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 MONETISATIONS DURING 2019/2020 (C.$0.3BN COMPLETED TO DATE)
* LARGELY FLAT PRODUCTION PROFILE OVER THE NEXT THREE YEARS
* SEES MODEST DECLINE IN COPPER PRODUCTION OVER 2019-2022 PERIOD, PRIMARILY REFLECTING TRANSITION OF MUTANDA TO CARE & MAINTENANCE IN Q4 2019
* 2020-2022 GUIDANCE SUSTAINING CAPEX AVERAGE AT $3.7 BN
* GLENCORE SEES 2022 ZINC PRODUCTION OF 1200 KT, ± 30 KT Source text: (bit.ly/34MwNyG) Further company coverage:
