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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Uma Rajagopal

    Posted on October 30, 2024

    Featured image for article about Top Stories

    LONDON (Reuters) -Glencore on Wednesday reported lower copper, cobalt, zinc, nickel and thermal coal production for the first nine months, but reiterated that it expects its trading profit to reach the high-end of its long-term range at up to $3.5 billion.

    The miner and trader’s own sourced copper production fell 4% to 705,200 metric tons, while its own sourced cobalt output fell 18% to 26,500 tons.

    Glencore left its overall 2024 outlook for copper, a metal needed for energy transition applications, unchanged at between 950,000 and 1.01 million tons.

    Its trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals.

    Glencore expects its full-year marketing earnings before interest and tax (EBIT) in the $3 billion-$3.5 billion range, around the top-end of the firm’s long-term forecast range of $2.2 billion to $3.2 billion.

    The miner has kept its coal business after concluding the purchase of Teck Resources’ coking coal assets and securing backing from a majority of its investors who see lucrative earnings from the fossil fuel.

    CEO Gary Nagle in August said the company could acquire more steelmaking coal.

    It is one of the largest producers and exporters of thermal coal, with an expected output of between 98 million and 106 million tons this year. It produced 73.1 million tons so far, 7% lower than year-ago levels.

    Its 2024 steelmaking coal production should increase to 19 million-21 million tons post-acquisition, from 7 million-9 million tons.

    (Reporting by Clara Denina; Editing by Jason Neely and Sherry Jacob-Phillips)

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