Glencore PLC (LON:GLEN) expects 2018 trading profits to reach the top end of its guidance range after reporting first quarter production in line with expectations.
The mining company said output was broadly in line across all commodities in the first quarter and its forecasts for full year production remain unchanged.
Shares gained 2% to 365p in morning trading.
However, Glencore said the annual production forecast does not take into account freezing orders filed on its Mutanda and Katanga assets in the Democratic Republic of Congo (DRC).
Israeli billionaire Dan Gertler served the freezing orders on Friday for US$3bn of damages for alleged unpaid royalty agreements in the DRC.
READ: Glencore downgraded after freeze orders are served on its DRC assets
Glencore said it is assessing the impact of the freezing orders and noted that it may “materially adversely” affect its operations, including production.
The group reported copper production rose to 345,000 tonnes in the quarter from 21,300 a year ago as the commissioning of phase 1 of Katanga offset the impact of maintenance at the Mount Isa smelter in Australia and a decline at Alumbera in Argentina as it moves towards end of mine life.
Zinc production fell to 242,700 tonnes from 36,500 tonnes last year, reflecting the disposal of African assets Rosh Pinah and Perkoa last August.
Nickel output jumped to 30,100 tonnes from 5,100 tonnes, boosted by the ramp-up of the processing plant at Koniambo in New Caledonia.
Coal production edged down to 30.7mln tonnes from 30.9mln tonnes due to adverse weather at Prodeco in Colombia.
The company now expects trading earnings before interest and tax to meet the top half of its US$2.2bn to US$3.2bn term guidance range.
Liberum left its rating at 'sell', saying the first quarter performance was "good" but noted the risks facing Glencore in the DRC.