Production Report for the 12 months ended 31.12.12

RNS Number : 6453X
Glencore International PLC
12 February 2013
 



NEWS RELEASE

 

Baar, 12 February 2013

 

Production Report for the 12 months ended 31 December 2012

 

 

Key Highlights

 

•       Industrial growth projects continue to deliver overall volume improvement.

 

•       Kazzinc own gold production up 22% with recovery rates continuing to improve; successful ramp-up of new copper smelter resulting in increased copper cathode production.

 

•       Katanga copper metal up 2%, with cathode production up 7%, in spite of significant disruption from power shortage. New power converter and synchronous condenser commissioned in December 2012. Agreement with SNEL to provide better reliability and availability of electricity supply in the medium to long term.

 

•       Mutanda copper produced up 37%. Following completion of the cobalt plant, Mutanda now has capacity in place to produce up to 110,000 tonnes of copper and 23,000 tonnes of cobalt.

 

•       Murrin Murrin own sourced production was 33,400 tonnes of nickel, a record production year.

 

•       Prodeco own production up 1% despite the three month strike at La Jagua. The expansion plan remains on track to produce annualised 20 million tonnes by 2014.

 

•       Significant growth in South African coal production following the acquisitions of Optimum and Umcebo.

 

•       Aseng oil field ahead of schedule producing 61.7k bbls/day, with Alen field on schedule to start producing in Q3 2013.

 

•       Sugarcane processing and oilseed crushing increased by 39% and 38% respectively, following the investment into these activities.

 

•       A proforma of Glencore Xstrata production for 2012 and 2011 can be found from page 9. Investors' attention is drawn to the fact that completion of the merger remains conditional upon the receipt of the outstanding regulatory approval in China, completion of the Xstrata court process and Glencore giving effect to the commitments required by the European Commission.  As indicated in the merger timing update dated 18 January 2013, the long stop date for the merger is now 15 March 2013.

 

For further information please contact:

 

 

 

 

Investors & analysts

Paul Smith/Elisa Morniroli

t: +41 (0)41 709 24 87/28 18

e: paul.smith@glencore.com

e: elisa.morniroli@glencore.com

Media

Charles Watenphul

t: +41 (0)41 709 24 62

e: charles.watenphul@glencore.com

Finsbury (Media)

Guy Lamming

Dorothy Burwell

t: +44 (0)20 7251 3801

 

website: www.glencore.com

 

Metals and Minerals

 

 

Production data

 

thousand1


Using feed from own sources

Using feed from third party sources

2012

Total

 Using feed from own sources

Using feed from third party sources

2011

Total

Own feed change










Kazzinc









Zinc metal

MT

 227.3

 74.0

 301.3

 246.0

 54.8

 300.8

- 8%

Lead metal²

MT

 26.8

 55.7

 82.5

 35.6

 66.2

 101.8

- 25%

Copper metal³

MT

 49.6

 3.0

 52.6

 51.2

 1.8

 53.0

- 3%

Gold

toz

 474

 87

 561

 390

 39

 429

22%

Silver

toz

 4 777

 15 031

 19 808

 4 299

 5 571

 9 870

11%

Katanga









Copper metal³

MT

 93.0

 -

 93.0

 91.2

 -

 91.2

2%

Cobalt

MT

 2.13

 - 

 2.13

 2.43

 - 

 2.43

- 12%

Mutanda









Copper metal³

MT

 87.0

 - 

 87.0

 63.7

 - 

 63.7

37%

Cobalt4

MT

 8.50

 - 

 8.50

 7.87

 - 

 7.87

8%

Mopani









Copper metal³

MT

 99.0

 88.1

 187.1

 101.4

 103.0

 204.4

- 2%

Cobalt4

MT

 0.07

 0.16

 0.23

 0.56

 0.33

 0.89

- 88%

Other Zinc (Los Quenuales, Sinchi Wayra, AR Zinc, Portovesme,
Rosh Pinah)





Zinc metal

MT

 53.0

 81.7

 134.7

 61.0

 92.7

 153.7

- 13%

Zinc oxide

DMT

 52.5

 - 

 52.5

 30.9

 -

 30.9

70%

Zinc concentrates

DMT

 425.0

 - 

 425.0

 461.2

 - 

 461.2

- 8%

Lead metal

MT

 11.8

 - 

 11.8

 11.9

 - 

 11.9

- 1%

Lead concentrates

DMT

 67.2

 - 

 67.2

 61.0

 - 

 61.0

10%

Tin concentrates

DMT

 2.35

 - 

 2.35

 4.74

-

 4.74

- 50%

Silver metal

toz

 783

 - 

 783

 754

 - 

 754

4%

Silver in concentrates

toz

 7 279

 - 

 7 279

 7 978

 - 

 7 978

- 9%

Other Copper (Cobar, Pasar, Punitaqui, Sable)

Copper metal

MT

 - 

 98.4

 98.4

 - 

 164.1

 164.1

n.m.

Copper concentrates

DMT

 179.2

 0.1

 179.3

 204.9

 - 

 204.9

- 13%

Cobalt

MT

 - 

 0.71

 0.71

 - 

 0.16

 0.16

n.m.

Silver in concentrates

toz

 941

 - 

 941

 1 035

 - 

 1 035

- 9%

Alumina/Aluminium (Sherwin)









Alumina

MT

 - 

 1 379

 1 379

 - 

 1 460

 1 460

n.m.

Ferroalloys/Nickel/Cobalt (Glencore Manganese, Murrin Murrin)






Ferro manganese

MT

 - 

 17.34

 17.34

 - 

 - 

 - 

n.m.

Silicon manganese

MT

 - 

 15.91

 15.91

 - 

 - 

 - 

n.m.

Nickel metal

MT

 33.41

 3.02

 36.43

 28.50

 1.50

 30.00

17%

Cobalt

MT

 2.39

 0.10

 2.49

 2.02

 0.07

 2.09

18%










Total Zinc contained

MT

 534.4

 155.7

 690.1

 563.1

 147.5

 710.6

- 5%

Total Copper contained

MT

 376.7

 189.6

 566.3

 362.6

 268.9

 631.5

4%

Total Lead contained

MT

 76.3

 55.7

 132.0

 82.5

 66.2

 148.7

- 8%

Total Tin contained

MT

 1.15

 - 

 1.15

 2.23

 - 

 2.23

- 48%

Total Gold (incl. Gold equivalents)5

toz

 731

 367

 1 098

 706

 164

 870

4%

Total Alumina

MT

 - 

 1 379

 1 379

 - 

 1 460

 1 460

n.m.

Total Ferro manganese

MT

 - 

 17.34

 17.34

 - 

 - 

 - 

n.m.

Total Silicon manganese

MT

 - 

 15.91

 15.91

 - 

 - 

 - 

n.m.

Total Nickel

MT

 33.41

 3.02

 36.43

 28.50

 1.50

 30.00

17%

Total Cobalt

MT

 13.09

 0.97

 14.06

 12.88

 0.56

 13.44

2%


1
Controlled industrial assets only (with the exception in 2011 of Mutanda, which was 40% owned). Production is included on a 100% basis.

2
Lead metal includes lead contained in lead concentrates.

3
Copper metal includes copper contained in copper concentrates and blister copper.

4
Cobalt contained in concentrates and hydroxide.

5
Gold/Silver conversion ratios of 1/53.54 and 1/44.53 for 2012 and 2011 respectively based on average prices.

 

Selected average commodity prices

 



2012

2011

Change






S&P GSCI Industrial Metals Index


382

440

- 13%

LME (cash) zinc price ($/t)


1 948

2 193

- 11%

LME (cash) copper price ($/t)


7 958

8 813

- 10%

LME (cash) lead price ($/t)


2 062

2 397

- 14%

Gold price ($/oz)


1 669

1 573

6%

Metal Bulletin alumina price ($/t)


319

374

- 15%

LME (cash) aluminium price ($/t)


2 022

2 398

- 16%

LME (cash) nickel price ($/t)


17 530

22 843

- 23%

Metal Bulletin cobalt price 99.3% ($/lb)


13

16

- 19%

Iron ore (Platts 62% CFR North China) price ($/DMT)


130

169

- 23%

 

 

 

OPERATIONAL HIGHLIGHTS

 

Kazzinc (Glencore interest: 69.6%, increased from 50.7% on 11 October 2012)

2012 gold production from own sources was 474,000 toz, an increase of 22% compared to 2011. This higher production reflects the continued growth at Altyntau as well as the benefits from gold recovered from the copper smelter. Silver production from own sources was 4.8 million toz, an increase of 11% compared to the prior year, reflecting an increase in the level of own silver-bearing copper concentrates processed. Total silver production also increased significantly during 2012 as a result of processing more high silver content concentrates from third parties.

Copper production from own sources in 2012 was 49,600 tonnes, a reduction of 3% compared to 2011. However, copper cathode production increased by 25,800 tonnes to 47,300 tonnes, following the ramp-up at Kazzinc's new copper smelter which was commissioned in 2011.

2012 lead production from own sources was 26,800 tonnes, a decrease of 25% compared to 2011. This reflects the ramp-up at the new lead smelter which was commissioned in August 2012 and the processing of gold rich concentrates at the old lead smelter prior to its decommissioning.

Zinc production from own sources was 227,300 tonnes, a decrease of 8%, resulting from the expected small reduction in grade during 2012.

 

Katanga (Glencore interest: 75.2%)

Katanga produced 93,000 tonnes of copper in metal and in concentrate from own sources during 2012, a 2% increase compared to 2011. Cobalt production in 2012 was 2,100 tonnes, a 12% decrease compared to 2011.

Production during the year was severely disrupted by the recurrent general power disruptions in the DRC which resulted in 67 days of lost production.

The new power converter (part of the World Bank power project) and new synchronous condenser (under Katanga's agreement with
La Société Naturale d'Electricité ('SNEL'), DRC's national power operator) were commissioned in December 2012 and have subsequently resulted in a decrease in power disruption. Further improvements in the reliability and availability of the electricity supply are expected in the medium term as a result of the joint Power Project (announced in March 2012) currently underway and being undertaken by Katanga, Mutanda and Kansuki in partnership with SNEL.

Katanga produced its first copper cathode from the new solvent extraction plants and converted electro-winning facility during December 2012 as part of the Phase 4 project. The completion of this project will enable Katanga to increase total processing capacity and upgrade the quality of copper produced through the application of modern technologies. The Phase 4 project remains on target for mechanical completion in Q3 2013.

For further information please visit www.katangamining.com

 

 

Mutanda (Glencore interest: 60.0%)

In 2012, Mutanda produced 87,000 tonnes of copper in metal and concentrate from own sources, a 37% increase compared to 2011. 2012 copper cathodes production increased 90% to 83,500 tonnes.

2012 cobalt production was 8,500 tonnes, an 8% increase from 2011. Mutanda continues to increase cobalt production through the use of SO2 from its sulphuric acid and SO2 plant. A new power generation plant, dedicated to providing reliable power to the acid and SO2 plant, was commissioned in December 2012. Following completion of the cobalt circuit in Q4 2012, Mutanda has installed cobalt in hydroxide capacity of 23,000 tonnes per annum.

The feasibility study for the construction of a 100,000 tonnes (of copper contained) sulphide concentrator remains on track to be completed in Q1 2013.

In May 2012, Glencore acquired an additional 20% of Mutanda for a cash consideration of $ 340 million plus acquired shareholder debts of approximately $ 140 million. Glencore also has the right, subject to the terms of a put and call option agreement exercisable in December 2013, to acquire a further 20% in Mutanda for a cash consideration of $ 430 million.

As previously announced, the above transaction was the first step to achieve the merger of Mutanda and Kansuki, which is expected to form a combined entity having an installed capacity of 200,000 tonnes per annum of copper by the end of 2013. It is anticipated that the merger will be completed during H1 2013.

 

Kansuki (Glencore interest: 37.5%)

Glencore holds a 50% interest in Kansuki Investments Sprl which in turn holds a 75% interest in the owner of the Kansuki concession, thereby giving Glencore an effective interest of 37.5%. Kansuki is a 185 square kilometre copper and cobalt pre-development project which borders the Mutanda concession. A total of $ 507 million of capital expenditure for mine and plant development has been committed to, of which $ 413 million had been spent as at 31 December 2012. Exploration of the Kansuki concession is on-going.

 

Katanga, Mutanda and Kansuki - Power Project

Mutanda, Katanga and Kansuki are collectively undertaking a project to secure power for all three operations via the refurbishment of two turbines at the Inga dam. This project is expected to provide 450 megawatts of power by the end of 2015 (the "Power Project"). The project has started and is being executed in partnership with SNEL and EGMF, the project contractor. The estimated cost of $ 284 million will be paid by Mutanda, Katanga and Kansuki. This investment will be recovered via lower future energy tariffs.

 

Mopani (Glencore interest: 73.1%)

Mopani produced 99,000 tonnes of own copper in 2012 and 187,100 tonnes of total copper including third party sourced and toll material, reflecting a 2% and 8% decline respectively compared to 2011.

The reduction in total finished copper production primarily resulted from the planned biennial smelter shutdown. The small reduction in Mopani's own copper production was due to the temporary suspension of the heap leach process earlier in the year.

The $ 323 million Synclinorium shaft project to increase mine production, which is expected to come online during 2015, and the associated project to improve and modernise the smelter remain on track. In 2012, Mopani announced that the smelter upgrade project (including improving SO2 emission capture to above 97%) is expected to be completed by December 2013, 18 months ahead of the schedule initially agreed with the Zambian authorities.

 

Other Zinc (Los Quenuales, Sinchi Wayra, AR Zinc, Portovesme, Rosh Pinah)

The acquisition of Rosh Pinah (from 1 June 2012) and a strong performance by AR Zinc resulted in higher production of silver metal and lead concentrates in 2012. This was offset by lower production at Los Quenuales and Sinchi Wayra, as a result of the planned shift towards lower grade ore bodies, union issues at Los Quenuales and the nationalisation of the Colquiri mine at Sinchi Wayra.

The nationalisation of the Colquiri mine resulted in no tin being produced post June 2012.

Los Quenuales recently received community approval to develop a new ore area at Iscaycruz (Santa Este), which has estimated ore resources of five to seven million tonnes. The mine is expected to be operational in Q4 2013 and will reach an annual production of 20,000 tonnes of zinc contained in concentrates in 2014.

 

Other Copper (Cobar, Pasar, Punitaqui, Sable)

Metal production in 2012 was 40% lower than in 2011, due to a fire at Pasar that stopped production for approximately six months. Since the restart in July 2012, production has been in line or above those levels achieved during 2011.

 

2012 copper concentrate and silver contained in concentrate production were lower than 2011 levels by 13% and 9% respectively, primarily due to temporary operational issues at Cobar resulting from electrical failures and delays in underground development activities.

Completion of the new mine shaft at Cobar has been delayed due to poor ground conditions and is now expected in 2015.

 

Alumina/Aluminium

Sherwin Alumina (Glencore interest: 100%)

2012 production was 1.4 million tonnes, a 6% reduction compared to 2011. This reduction primarily relates to the overhaul of the calciner which was completed in Q1 2012. Production since then has been as expected.

 

Ferroalloys/Nickel/Cobalt

Glencore Manganese (Glencore interest: 100%)

Glencore acquired 100% of Vale's European manganese ferroalloys operations on 1 November 2012. The operations, located in Dunkirk, France and Mo I Rana, Norway, currently have the capacity to produce 150,000 tonnes and 110,000 tonnes of manganese ferroalloys per annum respectively.

 

Murrin Murrin (Glencore interest: 100%)

Own sourced production in 2012 was 33,400 tonnes of nickel and 2,400 tonnes of cobalt, an increase of 17% and 18% respectively compared to 2011, reflecting a record year of production for Murrin Murrin based on best ever throughput levels and plant availability.

Murrin Murrin has also successfully contained costs as part of its on-going 'Margin Improvement Plan' (in response to the lower nickel price and high Australian dollar environment) with further cost savings targeted in 2013.

 

 

 

 

 

Energy Products

 

 

Production data

 

thousand MT1

 

Own

Buy-in

Coal

2012

Total

 

Own

Buy-in

Coal

2011

Total

Own
production
change









Thermal coal








Prodeco

14 762

142

14 904

14 586

195

14 781

1%

Shanduka (Export)

440

-

440

498

-

 498

- 12%

Shanduka (Domestic)

6 017

1 084

 7 101

5 422

802

 6 224

11%

Umcebo (Export)

205

-

 205

-

-

-  

n.m.

Umcebo (Domestic)

6 798

31

 6 829

-

-

-  

n.m.

Optimum (Export)

7 347

-

 7 347

-

-

-  

n.m.

Optimum (Domestic)

6 266

495

 6 761

-

-

-  

n.m.

Total

41 835

1 752

43 587

20 506

997

21 503

104%


1 Controlled industrial assets only. Production on a 100% basis.

 

 

 

thousand bbls

 2012

Total

2011

Total

Change





Oil 1




Block I

22 570

 2 785

710%

Total

22 570

 2 785

710%

 

1
On a 100% basis. Glencore's ownership interest in the Aseng field is 23.75%.

 

 

Selected average commodity prices

 





2012

2011

Change







S&P GSCI Energy Index



330

333

- 1%

Coal API2 ($/t)



93

122

- 24%

Coal API4 ($/t)



93

116

- 20%

Prodeco realised price ($/t)1



85

95

- 11%

South African Coal average realised export price ($/t)



90

108

- 17%

South African Coal average realised domestic price ($/t)



31

43

- 28%

Oil price - Brent ($/bbl)



112

111

1%


1 As of 31 December 2012, 24 million tonnes had been sold forward at an average price of $ 89 per tonne.

 

 

 

 

 

 

OPERATIONAL HIGHLIGHTS

 

Prodeco (Glencore interest: 100%)

Own production for 2012 was 14.8 million tonnes, up 1% on 2011. The significant growth at Calenturitas was offset by lower production at the La Jagua mine, due to a three month strike that concluded in October 2012.

Prodeco's expansion project is progressing to plan, excluding the short term impact of the La Jagua strike, and remains on track to deliver annualised production of 20 million tonnes by 2014.

The construction of the new direct loading port, Puerto Nuevo, is also on track and to budget, with commissioning expected in H1 2013. Puerto Nuevo will provide substantially higher annual throughput capacity with a lower operating cost per tonne.

 

South African Coal (Glencore interest: Shanduka Coal: 49.99%, Umcebo Mining: 43.66% and Optimum Coal: 67.01%)

2012 own production was 27.1 million tonnes, reflecting a significant increase compared to 2011. This increase largely resulted from the consolidation of production from Optimum and Umcebo from 1 January 2012.

South African Coal is currently focused on a number of expansion and development projects which are progressing well. At
Umcebo, the Wonderfontein project started production and railed its first coal during December 2012. At Shanduka and Umcebo, the definitive feasibility studies relating to the Springboklaagte and Argent projects remain on track to be completed in April 2013. At Optimum, construction has started at the Pullenshope underground brownfield project with first coal expected in Q2 2013, while licensing for the Koornfontein project has been delayed slightly to Q1 2013, with construction expected to start in Q2 2013. In addition, South African Coal, along with the other shareholders, has recently taken an active role in the management of the Kusipongo project at Kangra Coal (30% owned by Shanduka Coal).

 

Oil Exploration & Production (Glencore interest: Block I: 23.75%/Block O: 25.0%)

The Aseng field (Block I) in Equatorial Guinea has continued to perform well during 2012, producing 22.57 million barrels of
cumulative gross production at an average gross rate of approximately 61,700 barrels per day.

Development of the Alen field (Block O) in Equatorial Guinea remains on budget with first production scheduled for Q3 2013. All of the development wells have been drilled and completed and construction of the production platform continues as planned.

Glencore's first operated exploration well on the Oak prospect in the Bolongo Block, offshore Cameroon, was successfully drilled and declared an oil discovery in July 2012. The appraisal programme is planned for H2 2013.

 

 

Agricultural Products

 

 

Production data

 

thousand MT

2012

Total

 2011

Total

Change





Farming

674

827

- 19%

Oilseed crushing

2 779

2 008

38%

Oilseed crushing long term toll agreement

876

948

- 8%

Biodiesel

534

569

- 6%

Rice milling

248

304

- 18%

Wheat milling

1 061

1 001

6%

Sugarcane processing

1 256

906

39%

Total

7 428

6 563

13%

 

 

Selected average commodity prices

 





2012

2011

Change








S&P GSCI Agriculture Index




459

490

- 6%

CBOT corn no.2 price (US¢/bu)




695

680

2%

ICE cotton price (US¢/lb)




80

137

- 42%

CBOT soya beans (US¢/bu)




1 466

1 317

11%

NYMEX sugar # 11 price (US¢/lb)




22

27

- 19%

CBOT wheat price (US¢/bu)




751

709

6%

 

 

 

OPERATIONAL HIGHLIGHTS

 

Viterra (Glencore interest: 100%)

On 17 December 2012, Glencore completed the acquisition of Viterra, bringing immediate critical mass in the key grain markets of North America, via Viterra's Canadian operations, as well as materially expanding Glencore's existing operations in Australia.

 

Rio Vermelho (Glencore interest: 100%)

1.3 million tonnes of sugarcane were crushed in 2012, a 39% increase compared to 2011, which in turn produced 108,400 tonnes of Very High Pol ('VHP') sugar and 34,000 cubic metres of hydrous ethanol. The on-going expansion plan at Rio Vermelho continues to progress on schedule. The first phase of the cogeneration plant, eventually capable of supplying 200,000 megawatt hours of surplus electricity to the power grid at maturity of the project in 2015, will become operational during H2 2013.

 

Other Agricultural Products

Oilseed crushing

In 2012, oilseed crushing volumes increased 38%, reflecting the additional volumes crushed at the three acquired plants (Czech Republic, Poland and Ukraine) and the completion of the new plant constructed in Hungary.

Following the successful commissioning of Timbues (Argentina) in October 2012, the plant commenced crushing in December 2012.

 

 

 

Glencore Xstrata Proforma

 

Investors' attention is drawn to the fact that completion of the merger remains conditional upon the receipt of the outstanding regulatory approval in China, completion of the Xstrata court process, and Glencore giving effect to the commitments required by the European Commission. As indicated in the merger timing update dated 18 January 2013, the long stop date for the merger is now 15 March 2013.

 

METALS AND MINERALS - total

 

Pro forma production data

 

thousand¹


Using feed from own sources

Using feed from third party
sources

2012

Total

Using feed from own sources

Using feed from third party
sources

2011

Total

Own feed change










Total Zinc contained

MT

 1 589.9

 894.8

 2 484.7

 1 609.1

 885.1

 2 494.2

- 1%

Total Copper contained

MT

 1 202.5

 786.2

 1 988.7

 1 325.9

943.7

 2 269.6

- 9%

Total Lead contained

MT

 320.6

 288.0

 608.6

 308.4

 272.8

 581.2

4%

Total Tin contained

MT

 1.1

 -  

 1.1

 2.2

 -  

 2.2

- 50%

Total Gold (incl. Gold equivalents)2

 

toz

1 559

 753

 2 312

 1 700

 610

 2 310

- 8%

Total Alumina

MT

 -  

 1 379

 1 379

 -  

 1 460

 1 460

n.m.

Total Ferro manganese

MT

 -  

 17.3

 17.3

 -  

 -  

 -  

n.m.

Total Silicon manganese

MT

 -  

 15.9

 15.9

 -  

 -  

 -  

n.m.

Total Nickel contained

MT

 109.3

 100.9

 210.2

 106.1

 96.8

 202.9

3%

Total Cobalt

MT

 14.3

 4.2

 18.5

 14.2

 3.8

 18.0

1%

Total Ferrochrome

MT

 938

 -  

 938

 1 021

 -  

1 021

- 8%

Total Platinum

toz

 80

 -  

 80

 92

 -  

 92

- 13%

 

 

 

COPPER ASSETS

 

thousand¹


Using feed from own sources

Using feed from third party
sources

2012

Total

Using feed from own sources

Using feed from third party
sources

2011

Total

Own feed change










African copper (Katanga, Mutanda, Mopani, Sable)







Katanga









Copper metal3

MT

 93.0

 -  

 93.0

 91.2

 -  

 91.2

2%

Cobalt

MT

 2.1

 -  

 2.1

 2.4

 -  

 2.4

- 13%

Mutanda









Copper metal3

MT

 87.0

 -  

 87.0

 63.7

 -  

 63.7

37%

Cobalt4

MT

 8.5

 -  

 8.5

 7.9

 -  

 7.9

8%

Mopani









Copper metal3

MT

 99.0

 88.1

 187.1

 101.4

 103.0

 204.4

- 2%

Cobalt4

MT

 0.1

 0.2

 0.3

 0.6

 0.3

 0.9

- 83%

Other









Copper metal

MT

 -  

 8.8

 8.8

 -  

 2.0

 2.0

n.m.

Cobalt4

MT

 -  

 0.7

 0.7

 -  

 0.2

 0.2

n.m.








Total Copper metal3

MT

 279.0

 96.9

 375.9

 256.3

 105.0

 361.3

9%

Total Cobalt4

MT

 10.7

 0.9

 11.6

 10.9

 0.5

 11.4

- 2%




Collahuasi (Chile)5









Copper metal

MT

 16.2

 -  

 16.2

 15.8

 -  

 15.8

3%

Copper in concentrates

MT

 107.9

 -  

 107.9

 183.6

 -  

 183.6

- 41%

Silver in concentrates

toz

 1 334

 -  

 1 334

 1 786

 -  

 1 786

- 25%










Antamina (Peru)6









Copper in concentrates

MT

 150.8

 -  

 150.8

 112.6

 -  

 112.6

34%

Silver in concentrates

toz

 4 203

 -  

 4 203

 3 646

 -  

 3 646

15%










Other South America

(Alumbrera, Lomas Bayas, Altonorte, Tintaya, Antapaccay, Punitaqui)






Alumbrera (Argentina)









Copper in concentrates

MT

 135.7

 -  

 135.7

 116.7

 -  

 116.7

16%

Gold in concentrates and in doré

toz

 364

 -  

 364

 356

 -  

 356

2%

Silver in concentrates and in doré

toz

 1 487

 -  

 1 487

 1 015

 -  

 1 015

47%

Lomas Bayas (Chile)









Copper metal

MT

 73.3

 -  

 73.3

 73.6

 -  

 73.6

-

Altonorte (Chile)









Copper anode7

 

MT

 -  

 270.2

 270.2

 -  

 311.0

 311.0

n.m.

Tintaya/Antapaccay (Peru)









Copper metal

MT

 8.8

 -  

 8.8

 21.0

 -  

 21.0

- 58%

Copper in concentrates

MT

 43.0

 -  

 43.0

 74.3

 -  

 74.3

- 42%

Gold in concentrates

toz

 17

 -  

 17

 33

 -  

 33

- 48%

Silver in concentrates

toz

 501

 -  

 501

 870

 -  

 870

- 42%

Other









Copper metal

MT

 11.9

 -

 11.9

 9.7

 -  

 9.7

23%

Silver in concentrates

toz

 179

 -

 179

 210

 -  

 210

- 15%










Total Copper metal

MT

 82.1

 -  

82.1

 94.6

-

94.6

- 13%

Total Copper anode7

MT

-

157.2  

157.2

-

244.2

244.2

n.m.

Total Copper in concentrates

MT

 190.6

-

 190.6

 200.7

 -  

 200.7

- 5%

Total Gold in concentrates and in doré

toz

 381

 -  

 381

 389

 -  

 389

- 2%

Total Silver in concentrates and in doré

toz

 2 167

 -  

 2 167

 2 095

 -  

 2 095

3%










Australia and Asia (Ernest Henry, Mount Isa, Cobar, Pasar)






Ernest Henry









Copper in concentrates

MT

 34.1

 -  

 34.1

 100.3

 -  

 100.3

- 66%

Gold in concentrates

toz

 40

 -  

 40

 129

 -  

 129

- 69%

Silver in concentrates

toz

 194

 -  

 194

 449

 -  

 449

- 57%

Mount Isa









Copper metal

MT

 136.3

130.5

266.8

 148.8

 127.8

 276.6

- 8%

Copper in concentrates

MT

 6.4

 -  

 6.4

 -  

 -  

 -  

n.m.

Silver in concentrates

toz

 724

 -  

 724

 726

 -  

 726

-

Other









Copper metal

MT

 -  

 89.6

 89.6

 -  

 162.2

 162.2

n.m.

Copper in concentrates

MT

 34.5

 -  

 34.5

 44.7

 -  

 44.7

- 23%

Silver in concentrates

toz

 360

 -  

 360

 409

 -  

 409

- 12%










Total Copper metal

MT

 136.3

220.1

 356.4

 148.8

 290.0

 438.8

- 8%

Total Copper in concentrates

MT

 75.0

 -  

 75.0

 145.0

 -  

 145.0

- 48%

Total Gold in concentrates

toz

 40

 -  

 40

 129

 -  

 129

- 69%

Total Silver in concentrates

toz

 1 278

 -  

 1 278

1 584

 -  

 1 584

- 19%










North America (CCR, Horne, Kidd)









CCR/Horne









Copper metal

MT

 -  

 265.5

 265.5

 -  

 264.0

 264.0

n.m.

Kidd









Copper in concentrates

MT

 34.4

 -  

 34.4

 42.3

 -  

 42.3

- 19%

Zinc in concentrates

MT

 78.1  

 -

 78.1

71.5  

 -

 71.5

9%

Silver in concentrates

toz

 2 877

 -  

 2 877

 2 602

 -  

 2 602

11%










Total Copper metal

MT

 -  

265.5

 265.5

 -  

 264.0

 264.0

n.m.

Total Copper in concentrates

MT

 34.4

 -  

 34.4

 42.3

 -  

 42.3

- 19%

Total Zinc in concentrates

MT

 78.1  

 -

 78.1

 71.5  

 -

 71.5

9%

Total Silver in concentrates

toz

 2 877

 -  

 2 877

 2 602

 -  

 2 602

11%

 

 

 

ZINC ASSETS

 

thousand¹


Using feed from own sources

Using feed from third party
sources

2012

Total

Using feed from own sources

Using feed from third party
sources

2011

Total

Own feed change










Kazzinc (Kazakhstan)









Zinc metal

MT

 227.3

 74.0

 301.3

 246.0

 54.8

 300.8

- 8%

Lead metal

MT

 26.8

 55.7

 82.5

 35.6

 66.2

 101.8

- 25%

Copper metal

MT

 49.6

 3.0

 52.6

 51.2

 1.8

 53.0

- 3%

Gold

toz

 474

 87

 561

 390

 39

 429

22%

Silver

toz

 4 777

 15 031

 19 808

 4 299

 5 571

 9 870

11%










Australia (Mount Isa, McArthur River)









Mount Isa









Zinc in concentrates

MT

 390.4

 -  

 390.4

 357.0

 -  

 357.0

9%

Lead in concentrates

MT

 153.1

 -  

 153.1

 130.7

 -  

 130.7

17%

Silver in lead bullion

toz

 5 927

 951

 6 878

 5 516

 1 029

 6 545

7%

McArthur River







Zinc in concentrates

MT

 202.1

 -  

 202.1

 194.1

 -  

 194.1

4%

Lead in concentrates

MT

 40.4

 -  

 40.4

 38.3

 -  

 38.3

5%

Silver in concentrates

toz

 1 820

 -  

 1 820

 1 594

 -  

 1 594

14%










Total Zinc in concentrates

MT

 592.5

 -  

 592.5

 551.1

 -  

 551.1

8%

Total Lead in concentrates

MT

 193.5

 -  

 193.5

 169.0

 -  

 169.0

14%

Total Silver in lead bullion

toz

 5 927

 951

 6 878

 5 516

 1 029

 6 545

7%

Total Silver in concentrates

toz

 1 820

 -  

 1 820

 1 594

 -  

 1 594

14%










Europe (Portovesme, San Juan de Nieva, Nordenham, Northfleet)






Total Zinc metal

MT

 22.2

 736.8

 759.0

 30.6

 744.9

 775.5

- 27%

Total Zinc in oxide

MT

35.9

 -

 35.9

21.2

 -

21.2

69%

Total Lead metal

MT

 -  

 156.9

 156.9

 -  

 130.1

 130.1

n.m.

Total Silver

toz

 -  

 7 249

 7 249

 -  

 5 381

 5 381

n.m.










North America (Brunswick, CEZ Refinery, Perseverance)






Brunswick mine









Zinc in concentrates

MT

185.7

 4.7

 190.4

 209.0

 -  

 209.0

- 11%

Lead in concentrates

MT

 50.9

0.9  

 51.8

 56.8

 -  

 56.8

- 10%

Copper in concentrates

MT

 7.8

 0.3  

 8.1

 8.8

 -  

 8.8

- 11%

Silver in concentrates

toz

 2 689

 62 

 2 751

 2 980

 -  

 2 980

- 10%

Brunswick Smelting









Lead metal

MT

 -  

 74.5

 74.5

 -  

 76.5

 76.5

 n.m.  

Silver

toz

 -  

 12 359

 12 359

 -  

 13 434

 13 434

n.m. 

CEZ Refinery8









Zinc metal

MT

 -  

 72.6

 72.6

 -  

 72.4

 72.4

n.m.

Perseverance mine









Zinc in concentrates

MT

 125.2

 -  

 125.2

 135.0

 -  

 135.0

- 7%

Copper in concentrates

MT

 10.9

 -  

 10.9

 9.8

 -  

 9.8

11%










Total Zinc metal

MT

 -  

 72.6

 72.6

 -  

 72.4

 72.4

n.m.

Total Zinc in concentrates

MT

310.9

 4.7  

 315.6

 344.0

 -  

 344.0

- 10%

Total Lead metal

MT

 -  

 74.5

 74.5

 -  

 76.5

 76.5

n.m.

Total Lead in concentrates

MT

 50.9

 0.9  

 51.8

 56.8

 -  

 56.8

- 10%

Total Copper in concentrates

MT

 18.7

 0.3  

 19.0

 18.6

 -  

 18.6

1%

Total Silver

toz

2 689  

 12 421

 15 110

2 980  

 13 434

 16 414

- 10%










Antamina (Peru)6









Zinc in concentrates

MT

 73.9

 -  

 73.9

 79.4

 -  

 79.4

- 7%










Other Zinc (Los Quenuales, Sinchi Wayra, AR Zinc, Rosh Pinah)






Zinc metal

MT

30.8

 6.7

37.5

30.5

 13.0

 43.5

1%

Zinc in concentrates

MT

218.3

 -  

218.3

234.8

 -  

234.8

- 7%

Lead metal

MT

11.8

 -  

 11.8

 11.9

 -  

 11.9

- 1%

Lead in concentrates

MT

37.6

 -  

37.6

35.1

 -  

35.1

7%

Copper in concentrates

MT

 1.7

 -  

 1.7

 0.8

 -  

 0.8

113%

Silver metal

toz

783

 -  

 783

754

 -  

754

4%

Silver in concentrates

toz

7 681

 -  

7 681

8 394

 -  

8 394

- 8%

Tin in concentrates

MT

 1.1

 -  

 1.1

 2.2

 -  

 2.2

- 50%

 

 

 

 

NICKEL ASSETS

 

thousand¹


Using feed from own sources

Using feed from third party
sources

2012

Total

Using feed from own sources

Using feed from third party
sources

2011

Total

Own feed change










Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)






Sudbury - Mine/mill









Nickel in concentrates

MT

 20.4

 6.2

 26.6

 19.8

 2.9

 22.7

3%

Copper in concentrates

MT

 52.5

 5.3

 57.8

 47.5

 2.4

 49.9

11%

Cobalt in concentrates

MT

 0.3

 0.2

 0.5

 0.3

 0.1

 0.4

-

Raglan









Nickel in concentrates

MT

 28.6

 -  

 28.6

 27.3

 -  

 27.3

5%

Copper in concentrates

MT

 7.1

 -  

 7.1

 7.2

 -  

 7.2

- 1%

Cobalt in concentrates

MT

 0.6

 -  

 0.6

 0.6

 -  

 0.6

-

Nikkelverk









Nickel metal

MT

 -  

 91.7

 91.7

 -  

 92.4

 92.4

n.m.

Copper metal

MT

 -  

 37.9

 37.9

 -  

 36.3

 36.3

n.m.

Cobalt metal

MT

 -  

 3.0

 3.0

 -  

 3.1

 3.1

n.m.










Total Nickel metal

MT

 -  

 91.7

 91.7

 -  

 92.4

 92.4

n.m.

Total Nickel in concentrates

MT

 49.0

 6.2

 55.2

 47.1

 2.9

 50.0

4%

Total Copper metal

MT

 -  

 37.9

 37.9

 -  

 36.3

 36.3

n.m.

Total Copper in concentrates

MT

 59.6

 5.3

 64.9

 54.7

 2.4

 57.1

9%

Total Cobalt metal

MT

 -  

 3.0

 3.0

 -  

 3.1

 3.1

n.m.

Total Cobalt in concentrates

MT

 0.9

 0.2

 1.1

 0.9

 0.1

 1.0

-










Falcondo









Nickel in ferronickel

MT

 15.2

 -  

 15.2

 13.5

 -  

 13.5

13%









Australia (XNA, Murrin Murrin)








Total Nickel metal

MT

 33.4

 3.0

 36.4

 28.5

 1.5

 30.0

17%

Total Nickel in concentrates

MT

 11.7

 -  

 11.7

 17.0

 -  

 17.0

- 31%

Total Copper in concentrates

MT

 0.6

 -  

 0.6

 0.9

 -  

 0.9

- 33%

Total Cobalt metal

MT

 2.4

 0.1

 2.5

 2.0

 0.1

 2.1

20%

Total Cobalt in concentrates

MT

 0.3

 -  

 0.3

 0.4

 -  

 0.4

- 25%

 

 

 

Aluminium/Alumina assets

 

thousand¹


Using feed from own sources

Using feed from third party
sources

2012

Total

Using feed from own sources

Using feed from third party
sources

2011

Total

Own feed change










Sherwin









Alumina

MT

 -  

 1 379

 1 379

 -  

 1 460

 1 460

n.m.

 

 

 

Ferroalloys/PGM assets

 

thousand¹


Using feed from own sources

Using feed from third party
sources

2012

Total

Using feed from own sources

Using feed from third party
sources

2011

Total

Own feed change










Ferro manganese

MT

 -  

 17.3

 17.3

 -  

 -  

 -  

n.m.

Silicon manganese

MT

 -  

 15.9

 15.9

 -  

 -  

 -  

n.m.

Ferrochrome

MT

938

 -  

938

1 021

 -  

1 021

- 8%

Platinum

toz

 80

 -  

 80

 92

 -  

 92

- 13%

 

 1 Controlled industrial assets and JVs only. Production is on a 100% basis, except as stated.

 2 Gold/Silver conversion ratios of 1/53.54 and 1/44.53 for 2012 and 2011 respectively based on average prices.

 3 Copper metal includes copper contained in copper concentrates and blister copper.

 4 Cobalt contained in concentrates and hydroxides.

 5 The Enlarged Group's pro-rata share of Collahuasi production (44%)

 6 The Enlarged Group's pro-rata share of Antamina production (33.75%)

 7 113,000 tonnes (2011: 66,800 tonnes) of copper anode produced at Altonorte is refined to produce copper cathode at either Mount Isa or CCR and hence is

    excluded from the totals

 8 The Enlarged Group's pro-rata share of CEZ production (25%)

 9 Reflects the Enlarged Group's 79.5% share of the Xstrata-Merafe Chrome Venture

10 Consolidated 100% of Eland and 50% of Mototolo

 

 

 

energy PRODUCTS

 

Pro forma production data

 

 

Coal assets

 

Million MT1

 

Own

Buy-in

Coal

2012

Total

 

Own

Buy-in

Coal

2011

Total

Own production change









Australian coking coal

 6.9

-

 6.9

 7.6

-

 7.6

- 9%

Australian thermal coal (Export)

 43.8

-

 43.8

 37.1

-

 37.1

18%

Australian thermal coal (Domestic)

 5.1

-

 5.1

 7.4

-

 7.4

- 31%

Australian semi-soft coal

 4.3

-

 4.3

 5.3

-

 5.3

- 19%

South African thermal coal2

 

(Export)

 

 21.1

-

 21.1

 9.6

-

 9.6

120%

South African thermal coal2

 

(Domestic)

 24.7

 1.6

 26.3

 12.4

 0.8

 13.2

99%

Prodeco (Colombia) thermal coal

 14.8

 0.1

 14.9

 14.6

 0.2

 14.8

1%

Cerrejon (Colombia) thermal coal3

 

 11.6

-

 11.6

 10.8

-

 10.8

7%

Total coal

 132.2

 1.8

 134.0

 104.8

 1.0

 105.8

26%

 

1
Controlled industrial assets and JVs only. Production is on a 100% basis except for JVs, where the Enlarged Group's attributable share of production is included.

2
South African thermal coal production in 2011 has been reported exclusive of Mpumalanga tonnes. The Mpumulanga assets were sold effective 31 December 2011 and they produced one million tonnes for the 12 month period.

3
The Enlarged Group's pro-rata share of Cerrejon production (33.3%).

 

 

OiL assets

 

thousand bbls

 2012

Total

2011

Total

Change





Oil 1




Block I

22 570

 2 785

710%

Total

22 570

 2 785

710%

 

1
On a 100% basis. The Enlarged Group's ownership interest in the Aseng field is 23.75%.

 

 

Selected average commodity prices

 


2012

 2011

Change





Australian coking coal average realised export price ($/t)

 198

 265

- 25%

Australian thermal coal average realised export price ($/t)

 102

 110

- 7%

Australian thermal coal average realised domestic price ($/t)

 41

 43

- 5%

Australian semi-soft coal average realised export price ($/t)

 159

 202

- 21%

South African thermal coal average realised export price ($/t)

 96

 101

- 5%

South African thermal coal average realised domestic price ($/t)

 29

 32

- 9%

Cerrejon (Colombia) thermal coal average realised export price ($/t)

 89

 101

- 12%

Prodeco (Colombia) thermal coal average realised export price ($/t)

 85

 95

- 11%

 

 

 

agricultural products

 

Pro forma production data including Viterra

 

thousand MT 1

2012

Total

 2011

Total

Change





Farming

 674

 827

- 19%

Oilseed crushing

3 328

2 268

47%

Oilseed crushing long term toll agreement

876

948

- 8%

Biodiesel

534

569

- 6%

Rice milling

248

304

- 18%

Wheat milling

1 061

1 001

6%

Sugarcane processing

1 256

906

39%

Malt

491

440

12%

Pasta

283

309

- 8%

Total

8 751

7 572

16%

 

1
Controlled industrial assets and JVs only. Production is on a 100% basis except for JVs, where the Enlarged Group's attributable share of
production is included.

 

 

 

 

Forward looking statements

 

This document contains statements that are, or may be deemed to be, "forward looking statements". These forward looking statements may be identified by the use of forward looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "will", "could", or "should" or in each case, their negative or other variations thereon or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts and include, but are not limited to, statements regarding Glencore's beliefs, opinions or current expectations concerning, among other things, the business, financial condition, results of operations, prospects, strategies and plans of Glencore.

 

By their nature, forward looking statements involve known and unknown risks and uncertainties, many of which are beyond Glencore's control. Forward looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause these uncertainties include, but are not limited to, those discussed under "Principal risks and uncertainties "in section 1.7 of Glencore's Annual Report 2011, the section headed "Risks and uncertainties "in Glencore's Interim Report 2012 and the section headed "Risk factors "in Glencore's prospectus dated 31 May 2012 (as supplemented from time to time) filed in connection with the proposed merger with Xstrata plc.

 

No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing Glencore. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward looking statements.

 

Forward looking statements speak only as of the date of this document. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Services Authority and the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited), Glencore is not under any obligation and Glencore and its affiliates expressly disclaim any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

 

No statement in this document is intended as a profit forecast or a profit estimate and no statement in this document should be interpreted to mean that earnings per Glencore share for the current or future financial years would necessarily match or exceed the historical published earnings per Glencore share.

 

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 making of this document does not constitute a recommendation regarding any securities.


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Glencore (GLEN)
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