LONDON -(Dow Jones)- Commodities titan Glencore International AG(GLE.LN) Wednesday reported mixed first quarter output across commodity products and said its marketing activity was “robust” as physical demand for its commodities remains broadly healthy.
“Glencore has traded well across all segments of its business in 2012,” the Baar, Switzerland-based company said. “Physical demand for commodities remains broadly healthy across the globe, although precise conditions vary by location,” it added.
Glencore‘s marketing activities accounted for 35% of the company’s adjusted 2011 earnings before interest and taxes, or Ebit, while industrial activities accounted for the remainder.
On the production side, first quarter output from its own sources increased by 11% for copper, 2% for lead, and 59% for tin while gold (including gold equivalents) fell 2%, nickel dropped 13% and cobalt fell 3% in the first quarter compared with the same period a year-ago. First quarter coal output from its Colombian mine Prodeco was up 10% on the year.
The company said its “major growth projects remain overall on schedule and within budget.”
The FTSE-100 mining company, which listed to much fan-fare last May, is currently in the midst of securing shareholder and regulatory approval for a merger of equals with Xstrata PLC (XTA.LN), in which it owns a 34% stake. The combination of the two companies would create a mining juggernaut with a market capitalization of around $90 billion.
Glencore‘s shares closed Tuesday down 4.5% at 392 pence a share. The shares are down 26% since the company listed in London on May 19.
SINGAPORE, April 24 (Reuters) – Demand for liquefied natural gas (LNG) to power ships will rise this year on attractive prices, while more dual-fuel vessels join the global fleet, industry executives said....
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
April 19, 2024
Total Views: 2193
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.