First Quarter 2021 Production Report

RNS Number : 9762W

Glencore PLC

29 April 2021

 

NEWS RELEASE

Baar, 29 April 2021

First Quarter 2021 Production Report

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	Previous guidance	Current guidance		2021 weighting
					2020	2021	2021		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 ± 30	1	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: [phone]		m: [phone]		[e-mail]
Media
Charles Watenphul		t: [phone]		m: [phone]		[e-mail]

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.

Disclaimer

The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this

document, "Glencore", "Glencore group" and "Group" are used for convenience only where references are made to Glencore

plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other

relationship between the companies. Likewise, the words "we", "us" and "our" are also used to refer collectively to members of

the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the

particular company or companies. 

Important notice concerning this document including forward looking statements

This document contains statements that are, or may be deemed to be, "forward looking statements" which are prospective in

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By their nature, forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond

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For example, our future revenues from our assets, projects or mines will be based, in part, on the market price of the commodity

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Neither Glencore nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that

the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. You are

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been no change in the business or affairs of Glencore since the date of this document or that the information contained herein is

correct as at any time subsequent to its date.

No statement in this document is intended as a profit forecast or a profit estimate and past performance cannot be relied on as a

guide to future performance. This document does not constitute or form part of any offer or invitation to sell or issue, or any

solicitation of any offer to purchase or subscribe for any securities.

The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document,

"Glencore", "Glencore group" and "Group" are used for convenience only where references are made to Glencore plc and its

subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship

between the companies. Likewise, the words "we", "us" and "our" are also used to refer collectively to members of the Group or to

those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company

or companies.

 

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