TIDMGLEN
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 - Total(1)
Change
Q1 2021 Q1 2020 %
---------------------- ----------------------------- ---------------------------- --------------------------- -----------------------------
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 Previous Current
FY guidance guidance 2021 weighting
2020 2021 2021 H1 H2
------------ --------------- ----------------- ---------------- --------------- --- ---------------- --------------------
1,220 +/- 1,220
Copper kt 1,258 30 +/- 30 50% 50%
------------ ------------------ ----------------- ---------------- --------------- --- ---------------- --------------------
35 +/- 35 +/-
Cobalt kt 27.4 2 2 45% 55%
------------ ------------------ ----------------- ---------------- --------------- --- ---------------- --------------------
1,250 +/- 1,250
Zinc kt 1,170 30 +/- 30 (1) 45% 55%
------------ ------------------ ----------------- ---------------- --------------- --- ---------------- --------------------
117 +/- 117 +/-
Nickel kt 110 5 5 45% 55%
------------ ------------------ ----------------- ---------------- --------------- --- ---------------- --------------------
1,400 +/- 1,400
Ferrochrome kt 1,029 30 +/- 30 52% 48%
------------ ------------------ ----------------- ---------------- --------------- --- ---------------- --------------------
113 +/- 113 +/-
Coal mt 106 4 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 m: +41 79 737 martin.fewings@glencore.com
2880 5642
Media
Charles Watenphul t: +41 41 709 m: +41 79 904 charles.watenphul@glencore.com
2462 3320
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
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By their nature, forward-looking statements involve known and
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For example, our future revenues from our assets, projects or
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Neither Glencore nor any of its associates or directors,
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cautioned not to place undue reliance on these forward-looking
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expressly
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not, under any circumstances, create any implication that there
has
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is
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or a profit estimate and past performance cannot be relied on as
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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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