Source - LSE Regulatory
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

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

             


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

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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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