2014 Half-Year Production Report

RNS Number : 9619O

Glencore PLC

13 August 2014

 



NEWS RELEASE

Baar, 13 August 2014

2014 Half-Year Production Report

Following completion of the Glencore Xstrata merger on 2 May 2013, production information for all periods covered in this report has been presented on a combined basis.

Key Highlights:

-      Own sourced copper production up 13% to 741,000 tonnes, primarily driven by Mutanda ramp-up and improved production at Collahuasi. Sequential half-yearly production was down 12%, reflecting lower head grades on account of mine sequencing (Collahuasi and Antamina) and planned maintenance shuts (Collahuasi, Mount Isa and Mopani).

-      Own sourced zinc production was 650,400 tonnes, down 11%, primarily due to Perseverance and Brunswick mines having depleted their reserves in June 2013. Sequential half-yearly production was broadly in line, reflecting Perkoa ramp-up, largely offsetting mine sequencing lower grades at Antamina and some opportunistic favouring of 3^rd party feed at Kazzinc.

-      Own sourced nickel production was 49,100 tonnes, down 8%, reflecting the XNA (Sinclair and Cosmos) and Falcondo mines now all being placed on care and maintenance. Sequential half-yearly production was up 8%, due to higher production at INO (increased Raglan volumes) and the continued start-up / ramp-up at Koniambo.

-      Own sourced ferrochrome production was 652,000 tonnes, up 16%, reflecting increased capacity due to the prior period Eskom power buy-back programme and a ramp-up in production relating to the Lion 2 expansion project.

-      Own sourced coal production was up 5% to 71.2 million tonnes, mainly due to productivity improvements and ongoing expansion projects in Australian thermal coal, and a 32 day strike at Cerrejón which impacted Q1 2013.

-      Gross oil E&P production was 14.0 million barrels, up 41%, relating to full period operations at Alen (EG) and Badila (Chad) which came on line during 2013.

-      On 31 July 2014, the sale of Las Bambas completed, whereby Glencore received proceeds, net of tax, of approximately $6.5 billion, including the reimbursement of capital expenditure and other project costs incurred since 1 January 2014.

-      On 8 July 2014, Glencore completed the acquisition of Caracal Energy Inc., an oil exploration and development company with operations in the Republic of Chad for consideration of approximately $1.6 billion.

For further information please contact:

Investors	Media
Paul Smith t: [phone] m: [phone] e: [e-mail]	Charles Watenphul t: [phone] m: [phone] e: [e-mail]
Investors	Investors	Finsbury (Media)
Martin Fewings t: [phone] m: [phone] e: [e-mail]	Elisa Morniroli t: [phone] m: [phone] e: [e-mail]	Guy Lamming Dorothy Burwell t: [phone]

www.glencore.com

To view the full report please click here http://www.rns-pdf.londonstockexchange.com/rns/9619O_1-2014-8-12.pdf

 

 

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