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In an announcement on Wednesday, Glencore plc (LON: GLEN) said coal and copper production in 2020 matched its guidance, despite the new COVID-19 variant pushing the United Kingdom into another lockdown last month.
Glencore shares opened roughly 1.5% up on Wednesday but lost the entire intraday gain in the next hour. Including the price action, the stock is now trading at a per-share price of £2.44. In comparison, it had tumbled to as low as £1.13 per share in March 2020 when the impact of the COVID-19 crisis was at its peak.
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Glencore names Cynthia Carroll to its board
Glencore reported 106.2 million metric tons of coal production in 2020 versus a higher 139.5 million tons in the previous year. In its earlier guidance, the mining and oil company had forecast 106 million to 112 million metric tons of annual coal production.
Copper production, on the other hand, stood at 1.26 million tons in 2020 versus the year-ago figure of a higher 1.37 million tons. Glencore had expected 1.23 million tons to 1.28 million tons of annual copper production.
Glencore’s CEO Ivan Glasenberg is scheduled to step down in 2021. The Baar-headquartered firm has already named head of coal assets, Gary Nagle, as its next Chief Executive Officer. Earlier this week, Glencore also named Cynthia Carroll to its board. Carroll has previously served at the British multinational mining company, Anglo American plc.
The Anglo-Swiss multinational said that zinc production in 2020 saw a 9% year over year increase that was offset by a much broader 41% decline in cobalt output. Lead, nickel, and ferrochrome production plunged in the recently concluded year, posting a 7%, a 9%, and a 2% annualised decline, respectively.
Precious metals production was upbeat in 2020
Compared to last year, precious metals production was upbeat in 2020 with silver recording a 2% increase while gold up 3%. On an entitled interest basis, Glencore added on Wednesday, oil production came in at 3.94 million barrels in 2020 that translates to a 29% year over year decline.
In a report published in the first week of August, Glencore had recorded £1.97 billion of net loss in the fiscal first half.
Glencore remained almost flat on average in the stock market last year with an annual decline of 3%. At the time of writing, the commodity trading and mining company has a market capitalisation of £32.61 billion.
