Glencore to cut capital expenditure by 25% due to Covid-19
Glencore. Picture: REUTERS
The miner now expects capital expenditure to be in a range of $4bn to $4.5bn, having previously given guidance of $5.5bn. “Disruptions to our business have, to date, been manageable and the majority of our assets are operating relatively normally, a credit to our people that have stepped up to the challenge of a changed working environment, especially those who continue to carry out their work on-site at our industrial assets — Glencore’s front line,” said Glasenberg.
Barclays analysts in a note said that while the 2020 capital expenditure guidance was lower than expected, overall the first-quarter guidance update “was much better than expected”, with production estimates for all commodities except ferrochrome higher than anticipated.
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