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First Quarter 2021 Production Report

Baar, Switzerland
29 April 2021


Glencore Chief Executive Officer, Ivan Glasenberg:

  • “The Group’s overall production was broadly  in line with our expectations for the first quarter. Production in Q1 2021 reflects that many of our operations continue to maintain thorough Covid-safe working practices, as appropriate for each specific country and region. Coal production was down 7.4 million tonnes, reflecting Prodeco’s care and maintenance status and the market-related production cuts in Australia, actioned in H2 2020. Full year production guidance has been maintained for our key commodities.
  • “Basis Q1 2021’s marketing performance, we expect full year Marketing EBIT to be within the top half of our long-term $2.2-3.2 billion p.a. guidance range.”

Production from own sources – Total1



Q1 2021

Q1 2020

Change %

Copper

                         kt

                   301.2

                   293.3

                           3

Cobalt

                         kt

                       6.8

                        6.1

                          11

Zinc

                         kt

                   282.6

                   295.6

                          (4 )

Lead

                         kt

                      55.3

                      61.7

                        (10 )

Nickel

                         kt

                      25.2

                     28.2

                          (11 )

Gold

                      koz

                      224

                        211

                           6

Silver

                      koz

                   7,761

                  7,778

                           –

Ferrochrome

                         kt

                      399

                      388

                           3

 

 

 

 

 

Coal - coking

                       mt

                       2.4

                        1.8

                         33

Coal - semi-soft

                       mt

                         1.2

                        1.6

                        (25 )

Coal - thermal

                       mt

                     20.9

                     28.5

                        (27 )

Coal

                       mt

                     24.5

                      31.9

                        (23 )

 

 

 

 

 

Oil (entitlement interest basis)

                   kboe

                    1,071

                   1,806

                        (41 )

1 Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated later in this report.

 

Production guidance

  • No changes versus previous guidance.

 

 

Actual
FY 2020

Previous
guidance 2021 

Current guidance 2021

2021 weighting

 

 

 

 

 

H1

H2

Copper

             kt

        1,258

1,220 ± 30

1,220 ± 30

50%

50%

Cobalt

             kt

          27.4

       35 ± 2

       35 ± 2

45%

55%

Zinc

             kt

         1,170

1,250 ± 30

1,250 ± 301

45%

55%

Nickel

             kt

            110

       117 ± 5

       117 ± 5

45%

55%

Ferrochrome

             kt

        1,029

1,400 ± 30

1,400 ± 30

52%

48%

Coal

           mt

           106

      113 ± 4

      113 ± 4

45%

55%

1    Excludes Volcan

 

Q1 production highlights

  • Own sourced copper production of 301,200 tonnes was 3% higher than in Q1 2020, mainly relating to productivity improvements and mine plan sequencing at our South American operations including Collahuasi, Antamina and Antapaccay.
  • Own sourced zinc production of 282,600 tonnes was 13,000 tonnes (4%) lower than Q1 2020, mainly relating to lower grades at Kazzinc’s Maleevsky mine and mine sequencing at Kidd.
  • Own sourced nickel production of 25,200 tonnes was 3,000 tonnes (11%) lower than Q1 2020, primarily reflecting maintenance at Koniambo.
  • Attributable ferrochrome production of 399,000 tonnes was 3% up on Q1 2020, reflecting the impact of the South African national lockdown on the base period, having commenced late March 2020.
  • Coal production of 24.5 million tonnes was 7.4 million tonnes (23%) lower than Q1 2020, mainly reflecting cessation of mining at Prodeco (3.8 million tonnes) and various changes in the Australian portfolio (2.9 million tonnes).
  • Entitlement interest oil production of 1.1 million barrels of oil equivalent (boe) was 0.7 million boe (41%) lower than in Q1 2020, reflecting the Chad oil fields placed on care and maintenance in April 2020. Partly offsetting, the gas phase of the Equatorial Guinea project commenced in February 2021, resulting in an overall 83% quarterly sequential increase in entitlement interest production.

To view the full report please click: https://www.glencore.com/dam/jcr:9a953b82-146b-4540-a5d6-8633c2c4fd55/GLEN_2021-Q1_ProductionReport.pdf

For further information please contact:

Investors          

Martin Fewings    
t: +41 41 709 2880    
m: +41 79 737 5642    
martin.fewings@glencore.com

Media            

Charles Watenphul    
t: +41 41 709 2462    
m: +41 79 904 3320    
charles.watenphul@glencore.com

www.glencore.com

Glencore LEI: 2138002658CPO9NBH955

Notes for Editors

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. The Group's operations comprise around 150 mining, metallurgical and oil production assets.

With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial activities are supported by a global network of more than 30 marketing offices. Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 135,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative. Our ambition is to be a net zero total emissions company by 2050.

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