TIDMGLEN
RNS Number : 9599W
Glencore PLC
21 April 2023
NEWS RELEASE
Baar, 21 April 2023
First Quarter Production Report 2023
Glencore Chief Executive Officer, Gary Nagle:
"First quarter production was broadly in line with our
expectations, accounting for portfolio changes and operational
conditions, including the disposals / closures of some zinc and
lead mines in the Americas during 2022. Full year production
guidance is unchanged from that presented at Glencore's investor
presentation in December 2022.
"Our Marketing segment continued to perform well through Q1
2023, particularly within energy products, such that extrapolating
Q1's Marketing Adjusted EBIT has us, once again, on track to exceed
the top end of our $2.2-3.2 billion p.a. long-term guidance
range."
Production from own sources - Total(1)
Change
Q1 2023 Q1 2022 %
------------ ------------ ----------- ----------- -----------
Copper kt 244.1 257.8 (5)
Cobalt kt 10.5 9.7 8
Zinc kt 205.3 241.5 (15)
Lead kt 39.3 46.8 (16)
Nickel kt 20.9 30.7 (32)
Gold koz 187 189 (1)
Silver koz 4,525 6,515 (31)
Ferrochrome kt 400 387 3
Coal mt 26.9 28.5 (6)
1. Controlled industrial assets and joint ventures only
(excludes Volcan). Production is on a 100% basis, except as stated
later in this report.
Q1 production highlights
-- Own sourced copper production of 244,100 tonnes was 13,700
tonnes (5%) lower than Q1 2022, largely due to planned lower grades
in line with the phasing of the pit at Collahuasi and delays
associated with adverse weather conditions at Antamina.
-- Own sourced zinc production of 205,300 tonnes was 36,200
tonnes (15%) lower than Q1 2022, reflecting the disposal of South
American zinc operations (14,400 tonnes) and the closure of
Matagami (8,900 tonnes) in 2022, temporary suspension of operations
due to wet weather at Antamina (5,900 tonnes) and McArthur River
temporarily processing lower-grade feedstocks in accordance with
its mine plan (4,700 tonnes).
-- Own sourced nickel production of 20,900 tonnes was 9,800
tonnes (32%) lower than Q1 2022, primarily reflecting INO
prioritising third party feed.
-- Attributable ferrochrome production of 400,000 tonnes was 13,000 tonnes (3%) above Q1 2022.
-- Coal production of 26.9 million tonnes was 1.6 million tonnes
(6%) lower than Q1 2022, mainly reflecting the short-term impact of
a community blockade at Cerrejón and mining around geological
anomalies in South Africa.
Production guidance
Actual Previous
FY guidance Current guidance 2023 weighting
2022 2023 2023 H1 H2
------------ ------- -------- ------------ ---------------- ---- ------- -------
Copper kt 1,058 1,040 +/- 30 1,040 +/- 30 48% 52%
------------ ---------- -------- ------------ ---------------- ---- ------- -------
Cobalt kt 43.8 38 +/- 5 38 +/- 5 51% 49%
------------ ---------- -------- ------------ ---------------- ---- ------- -------
Zinc kt 939 950 +/- 30 950 +/- 30 (1) 45% 55%
------------ ---------- -------- ------------ ---------------- ---- ------- -------
Nickel kt 108 112 +/- 5 112 +/- 5 45% 55%
------------ ---------- -------- ------------ ---------------- ---- ------- -------
Ferrochrome kt 1,488 1,310 +/- 30 1,310 +/- 30 54% 46%
------------ ---------- -------- ------------ ---------------- ---- ------- -------
Coal mt 110 110 +/- 5 110 +/- 5 49% 51%
1 Excludes Volcan
Production guidance is unchanged from that presented in
Glencore's December 2022 investor update.
Other highlights
-- The full acquisition of CEZ zinc refinery in Canada completed
in March 2023; prior Glencore ownership was 25%.
-- The Newlands coal mine in Queensland ceased production in
February 2023. The Liddell coal mine (NSW) is scheduled to cease
production later in 2023.
-- Our Marketing segment continued to perform well through Q1
2023, particularly within energy products, such that extrapolating
Q1's Marketing Adjusted EBIT has us, once again, on track to exceed
the top end of our $2.2-3.2 billion p.a. long-term guidance
range.
To view the full report please click here:
https://www.glencore.com/dam/jcr:b0c0eef2-4e56-4236-b88f-91707e05ea6f/GLEN_2023-Q1_ProductionReport.pdf
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
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Please refer to the end of this document for disclaimers
including on forward-looking statements.
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. Through a network of assets, customers and suppliers that
spans the globe, we produce, process, recycle, source, market and
distribute the commodities that enable decarbonisation while
meeting the energy needs of today.
Glencore companies employ around 140,000 people, including
contractors. With a strong footprint in over 35 countries in both
established and emerging regions for natural resources, our
marketing and industrial activities are supported by a global
network of more than 40 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 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.
Glencore recognises our responsibility to contribute to the
global effort to achieve the goals of the Paris Agreement. Our
ambition is to be a net zero total emissions company by 2050. In
August 2021, we increased our medium-term emission reduction target
to a 50% reduction by 2035 on 2019 levels and introduced a new
short-term target of a 15% reduction by 2026 on 2019 levels
.
Important notice concerning this report including
forward-looking statements
Given the focus of this document, it is necessarily oriented
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