NavigatIIR: Global Metals Miner Glencore Plans $5 Billion Capex in 2021

Researched by Industrial Info Resources (Sugar Land, Texas)--Mining major Glencore plc (Baar, Switzerland) is keeping its planned capital expenditures (capex) in check through 2023 as it deals with the COVID-19-induced recession. Even so, Glencore's outgoing chief executive officer says the industry has its work cut out for it over the next several years, as demand increases for copper, cobalt, nickel and zinc to meet the needs of a low-carbon-emissions world.

Glencore slashed its planned capex for this year to $4 billion from its initial guidance of $5.5 billion, as it sought to keep its net debt to a $10 billion-to-$16 billion target range, and to cope with the economic uncertainty posed by the COVID-19 pandemic.

Industrial Info is tracking more than $10 billion in project activity by Glencore.

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