April 30, 2024 06:37 GMT
Glencore (Baa1/BBB+): 1Q24 Production Report
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EBIT outlook is a small positive for spreads
• FY24 production forecasts affirmed; they mostly look in line to ahead of consensus (particularly copper).
• Upgrades FY24 adj. marketing EBIT to $3-3.5bn from $2.2-3.2bn.
• Headlines last night suggest Glencore shareholders want it to keep its coal assets rather than spinning them off as planned. At the time of the announcement, Glencore said it would only proceed with the plan if shareholders were in favour.
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