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Glencore promotes coal chief to head industrial mining

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Glencore promotes coal chief to head industrial mining

Glencore promotes coal chief to head industrial mining
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Arnd Wiegmann(Reuters)
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(Reuters) - Glencore <GLEN.L> has appointed Peter Freyberg to the newly created role of head of industrial mining, the global trader and miner said on Monday, as the division accounts for an increasing share of profits.

Freyberg was previously head of the company's coal assets and will be replaced in that role by Gary Nagle, Glencore said in an update to investors.

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The London-listed miner also narrowed the 2018 operating earnings forecast range for its trading division, and pointed to weakness in its alumina and cobalt businesses.

It said full-year marketing adjusted earnings before interest and tax would be between $2.6 billion (2.04 billion pounds) and $2.8 billion at the unit, compared with its previous forecast of within the top half of a $2.2-$3.2 billion range. (http://bit.ly/2DY3heM)

In production, copper output in 2019 is projected to reach 1.540 million tonnes from an expected 1.465 million this year. Cobalt output next year is expected to total 57,000 tonnes from a target of 39,000 tonnes in 2018.

Glencore also appointed Nico Paraskevas as head of copper marketing and Jason Kluk and Ruan Van Schalkwyk as joint heads of ferroalloys marketing.

(Reporting by Arathy S Nair in Bengaluru and Zandi Shabalala in London; Editing by Shounak Dasgupta and Mark Potter)

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