Finlay Minerals reports 2024 field work on its PIL property in British Columbia
Cascadia has met the year three exploration work requirements and the PIL option agreement remains in good standing.
Glencore on Friday raised expectations for its trading division following improved market conditions and a surge in commodity prices, but lowered full-year guidance for nickel and coal, citing output disruptions.
The figures are a foretaste of first-half financial results set for Aug. 5. Peers Anglo American and Rio Tinto have dished out higher shareholder payouts in 2021 after the commodity rally.
London-listed Glencore said it expects its full-year earnings before interest and taxes (EBIT) for its marketing – or trading – division to be at the top end of its annual range between $2.2 billion and $3.2 billion.
For output, it left its full-year guidance for copper and cobalt output broadly unchanged, but lowered its expectations for zinc, nickel and coal.
Coal production fell 16% to 48.7 million tonnes in the first half, partly because of market-related cuts in Australia that started in the second half of 2020, and reduced exports from South Africa.
Lead output fell by 9% to 117,000 tonnes and nickel was down 14% to 47,700 tonnes over the period. In the first half, zinc production rose by 6% to 581,800 tonnes, as covid-related suspensions started to be lifted, but Glencore said the second half could be slower than previously thought.
Copper production rose by a modest 2% to 598,000 tonnes and battery material cobalt by 3% to 14,800 tonnes in the first half.
Oil output of 2.56 million barrels of oil equivalent (boe) was down 2% from the same year-ago period, as care and maintenance at its Chad oilfields was offset by output at its Equatorial Guinea project.
(By Clara Denina; Editing by Kirsten Donovan and Barbara Lewis)
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