July 24, 2023 [CNBC] – Glencore on Friday said it expects profits at its trading division this year of up to $4 billion, exceeding its long-term annual guidance.
The miner and trader’s trading division includes coal, oil, LNG and related products, as well as metals, whose profit hit a record $6.4 billion in 2022, up 73% from the previous year.
It expects full-year trading earnings before interest and taxes (EBIT) to be between $3.5 and $4 billion. Its long-term yearly guidance stood at between $2.2 billion and $3.2 billion.
Glencore reported lower copper, zinc and nickel production in the first half, but expects higher volumes at some of its mines in the second half.
The group left its overall 2023 guidance for copper unchanged at 1.04 million metric tons.
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