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Glencore mothballs operations in a number of countries

The miner and trader repeated that the crisis has not yet had a material impact on its larger operations.

Glencore PLC - Glencore puts a number of operation on care and maintenance
Several smaller operations are now on care and maintenance

Glencore PLC (LON:GLEN) has mothballed a number of smaller operations due to the coronavirus crisis.

Businesses that are now in care and maintenance are the Raglan and Matagami operations in Quebec: the Badila and Mangara oil fields in Chad; the Prodeco coal operation in Colombia and all operations in South Africa where there is a universal 21-day shutdown.

There was no change to change to its guidance, however, and the miner and trader repeated that the crisis has not yet had a material impact on its larger operations.

Last week, Glencore said underlying profit (EBIT) for the current year was expected to be within its long-term guidance range of US$2.2-3.2bn

The Switzerland -based group added that US$10bn in available committed undrawn credit facilities and cash at the end of 2019 had increased since the start of the year.

“In addition, the significant weakening of our key producer currencies against the USD and lower oil prices and interest rates have provided substantial cash offsets to the fall in commodity prices.”

Quick facts: Glencore PLC

Price: 169.16 GBX

Market: LSE
Market Cap: £22.54 billion

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