benchmark of $318 a
ton. This compares with previous 2022 guidance of $32.8 a ton,
based on a previous Newcastle price of $175 a ton.
In line with higher prices, Glencore is also increasing first
half cost guidance for its thermal coal operations to $75-$78 a
ton, up from previous 2022 guidance of $59.3 a ton.
In addition, the company said that its marketing
segment--Glencore's trading business--is expected to deliver
half-year adjusted earnings before interest and tax of more than
$3.2 billion. This is the top end of the company's long-term annual
guidance for the marketing arm.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
June 17, 2022 02:40 ET (06:40 GMT)
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