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 | Previous | Current guidance |
| 2021 weighting | ||
|
|
|
|
|
| 2020 | 2021 | 2021 |
| H1 |
| H2 |
| Copper | kt |
|
|
| 1,258 | 1,220 ± 30 | 1,220 ± 30 |
|
|
| 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:
For further information please contact:
| Investors |
|
|
| |||
| Martin Fewings | t: +41 41 709 2880 | m: +41 79 737 5642 | martin.fewings@glencore.com | |||
| Media |
|
|
| |||
| Charles Watenphul | t: +41 41 709 2462 | m: +41 79 904 3320 | charles.watenphul@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
nature. These forward looking statements may be identified by the use of forward looking terminology, or the negative thereof such
as "outlook", "plans", "expects" or "does not expect", "is expected", "continues", "assumes", "is subject to", "budget", "scheduled",
"estimates", "aims", "forecasts", "risks", "intends", "positioned", "predicts", "anticipates" or "does not anticipate", or "believes", or
variations of such words or comparable terminology and phrases or statements that certain actions, events or results "may", "could",
"should", "shall", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not based on historical
facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about
future events, results of operations, prospects, financial condition and discussions of strategy.
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 disclosed in the last
published annual report and half-year report, both of which are freely available on Glencore's website.
For example, our future revenues from our assets, projects or mines will be based, in part, on the market price of the commodity
products produced, which may vary significantly from current levels. These may materially affect the timing and feasibility of
particular developments. Other factors include (without limitation) the ability to produce and transport products profitably, demand
for our products, changes to the assumptions regarding the recoverable value of our tangible and intangible assets, the effect of
foreign currency exchange rates on market prices and operating costs, and actions by governmental authorities, such as changes in
taxation or regulation, and political uncertainty.
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
cautioned not to place undue reliance on these forward-looking statements which only speak as of the date of this document.
Except as required by applicable regulations or by law, Glencore is not under any obligation and Glencore and its affiliates expressly
disclaim any intention, obligation or undertaking, to update or revise any forward looking statements, whether as a result of new
information, future events or otherwise. This document shall not, under any circumstances, create any implication that there has
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
