BRIEF-Glencore's 2019 Coal Production Guidance Reduced By 5Mt To 140Mt [Reuters]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Reuters
BRIEF-Glencore's 2019 Coal Production Guidance Reduced By 5Mt To 140Mt Dec 3 (Reuters) - Glencore PLC: * FIRST OF KATANGA’S TWO COBALT DRYERS HAS BEEN RESTARTED. REALISATION OF FULL DRYING CAPACITY EXPECTED MID-2020 * TARGETING ANNUALISED STEADY STATE PRODUCTION OF 300KTPY CU AND 30KTPY CO TOWARDS THE END OF 2020 FROM KATANGA * SEES 2020-2022 INDUSTRIAL CAPEX AVERAGE OF ABOUT $5.0BN PER ANNUM * CURRENT MARKET CONDITIONS SUGGEST 2020 EARNINGS TOWARDS THE MIDDLE OF THE LONG-TERM RANGE * 30-40KTPY NI IN FENI PLANNED OVER THE NEXT 3 YEARS FROM KONIAMBO * REITERATE TARGET OF AT LEAST $1BN FROM NON-CORE LONG-TERM ASSET MONETISATIONS DURING 2019/2020 * BASIS $65/BBL, EBITDA GENERATION IS FORECAST TO EXCEED $650M BY 2022 FOR INDUSTRIAL OIL * TARGETING REDUCTION IN NET DEBT TO ADJUSTED. EBITDA TOWARDS 1X OVER THE NEXT 12 MONTHS (1.24X AT 30 JUNE) * LONG-TERM MARKETING ADJUSTED EBIT UNCHANGED GUIDANCE RANGE OF $2.2 TO $3.2BN * REITERATE TARGET OF AT LEAST $1BN FROM NON-CORE LONG-TERM ASSET MONE
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