August 7, 2019 / 6:19 AM / a month ago

BRIEF-Glencore H1 Adj EBITDA Fell 32% To $5.6 Bln

Aug 7 (Reuters) - Glencore PLC:

* H1 ADJUSTED EBITDA FELL 32 PERCENT TO 5.6 BILLION USD

* GLENCORE - MARKETING BUSINESS IS TRACKING TOWARDS MIDDLE OF OUR FULL YEAR ADJUSTED EBIT GUIDANCE RANGE OF $2.2-$3.2 BILLION

* GLENCORE - AT MUTANDA, WE ARE PLANNING TO TRANSITION OPERATION TO TEMPORARY CARE AND MAINTENANCE BY YEAR END

* GLENCORE - HY NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS DOWN TO $0.2 BILLION

* GLENCORE - AT MUTANDA, PLANNING TO TRANSITION OPERATION, REFLECTING REDUCED ECONOMIC VIABILITY IN CURRENT MARKET ENVIRONMENT

* GLENCORE - H1 2019 ADJUSTED EBITDA OF $5.6 BILLION, DOWN 32% ($5.9 BILLION, PRE $350 MILLION NON-CASH COBALT LOSS)

* GLENCORE - HY MARKETING ADJUSTED EBIT OF $1.0 BILLION, DOWN 35%, BUT ONLY 13%, EXCLUDING A COBALT RELATED LOSS

* GLENCORE - ON ANNUALISED BASIS, PRE-COBALT MARKETING ADJUSTED EBIT OF $1.3 BILLION TRACKING TOWARDS MIDDLE OF OUR $2.2-$3.2 BILLION LONG-TERM GUIDANCE RANGE

* GLENCORE - H1 PERFORMANCE REFLECTED CHALLENGING ECONOMIC BACKDROP FOR COMMODITY MIX

* GLENCORE - EXPECTED INDUSTRIAL PRODUCTION WEIGHTED TOWARDS H2 FOR EACH OF COPPER, ZINC, NICKEL, COAL AND OIL

* GLENCORE - EXTENSIVE OPERATIONAL AND COST IMPROVEMENT INITIATIVES BEING UNDERTAKEN AT AFRICAN COPPER AND KONIAMBO

* GLENCORE - ALTHOUGH NET DEBT OF $16.3 BILLION IS AT UPPER END OF OUR TARGET RANGE, ON ACCOUNT OF A NEW LEASE ACCOUNTING STANDARD,

* GLENCORE - ON ACCOUNT OF A NEW LEASE ACCOUNTING STANDARD, $1.1 BILLION OF NEW LEASE LIABILITIES WERE RECOGNISED DURING H1 2019

* GLENCORE - H1 PERFORMANCE ALSO REFLECTED OPERATING AND COST SETBACKS WITHIN RAMP-UP/DEVELOPMENT ASSETS

* GLENCORE - HY REVENUE $107,098 MILLION VERSUS $108,554 MILLION

* GLENCORE - AFRICAN COPPER BUSINESS DID NOT MEET EXPECTED OPERATIONAL PERFORMANCE

* GLENCORE - MUTANDA WILL CONTINUE TO EVALUATE ITS OPERATIONS AND WILL RECOMMENCE ONCE ECONOMIC CONDITIONS SUFFICIENTLY IMPROVE

* GLENCORE - LOOKING AHEAD, WE ARE CONFIDENT THAT OUR COMMODITY BASKET’S FUNDAMENTALS WILL MOVE IN OUR FAVOUR

* GLENCORE - COBALT MEDIUM, LONG-TERM FUNDAMENTALS REMAIN WELL UNDERPINNED BY EXPECTED STRONG STRUCTURAL DEMAND GROWTH ARISING FROM ELECTRIC VEHICLES

* GLENCORE- HY NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS DOWN PARTLY DUE TO $0.9 BILLION OF IMPAIRMENT CHARGES RELATED TO CHAD OIL AND AFRICAN COPPER ASSETS Source text for Eikon: Further company coverage:

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