First Quarter Production Report 2023

posted: 21/04/2023

Baar, Switzerland
21 April 2023

Glencore Chief Executive Officer, Gary Nagle:
“First quarter production was broadly in line with our expectations, accounting for portfolio changes and operational conditions, including the disposals / closures of some zinc and lead mines in the Americas during 2022. Full year production guidance is unchanged from that presented at Glencore’s investor presentation in December 2022.
“Our Marketing segment continued to perform well through Q1 2023, particularly within energy products, such that extrapolating Q1’s Marketing Adjusted EBIT has us, once again, on track to exceed the top end of our $2.2-3.2 billion p.a. long-term guidance range.”

Production from own sources – Total1

    Q1 2023 Q1 2022 Change %
Copper kt                    244.1                    257.8                           (5 )
Cobalt kt                       10.5                        9.7                            8
Zinc kt                    205.3                    241.5                          (15 )
Lead kt                      39.3                     46.8                          (16 )
Nickel kt                      20.9                      30.7                         (32 )
Gold koz                        187                        189                            (1 )
Silver koz                    4,525                     6,515                          (31 )
Ferrochrome kt                      400                       387                            3
Coal mt                      26.9                      28.5                           (6 )

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

Q1 production highlights

  • Own sourced copper production of 244,100 tonnes was 13,700 tonnes (5%) lower than Q1 2022, largely due to planned lower grades in line with the phasing of the pit at Collahuasi and delays associated with adverse weather conditions at Antamina.
  • Own sourced zinc production of 205,300 tonnes was 36,200 tonnes (15%) lower than Q1 2022, reflecting the disposal of South American zinc operations (14,400 tonnes) and the closure of Matagami (8,900 tonnes) in 2022, temporary suspension of operations due to wet weather at Antamina (5,900 tonnes) and McArthur River temporarily processing lower-grade feedstocks in accordance with its mine plan (4,700 tonnes).
  • Own sourced nickel production of 20,900 tonnes was 9,800 tonnes (32%) lower than Q1 2022, primarily reflecting INO prioritising third party feed.
  • Attributable ferrochrome production of 400,000 tonnes was 13,000 tonnes (3%) above Q1 2022.
  • Coal production of 26.9 million tonnes was 1.6 million tonnes (6%) lower than Q1 2022, mainly reflecting the short-term impact of a community blockade at Cerrejón and mining around geological anomalies in South Africa.

Production guidance

  2023 weighting
    2022 2023 2023   H1   H2
Copper kt 1,058 1,040 ± 30 1,040 ± 30   48%   52%
Cobalt kt              43.8        38 ± 5        38 ± 5   51%   49%
Zinc kt               939    950 ± 30    950 ± 30 1 45%   55%
Nickel kt                108        112 ± 5        112 ± 5   45%   55%
Ferrochrome kt            1,488   1,310 ± 30   1,310 ± 30   54%   46%
Coal mt   110       110 ± 5       110 ± 5   49%   51%

1 Excludes Volcan
Production guidance is unchanged from that presented in Glencore’s December 2022 investor update.

Other highlights

  • The full acquisition of CEZ zinc refinery in Canada completed in March 2023; prior Glencore ownership was 25%.
  • The Newlands coal mine in Queensland ceased production in February 2023. The Liddell coal mine (NSW) is scheduled to cease production later in 2023.
  • Our Marketing segment continued to perform well through Q1 2023, particularly within energy products, such that extrapolating Q1’s Marketing Adjusted EBIT has us, once again, on track to exceed the top end of our $2.2-3.2 billion p.a. long-term guidance range.

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For further information please contact:


Martin Fewings    
t: +41 41 709 2880    
m: +41 79 737 5642


Charles Watenphul    
t: +41 41 709 2462    
m: +41 79 904 3320

Glencore LEI: 2138002658CPO9NBH955

Please refer to the end of this document for disclaimers including on forward-looking statements.

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. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that enable decarbonisation while meeting the energy needs of today.

Glencore companies employ around 140,000 people, including contractors. With a strong footprint in over 35 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 40 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 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.

Glencore recognises our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement. Our ambition is to be a net zero total emissions company by 2050. In August 2021, we increased our medium-term emission reduction target to a 50% reduction by 2035 on 2019 levels and introduced a new short-term target of a 15% reduction by 2026 on 2019 levels.

Important notice concerning this report including forward-looking statements
Given the focus of this document, it is necessarily oriented towards future events and therefore contains statements that are, or may be deemed to be, “forward-looking statements” which are prospective in nature. Such statements may include (without limitation)statements in respect of trends in commodity prices and currency exchange rates; demand for commodities; reserves and resources and production forecasts; expectations, plans, strategies and objectives of management; climate scenarios; sustainability performance (including, without limitation, environmental, social and governance) related goals, ambitions, targets, intentions, visions, milestones and aspirations; approval of certain projects and consummation of certain transactions (including, without limitation, acquisitions and disposals); closures or divestments of certain assets, operations or facilities (including, without limitation, associated costs); capital costs and scheduling; operating costs and supply of materials and skilled employees; financings;
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