Glencore Plc (LSE:GLEN, Financial) tumbled 4.26% on the London Stock Exchange on Friday following results on 2017 production.
Due to the Ernest Henry minority sale, lower throughput at Mutanda, production declines at Alumbrera and maintenance of the smelter at Mount Isa, Glencore produced a lower volume of copper in 2017: 1,309,700 tonnes versus 1,193,600 tons of the red metal produced from the company’s resources in 2016. With 1,090,200 tonnes, the production of zinc was on par with 2016 levels.
The company produced 109,100 tonnes of nickel, a 5% decline year over year, 1,531,000 tonnes of attributable ferrochrome, flat from 2016, 121 million tonnes of coal, loss of 3% from 2016, and 5.1 million barrels of oil. The oil entitlement interest of Glencore declined 19% on a year over year basis, “reflecting expected reductions in a period of inactive field development in a low-price environment”, says the company.
Glencore also reports an increase in proved and probable reserves of nickel by 14 million tonnes of ore, of zinc by 8 million tonnes of mineral and of copper by 13 million tonnes of ore.
The stock gained more than 23% for the 52-weeks through Feb. 1 and is now trading above the 200 and 100-SMA lines, and nearby the 50-SMA line.
Source: Yahoo Finance
Glencore has a market capitalization of 54.583 billion GBP and a 52-week range of GBP 270.00 to GBP 416.90 per share.
The price-book (P/B) ratio is 119.24 and the EV-to-Ebitda ratio is 7.90. The Ebitda margin (ttm) is 5.7%.
The recommendation rating is 2.2 out of 5.
Disclosure: I have no positions in any security mentioned in this article
