In their third-quarter update, Glencore lifted its full-year adjusted earnings forecast.
The group said it is now set to meet full-year earnings of $3.2bn as global energy markets rebalance.
- Advertisement -
Commenting on the results, chief executive Gary Nagle said: “The asset base has largely performed in line with our expectations and our full year production guidance remains unchanged.’
“Notably, as energy markets have improved, we are recovering from the market-driven production cuts initiated within our Australian coal portfolio in H2 2020.
“Basis Marketing’s continued strong performance, we now expect full year 2021 Adjusted EBIT to exceed the top end of our $2.2bn to $3.2bn per annum long-term guidance range.”
Shares were down 0.8% in early trading.