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rdf:type	schema:NewsArticle
schema:articleBody	Mining giant Glencore said Thursday it was planning to slash its capital expenditures by up to $1.5 billion this year after production was suspended at several mines due to the pandemic. The Switzerland-based commodities trader said in its quarterly production update that it had been forced to suspend activities at several sites amid the global spread of COVID-19, including in Canada, Peru and South Africa. Company chief Ivan Glasenberg stressed though that while "the global impact of the COVID-19 pandemic is an unprecedented challenge... disruptions to our business have, to date, been manageable." "The majority of our assets are operating relatively normally," he said, adding though that some industrial assets had been temporarily suspended, mainly linked to national and regional lockdowns imposed to halt the spread of the novel coronavirus. He said the company was focusing on cost control as it braces for lower prices for a number of key commodities, including copper and zinc. Given the current context, he said Glencore now expected its capital expenditures to be between $4.0 and $4.5 billion -- far lower than the $5.5 billion originally forecast for 2020. Glencore meanwhile said that "volatile and complex" commodity trading markets had opened up opportunities for its trading arm, which was set to rake in earnings within its $2.2-3.3 billion long-term guidance range. "Given our strong liquidity position and resilient business model, we are well positioned to navigate the current challenges," Glasenberg said. "We recognise the uncertainty caused by the current environment and endeavour to support our stakeholders, as appropriate," he added. noo/nl/rjm/jh
schema:headline	Glencore to slash investments as pandemic shutters mines
schema:mentions	Train Copper Industry Zinc Peru South Africa Canada Pandemic Coronavirus disease 2019 Ivan Glasenberg Glencore Commodity market Space Shuttle Endeavour Market liquidity
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-30 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	75 (xsd:integer)

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