UPDATE 3-Glencore slashes spending and output guidance, says can ride out coronavirus [Reuters]
Freeport-McMoRan, Inc. (FCX)
Last freeport-mcmoran, inc. earnings: 4/24 07:30 am
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Source: Reuters
Glencore cuts output guidance, says can ride out coronavirus LONDON (Reuters) - Glencore ( GLEN.L ) cut its 2020 capital expenditure and output targets on Thursday to reflect the impact of the coronavirus on its operations, saying the belt-tightening left it well placed to weather the pandemic. The miner and trader, reporting first-quarter production data, said spending for the year would fall by $1 billion-$1.5 billion from an original expectation of $5.5 billion. Restrictions imposed by governments to curtail the epidemic have forced Glencore to shutter some operations in Chad, Peru, Colombia, South Africa and Canada. But most of its larger operations have been unscathed by the disruptions and said it was re-opening some mines Canada and South Africa. “Given our strong liquidity position and resilient business model, we are well positioned to navigate the current challenges,” CEO Ivan Glasenberg said in a statement. Other miners including Antofagasta ( ANTO.L ), Anglo American (
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