Glencore (GLEN LN) Q1 Production Report: Maintains FY production guidance; Copper production 199.6kt (prev. 167.9kt Y/Y), Cobalt 5.8kt (prev. 9.5kt Y/Y), Zinc 176.9kt (prev. 213.6kt Y/Y), Nickel 17.2kt (prev. 18.8kt Y/Y), Gold 68koz (prev. 145koz Y/Y)
Importance
Level 1
- Silver 4,869koz (prev. 4,230koz Y/Y)
- Steelmaking coal 6.5mt (prev. 8.3mt Y/Y)
- Energy coal 22.9mt (prev. 23.4mt Y/Y)
- Production largely in line, FY26 production guidance unchanged, cost inflation from diesel and acid with weaker USD, stronger commodity prices expected to offset costs and drive margin expansion, Marketing EBIT seen exceeding top end of USD 2.3-3.5bln guidance