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Glencore slashes 2020 spending, production guidance as coronavirus hits

Reuters - UK Focus
·1-min read

LONDON, April 30 (Reuters) - Glencore on Thursday cut its capital expenditure and production targets for most of its metals in 2020 as the coronavirus worsened the economic outlook and hit its business.

The London-listed miner said 2020 spending would fall by $1 billion-$1.5 billion from an original expectation of $5.5 billion.

Glencore said copper production in its first quarter fell 9% to 293,000 tonnes compared to the same period a year ago, while cobalt output slid 44% to 6,100 tonnes as it shut its Congo operations. (Reporting by Zandi Shabalala; editing by David Evans)