Wrap Text
GLN - Production Report for the 12 months ended 31 December 2013
GLENCORE XSTRATA PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
HKSE Share Code: 805HK
ISIN: JE00B4T3BW64
NEWS RELEASE
Baar, 11 February 2014
PRODUCTION REPORT FOR THE 12 MONTHS ENDED 31 DECEMBER 2013
Following completion of the GlencoreXstrata merger on 2 May 2013, production information for all periods covered in this
report has been presented on a combined basis.
Key Highlights:
- Total own sourced copper production up 26% to 1.5 million tonnes in 2013, driven by strong growth in African
copper, Collahuasi, Antapaccay and Ernest Henry:
- African copper up 43% to 398,600 tonnes, as the key expansion projects, Katanga and Mutanda,
successfully grow production, both reaching 200,000 tonnes p.a. capacity at the end of 2013.
- Collahuasi increased production 58% to 195,600 tonnes, with H2 2013 up 91% compared to H1
2013, as production ramped up, following the SAG mill restart and a return to higher grades.
- The Antapaccay and Ernest Henry projects are progressing well.
- Perseverance and Brunswick mines reached the end of their mine lives in June 2013, resulting in a decline in
total own sourced zinc and lead production, only partially offset by the growth projects in Australia and Africa.
Excluding Perseverance and Brunswick, zinc production increased by 7% in 2013.
- Koniambo started production in Q4 2013 and is in the early stages of ramp-up.
- Quarterly sequential (Q4 13 v Q3 13) increase in all Base Metal (Cu, Zn, Pb and Ni) own source production.
- Ferrochrome production up 32% to 1.2 million tonnes based on higher utilisation of the smelters and furnaces
and the successful commissioning of the Tswelopele pelletizing plant.
- Own sourced gold production up 14% to 1,023,000 oz, driven by strong growth at Kazzinc and Antapaccay.
- Coal production up 4% to 138.1 million tonnes during 2013, driven by a number of key expansion projects at
Prodeco and various Australian thermal coal assets.
- Successful commencement of production at Alen (Equatorial Guinea) and Badila (Chad) oil fields in 2013.
- Successful sale of the pasta and malt businesses during 2013, acquired as part of Viterra.
- The Group's resources and reserves report was also issued today, noting:
- Significant growth in Mutanda copper ore reserves and mineral resources, up respectively, 23% and
25% to 2.0 million and 7.4 million tonnes of contained copper.
- The recognition of ore reserves at Las Bambas, containing 6.9 million tonnes of copper.
- An increase of 21% in iron ore mineral resources to 4.6 billion tonnes of contained iron (100% basis),
mainly as a result of increased resources at El Aouj.
- An increase of 129% to 87 mmboe in 2P net oil reserves, primarily through the recognition of
acquired Chad reserves and an increase of 223% to 387 mmboe in 2C net contingent oil resources,
mainly resulting from drilling in Cameroon.
For further information please contact:
Investors Media
Paul Smith Charles Watenphul
t: +41 (0)41 709 24 87 t: +41 (0)41 709 24 62
m: +41 (0)79 947 13 48 m: +41 (0)79 904 33 20
e: paul.smith@glencore.com e: charles.watenphul@glencore.com
Investors Investors Finsbury (Media)
Martin Fewings Elisa Morniroli Guy Lamming
t: +41 (0)41 709 28 80 t: +41 (0)41 709 28 18 Dorothy Burwell
m: +41 (0)79 737 56 42 m: +41 (0)79 833 05 08 t: +44 (0)20 7251 3801
e: martin.fewings@glencore.com e: elisa.morniroli@glencore.com
www.glencorexstrata.com
Production from own sources – Total(1)
2013 2012 Change
%
Total Copper kt 1,496.7 1,189.8 26
Total Zinc kt 1,398.5 1,531.8 (9)
Total Lead kt 315.0 320.6 (2)
Total Nickel kt 98.4 102.5 (4)
Total Gold koz 1,023 897 14
Total Silver koz 39,256 35,656 10
Total Cobalt kt 19.4 14.0 39
Total Ferrochrome kt 1,238 938 32
Total Platinum koz 90 80 13
Total Palladium koz 50 45 11
Total Rhodium koz 15 14 7
Total Vanadium Pentoxide mlb 21.6 21.2 2
Production from own sources – Copper assets(1)
2013 2012 Change
%
African Copper (Katanga, Mutanda, Mopani)
Total Copper metal(2) kt 398.6 279.0 43
Total Cobalt(3) kt 16.0 10.7 50
Collahuasi(4)
Copper metal kt 12.5 16.2 (23)
Copper in concentrates kt 183.1 107.9 70
Silver in concentrates koz 2,217 1,334 66
Antamina(5)
Copper in concentrates kt 149.5 150.8 (1)
Zinc in concentrates kt 87.9 73.9 19
Silver in concentrates koz 5,216 4,203 24
Other South America (Alumbrera, Lomas Bayas, Antapaccay/Tintaya)
Total Copper metal kt 86.4 82.1 5
Total Copper in concentrates kt 260.4 190.6 37
Total Gold in concentrates and in doré koz 392 381 3
Total Silver in concentrates and in doré koz 2,192 2,167 1
Australia (Ernest Henry, Mount Isa, Cobar)
Total Copper in anode kt 201.1 159.5 26
Total Copper in concentrates kt 48.5 40.9 19
Total Gold koz 51 41 24
Total Silver koz 1,549 1,170 32
Total Copper department
Total Copper kt 1,340.1 1,027.0 30
Total Cobalt kt 16.0 10.7 50
Total Zinc kt 87.9 73.9 19
Total Gold koz 443 422 5
Total Silver koz 11,174 8,874 26
Production from own sources – Nickel assets(1)
2013 2012 Change
%
Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)
Total Nickel metal kt 47.1 41.5 13
Total Nickel in concentrates kt 0.5 0.7 (29)
Total Copper metal kt 16.7 15.3 9
Total Copper in concentrates kt 37.6 42.5 (12)
Total Cobalt metal kt 0.7 0.6 17
Australia (Murrin Murrin, XNA)
Total Nickel metal kt 35.9 33.4 7
Total Nickel in concentrates kt 4.1 11.7 (65)
Total Copper in concentrates kt 0.3 0.6 (50)
Total Cobalt metal kt 2.6 2.4 8
Total Cobalt in concentrates kt 0.1 0.3 (67)
Falcondo Nickel in ferronickel kt 9.4 15.2 (38)
Koniambo Nickel in ferronickel kt 1.4 - n.a.
Total Nickel department
Total Nickel kt 98.4 102.5 (4)
Total Copper kt 54.6 58.4 (7)
Total Cobalt kt 3.4 3.3 3
Production from own sources – Ferroalloys assets(1)
2013 2012 Change
%
Ferrochrome(7) kt 1,238 938 32
PGM8 Platinum koz 90 80 13
Palladium koz 50 45 11
Rhodium koz 15 14 7
Gold koz 1 1 -
4E koz 156 140 11
Vanadium Pentoxide mlb 21.6 21.2 2
Total production – Custom metallurgical assets(1)
2013 2012 Change
%
Copper (Altonorte, Townsville, Pasar, Horne, CCR)
Copper metal kt 750.6 622.0 21
Copper anode kt 514.5 465.0 11
Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
Zinc metal kt 745.0 730.6 2
Lead metal kt 174.1 156.9 11
Silver koz 7,870 7,249 9
Ferroalloys
Ferromanganese kt 99 17 482
Silicon Manganese kt 92 16 475
Aluminium (Sherwin Alumina)
Alumina kt 1,606 1,379 16
1 Controlled industrial assets and JVs only. Production is on a 100% basis, except as stated.
2 Copper metal includes copper contained in copper concentrates and blister copper.
3 Cobalt contained in concentrates and hydroxides.
4 The Group's pro-rata share of Collahuasi production (44%).
5 The Group's pro-rata share of Antamina production (33.75%).
6 Illapa is a 45:55 joint venture with the Bolivian government which holds the Bolivar and Porco mines previously held by Sinchi Wayra.
7 The Group's 79.5% share of the Glencore-Merafe Chrome Venture.
8 Consolidated 100% of Eland and 50% of Mototolo.
Selected average commodity prices
2013 2012 Change
%
S&P GSCI Industrial Metals Index 354 382 (7)
LME (cash) copper price ($/t) 7,328 7,958 (8)
LME (cash) zinc price ($/t) 1,909 1,948 (2)
LME (cash) lead price ($/t) 2,139 2,062 4
LME (cash) nickel price ($/t) 15,012 17,530 (14)
Gold price ($/oz) 1,411 1,669 (15)
Silver price ($/oz) 24 31 (23)
Metal Bulletin cobalt price 99.3% ($/lb) 13 13 -
LME (cash) aluminium price ($/t) 1,846 2,022 (9)
Metal Bulletin alumina price ($/t) 327 319 3
Metal Bulletin ferrochrome 6-8% C basis 60% Cr, max 1.5% Si (¢/lb) 99 109 (9)
Platinum price ($/oz) 1,486 1,552 (4)
Iron ore (Platts 62% CFR North China) price ($/DMT) 135 130 4
OPERATING HIGHLIGHTS
Copper assets
Total Group copper production was 1,496,700 tonnes, an increase of 26% against 2012. The increase is driven by the
key growth projects at Katanga, Mutanda, Antapaccay and Ernest Henry, together with improved production from
Collahuasi.
African copper
African copper produced 398,600 tonnes of copper in 2013, up 43% compared to 2012. The growth has been achieved
across all the key assets, mainly relating to the expansion projects at Katanga and Mutanda, both reaching production
capacity of 200,000 tonnes per annum at the end of 2013.
Cobalt production was 16,000 tonnes, a 50% increase compared to 2012, driven primarily by Mutanda's expansion.
Collahuasi
The group's share of copper production at Collahuasi was 195,600 tonnes, an increase of 58% compared to 2012.
Production increased significantly since June 2013, reflecting a strong ramp up, following restart of the SAG mill (closed
for 49 days in Q2 2013) and a return to higher grades. H2 2013 production was 91% higher than H1 2013.
Antamina
The group's share of copper production from Antamina was 149,500 tonnes, in line with 2012. Zinc production was
87,900 tonnes, an increase of 19% compared to 2012, as a result of higher grades within the 2013 mine-plan. Antamina
had a planned shutdown of the SAG mill during 2013 for a stator replacement; this was completed within 30 days, well
ahead of schedule with a quick return to expected throughput level post the restart.
Other South America
Production from other South American copper was 346,800 tonnes, 27% higher than 2012. This increase was driven by
the ramp-up at Antapaccay, following commissioning in November 2012, partially offset by lower production at Alumbrera
due to lower head grades and the processing of more stockpiled ore, as the mine approaches the end of its life in 2019.
Gold production was 392,000 oz, 3% higher than 2012. The small net increase relates to the ramp up at Antapaccay
offset by declining grades at Alumbrera, although the latter is expected to hold up well in 2014.
Australia
Copper production was 249,600 tonnes in 2013, a 25% increase over 2012. This increase mainly relates to higher anode
production at Mount Isa (up 26%), driven by higher concentrate feed from Ernest Henry, which produced 70,700 tonnes
of copper in concentrate in 2013, an increase of 107% compared to 2012, relating to the underground expansion project.
Custom metallurgical assets
The copper custom metallurgical assets produced 514,500 tonnes of anode (Altonorte and Horne), an 11% increase over
2012, as Altonorte increased production by 14% to 309,000 tonnes in 2013, driven by higher concentrate grades.
Cathode production was 750,600 tonnes during 2013 (Townsville, CCR and Pasar), an increase of 21% compared to
2012. This increase primarily relates to the contribution from Pasar, following the fire that impacted 2012. Pasar,
however, ceased production following damages sustained by Typhoon Haiya and has remained closed since. It is
currently expected to restart in Q1 2014.
Zinc assets
Total Group zinc production was 1,398,500 tonnes and lead production was 315,000 tonnes, a reduction of 9% and 2%
respectively against 2012. The reduction relates to expected declines at Brunswick and Perseverance as they reached
the end of their mine lives (last production in June 2013). Zinc production is expected to return to growth in 2014,
originating mainly from Australia.
Kazzinc
Gold production from own sources was 579,000 oz, an increase of 22% against 2012, primarily relating to productivity
improvements at Vasilkovskoye, plus some contribution from the gold mines Komarovskoye and Raigorodok (57,000 oz),
acquired in 1H 2013.
Zinc production from own sources was 216,200 tonnes, down 5% against 2012, reflecting an expected reduction in head
grades. Own sourced lead and copper production was 29,800 tonnes and 50,900 tonnes, an increase of 11% and 3%
respectively, mainly relating to a greater focus on processing inventories, in part driven by lower availability of third party
feed material.
Australia
Australia zinc produced 608,400 tonnes of zinc and 213,600 tonnes of lead in 2013, up 3% and 10% respectively against
2012, mainly driven by the growth projects at McArthur River and Mount Isa.
The George Fisher project (Mount Isa) reached its planned annualised ore mined run rate capacity of 4.5 million tonnes
in June 2013, while the McArthur River Phase 3 project (doubling ore capacity from 2.5 million tonnes to between 5.0
and 5.5 million tonnes per annum) is progressing as planned, with commissioning expected at the end of H1 2014.
North America
North America zinc produced 194,300 tonnes of zinc and 13,500 tonnes of lead in 2013, a reduction of 50% and 73%
respectively against 2012. The reductions relate to the planned wind-downs of the Brunswick and Perseverance mines
as they reached the end of their mine lives (last production in June 2013).
The new Bracemac-Mcleod mine (part of the Matagami complex with Perseverance) is ramping up and produced 32,900
tonnes in 2013. This mine will only offset approximately half the lost production from the larger Perseverance operation.
The Group has exploration rights in the region and is assessing options for potential new mine sites.
The Kidd mine produced 67,800 tonnes of zinc and 36,900 tonnes of copper in 2013. 2013 production was impacted by
reduced volumes of ore mined as it reaches lower levels, with greater operational complexities (currently mining at
depths of between 2,100m and 2,900m), partly offset by higher grades.
Other Zinc
These assets produced 291,700 tonnes of own sourced zinc and 58,100 tonnes of own sourced lead, up 17% and 18%
respectively against 2012, primarily relating to Rosh Pinah (acquired in 2012) and Perkoa (started production in 2013).
European custom metallurgical assets
The zinc custom metallurgical assets produced 745,000 tonnes of zinc metal and 174,100 tonnes of lead metal during
2013, an increase of 2% and 11% respectively compared to 2012. The key driver was higher production at Portovesme
due to commissioning of the zinc SX plant and restart of the lead plant.
Nickel assets
Nickel production was 98,400 tonnes in 2013, a 4% decline versus 2012. The reduction mainly relates to the former XNA
and Falcondo operations placed on care and maintenance, in response to low nickel prices, offset by a record year of
production from Murrin Murrin and Raglan. 2013 production includes 1,400 tonnes from Koniambo, which is in the early
stages of ramping up production.
Integrated Nickel Operations ("INO")
The output from the Nikkelverk refinery was 91,000 tonnes, of which 47,100 tonnes is from own sources (Raglan, Nickel
Rim South and Fraser via the Sudbury smelter), a 13% increase over 2012. The increase reflects a record year of
production at Raglan (33,800 tonnes), driven by higher grades / mine sequencing, in part offset by a decline in grades at
Sudbury mines and the maintenance shutdown of the Strathcona mill during Q1 2013. The higher level of concentrate
production also resulted in a record year of production at the Sudbury smelter.
INO also produced 54,300 tonnes of own sourced copper production, representing a 6% reduction compared to 2012.
The reduction in copper reflects a known steady decline in copper grades at the Nickel Rim South mine.
Australia
Australia nickel produced 40,000 tonnes of own sourced nickel during 2013, 11% below 2012, relating to XNA (Cosmos
and Sinclair) being placed on care and maintenance during 2013. The lost XNA production was partially offset by
continued strong production from Murrin Murrin, driven by debottlenecking and consistent plant availability.
Falcondo
Falcondo was placed on care and maintenance in October 2013. During 2013, Falcondo produced 9,400 tonnes of
ferronickel, a 38% reduction against 2012.
Koniambo
Construction of Line 1 and Line 2 is now complete. Line 1 produced 1,400 tonnes of nickel in ferronickel during 2013.
First ore to Line 2 will take place in Q1 2014. As reported earlier, the first export shipment took place in September 2013.
Other
During 2013, Glencore disposed of its 50% investment in PT Stargate Pasific Resources.
Ferroalloys assets
Ferrochrome
Attributable ferrochrome production was 1.2 million tonnes, a 32% increase over 2012. The increase was driven by
higher utilisation at the smelters and better operating results from the furnaces, including the successful commissioning
of the Tswelopele pelletizing plant which enables more efficient use of ore.
The 2012 and 2013 results were also impacted by Eskom's power buyback programmes, which restricted production by
approximately 130,000 tonnes in 2013 and 100,000 tonnes in 2012.
Platinum Group Metals
PGM (4E) production was 156,000 oz, 11% higher than 2012. The 2013 production is made up of 112,000 oz from
Glencore's 50% share of the Mototolo joint venture (stable year-on-year) and 44,000 oz from Eland.
The key driver of the production trend relates to Eland, which increased production 37% in 2013, based on the ramp-up
of the Western decline area.
Vanadium
Vanadium pentoxide (V2O5) production was 21.6 million lbs, slightly up on 2012. V2O5 production is either sold directly
to the aerospace industry or converted into ferrovanadium (FeV) and sold to the steel industry. The production split in
2013 was 6.1 million lbs V2O5 with the remaining 15.5 million lbs converted into FeV.
Manganese
Total Manganese (ferro and silicon) production was 191,000 tonnes in 2013, the first full year of production under
Glencore ownership following acquisition in October 2012. 2013 production was impacted by the decision to curtail ferro
manganese production by 30% in France and produce only silicon manganese in Norway based on market conditions.
Aluminium assets
Sherwin Alumina
Alumina production was 1.6 million tonnes during 2013, a 16% increase over 2012. This reflects a strong plant
operational performance, marking a return to historical levels of production achieved.
Iron Ore assets
A number of Iron Ore projects are being assessed, including:
- Askaf, Mauritania (attributable interest 79%): a project with the potential to create a 7.5 million tonnes per
annum open cut mine. Feasibility study and capital estimate are currently being finalised.
- El Aouj, Mauritania (attributable interest 44%): close to 4 billion tonne resource with a project with large scale
production potential. Pre-feasibility study for a 15 million tonne per annum first stage development is nearing
completion.
- Zanaga, Republic of Congo (attributable interest 50%): 7 billion tonne resource; feasibility study on initial 14
million tonnes per annum development started in Q4 2013.
Production from own sources
Coal assets(1)
2013 2012 Change
%
Australian coking coal mt 7.3 6.9 6
Australian semi-soft coal mt 4.5 4.3 5
Australian thermal coal (export) mt 48.1 43.7 10
Australian thermal coal (domestic) mt 5.1 5.1 -
South African thermal coal (export) mt 20.6 21.1 (2)
South African thermal coal (domestic) mt 22.9 24.7 (7)
Prodeco mt 18.6 14.8 26
Cerrejón(2) mt 11.0 11.6 (5)
Total Coal department mt 138.1 132.2 4
1 Controlled industrial assets and JVs only. Production is on a 100% basis except for JVs, where the Group's attributable share of production is included.
2 The Group's pro-rata share of Cerrejón production (33.3%).
Oil assets
2013 2012 Change
%
Gross basis
Equatorial Guinea kbbl 21,917 22,570 (3)
Chad kbbl 619 - n.a.
Total Oil department kbbl 22,536 22,570 -
Glencore entitlement interest basis
Equatorial Guinea kbbl 4,799 4,770 1
Chad kbbl 186 - n.a.
Total Oil department kbbl 4,985 4,770 5
Selected average commodity prices
2013 2012 Change
%
S&P GSCI Energy Index 332 330 1
Coal API2 ($/t) 82 93 (12)
Coal API4 ($/t) 81 93 (13)
Australian coking coal average realised export price ($/t) 146 198 (26)
Australian semi-soft coal average realised export price ($/t) 111 159 (30)
Australian thermal coal average realised export price ($/t) 83 102 (19)
Australian thermal coal average realised domestic price ($/t) 40 41 (2)
South African thermal coal average realised export price ($/t) 76 96 (21)
South African thermal coal average realised domestic price ($/t) 26 29 (9)
Prodeco (Colombia) thermal coal average realised export price ($/t) 83 85 (2)
Cerrejón (Colombia) thermal coal average realised export price ($/t) 73 89 (18)
Oil price – Brent ($/bbl) 109 112 (3)
OPERATING HIGHLIGHTS
Coal assets
Total coal production was 138.1 million tonnes in 2013, a 4% increase over 2012. The increase mainly relates to the
growth projects at Prodeco and Australia thermal coal (specifically at Ravensworth North, Rolleston and Ulan
operations). Production in 2013 was affected by a number of decisions to cut back production at lower return
operations/areas in response to the low coal price environment.
Australian coking
Australia coking coal was 7.3 million tonnes in 2013, a 6% increase over 2012. The increase over 2012 relates mainly to
productivity improvements at Oaky Creek and the resolution of some operational issues that impacted 2012. Production
growth was impacted by decisions to counter the low coal price environment, including moving from dual longwall to a
single longwall operation at Oaky North and Collinsville being placed on care and maintenance, following an inability to
agree an appropriate enterprise agreement with the union.
Australian thermal and semi-soft
Australia thermal production (including semi-soft coking) was 57.7 million tonnes in 2013, an increase of 9% over 2012.
The growth relates mainly to the successful ramp-ups attributable to the Ravensworth North, Rolleston and Ulan
expansion projects.
South African thermal
South Africa thermal coal production was 43.5 million tonnes in 2013, a reduction of 5% compared to 2012. This relates
mainly to proactively reducing production, including a decision not to produce bypass coal at Tweefontein, resulting in
reduced yields (but higher quality coal) and a decision not to reclaim dump material at Impunzi. Adverse ground
conditions, heavy rain, industrial action and some equipment delays also impacted production, particularly in Q4 2013.
Prodeco
Prodeco produced 18.6 million tonnes of coal in 2013, a 26% increase over 2012. The increase reflects the continuation
of the expansion project which is expected to increase production to c.21 million tonnes per annum, in line with the
capacity specified in the Puerto Nuevo port concession.
Puerto Nuevo ($550 million project, which completed on time and in budget) commenced loading on 13 April 2013 and is
operating at required capacity.
Cerrejón
Cerrejón produced 11.0 million tonnes of coal (Glencore's attributable share), 5% below 2012, predominantly due to the
impact of the 32 day strike in Q1 2013.
Oil E&P assets
Oil E&P produced 22.5 million barrels of gross oil production during 2013, broadly in line with 2012. The 2013 production
includes the first year of production from Alen, Equatorial Guinea (from June 2013) and Badila, Chad (from September
2013), offset by an expected reduction at Aseng, Equatorial Guinea, as the field came off plateau. Q4 2013 was the
strongest quarter of the year by some margin.
Processing data
2013 2012 Change
%
Farming kt 883 674 31
Crushing kt 3,642 2,779 31
Long term toll agreement kt 541 876 (38)
Biodiesel kt 624 534 17
Rice milling kt 273 248 10
Wheat milling kt 1,121 1,061 6
Sugarcane processing kt 2,251 1,256 79
Total agricultural products(1) kt 9,335 7,428 26
1 Malt and Pasta (acquired by Glencore as part of the acquisition of Viterra) are excluded, as these businesses have now been sold and form no part of
the business going forward.
Selected average commodity prices
2013 2012 Change
%
S&P GSCI Agriculture Index 402 459 (12)
CBOT wheat price (US¢/bu) 684 751 (9)
CBOT corn no.2 price (US¢/bu) 578 695 (17)
CBOT soya beans (US¢/bu) 1,407 1,466 (4)
ICE cotton price (US¢/lb) 83 80 4
NYMEX sugar # 11 price (US¢/lb) 17 22 (23)
OPERATING HIGHLIGHTS
Agricultural products processed 9.3 million tonnes in 2013, 26% higher than 2012. The increase in volumes mainly
relates to the key expansion projects at Rio Vermelho and Timbues. Rio Vermelho crushed 2.3 million tonnes of
sugarcane in 2013, an increase of 79% over 2012, driven by the multi-year investment in processing capacity and
sugarcane planting, while Timbues, a new large-scale soyabean crushing plant in Argentina (in which Glencore is a large
minority investor) ramped up volumes during H2 2013, following receipt of export approvals in July 2013.
Metals and Minerals
Production from own sources – Total(1)
2012 2013 2013 2013 2013 2013 2012 Change Change
Q4 Q1 Q2 Q3 Q4 2013 vs Q4 13 vs
2012 Q4 12
% %
Total Copper kt 322.0 307.7 350.3 412.9 425.8 1,496.7 1,189.8 26 32
Total Zinc kt 401.4 372.4 357.1 332.2 336.8 1,398.5 1,531.8 (9) (16)
Total Lead kt 81.7 79.1 74.1 80.7 81.1 315.0 320.6 (2) (1)
Total Nickel kt 27.8 26.3 26.8 22.5 22.8 98.4 102.5 (4) (18)
Total Gold koz 225 224 254 278 267 1,023 897 14 19
Total Silver koz 9,400 9,583 10,178 9,652 9,843 39,256 35,656 10 5
Total Cobalt kt 4.1 3.9 5.2 5.6 4.7 19.4 14.0 39 15
Total Ferrochrome kt 284 260 301 332 345 1,238 938 32 21
Total Platinum koz 21 21 23 24 22 90 80 13 5
Total Palladium koz 12 12 12 14 12 50 45 11 -
Total Rhodium koz 4 4 4 4 3 15 14 7 (25)
Total Vanadium Pentoxide mlb 5.5 5.6 4.2 6.1 5.7 21.6 21.2 2 4
Production from own sources – Copper assets(1)
2012 2013 2013 2013 2013 2013 2012 Change Change
Q4 Q1 Q2 Q3 Q4 2013 vs Q4 13 vs
2012 Q4 12
% %
African Copper (Katanga, Mutanda, Mopani, Sable)
Katanga Copper metal(2) kt 24.1 28.6 31.7 34.5 41.4 136.2 93.0 46 72
Cobalt kt 0.5 0.3 0.7 0.8 0.5 2.3 2.1 10 -
Mutanda Copper metal(2) kt 26.4 29.8 31.4 40.3 49.1 150.6 87.0 73 86
Cobalt(3) kt 2.7 2.8 3.6 3.8 3.5 13.7 8.5 61 30
Mopani Copper metal kt 26.8 25.2 24.8 30.4 31.4 111.8 99.0 13 17
Cobalt kt - - - - - - 0.1 (100) n.a.
African Copper - total production including third party feed
Mopani Copper metal kt 50.3 48.9 53.6 55.9 53.6 212.0 187.1 13 7
Cobalt kt 0.1 - - - - - 0.3 (100) (100)
Sable Copper metal kt 3.2 3.5 3.7 3.7 3.7 14.6 8.8 66 16
Cobalt(3) kt 0.1 - 0.1 0.1 0.2 0.4 0.7 (43) 100
Total Copper metal(2) kt 77.3 83.6 87.9 105.2 121.9 398.6 279.0 43 58
Total Cobalt(3) kt 3.2 3.1 4.3 4.6 4.0 16.0 10.7 50 25
Collahuasi4 Copper metal kt 4.2 3.4 3.7 3.0 2.4 12.5 16.2 (23) (43)
Copper in concentrates kt 28.3 26.0 34.1 60.6 62.4 183.1 107.9 70 120
Silver in concentrates koz 311 327 420 663 807 2,217 1,334 66 159
Antamina5 Copper in concentrates kt 41.0 26.1 36.1 43.4 43.9 149.5 150.8 (1) 7
Zinc in concentrates kt 15.0 22.7 30.5 14.9 19.8 87.9 73.9 19 32
Silver in concentrates koz 1,037 936 1,441 1,339 1,500 5,216 4,203 24 45
Other South America (Alumbrera, Lomas Bayas, Antapaccay/Tintaya, Punitaqui)
Alumbrera Copper in concentrates kt 30.6 22.8 26.0 26.0 34.8 109.6 135.7 (19) 14
Gold in concentrates and in doré koz 85 66 80 77 90 313 364 (14) 6
Silver in concentrates and in doré koz 435 209 409 350 177 1,145 1,487 (23) (59)
Lomas Bayas Copper metal kt 19.0 18.8 18.8 18.4 18.2 74.2 73.3 1 (4)
Antapaccay/Tintaya Copper metal kt 3.0 3.6 4.2 4.1 0.3 12.2 8.8 39 (90)
Copper in concentrates kt 17.4 34.2 33.5 39.9 31.4 139.0 43.0 223 80
Gold in concentrates koz 5 19 19 30 11 79 17 365 120
Silver in concentrates koz 202 236 242 280 188 946 501 89 (7)
2012 2013 2013 2013 2013 2013 2012 Change Change
Q4 Q1 Q2 Q3 Q4 2013 vs Q4 13 vs
2012 Q4 12
% %
Punitaqui Copper in concentrates kt 2.8 2.8 2.5 3.3 3.2 11.8 11.9 (1) 14
Silver in concentrates koz 31 30 22 24 25 101 179 (44) (19)
Punitaqui - total production including third party feed
Copper in concentrates kt 2.8 2.8 2.6 3.3 3.3 12.0 11.9 1 18
Silver in concentrates koz 31 30 23 25 25 103 179 (42) (19)
Total Copper metal kt 22.0 22.4 23.0 22.5 18.5 86.4 82.1 5 (16)
Total Copper in concentrates kt 50.8 59.8 62.0 69.2 69.4 260.4 190.6 37 37
Total Gold in concentrates and in doré koz 90 85 99 107 101 392 381 3 12
Total Silver in concentrates and in doré koz 668 475 673 654 390 2,192 2,167 1 (42)
Australia (Ernest Henry, Mount Isa, Cobar)
Ernest Henry mine, Copper anode kt 39.0 37.7 51.2 55.0 57.2 201.1 159.5 26 47
Mt Isa mine and smelter Copper in concentrates kt 6.4 - - 2.9 - 2.9 6.4 (55) (100)
Gold in anode koz 9 8 8 16 18 50 37 35 100
Gold in concentrates koz 3 - - 1 - 1 4 (75) (100)
Silver in anode koz 208 228 265 312 305 1,110 810 37 47
Silver in concentrates koz - - - - 11 11 - n.a. n.a.
Ernest Henry mine, Mount Isa mine and smelter - total production including third party feed
Copper anode kt 40.4 39.4 53.6 57.6 57.2 207.8 172.7 20 42
Copper in concentrates kt 6.4 - - 2.9 - 2.9 6.4 (55) (100)
Gold in anode koz 9 8 10 16 18 52 39 33 100
Gold in concentrates koz 3 - - 1 - 1 4 (75) (100)
Silver in anode koz 208 228 265 312 305 1,110 810 37 47
Silver in concentrates koz - - - - 11 11 - n.a. n.a.
Cobar Copper in concentrates kt 7.9 11.2 11.4 11.5 11.5 45.6 34.5 32 46
Silver in concentrates koz 76 102 116 103 107 428 360 19 41
Total Copper in anode kt 39.0 37.7 51.2 55.0 57.2 201.1 159.5 26 47
Total Copper in concentrates kt 14.3 11.2 11.4 14.4 11.5 48.5 40.9 19 (20)
Total Gold koz 12 8 8 17 18 51 41 24 50
Total Silver koz 284 330 381 415 423 1,549 1,170 32 49
Total Copper department
Total Copper kt 276.9 270.2 309.4 373.3 387.2 1,340.1 1,027.0 30 40
Total Cobalt kt 3.2 3.1 4.3 4.6 4.0 16.0 10.7 50 25
Total Zinc kt 15.0 22.7 30.5 14.9 19.8 87.9 73.9 19 32
Total Gold koz 102 93 107 124 119 443 422 5 17
Total Silver koz 2,300 2,068 2,915 3,071 3,120 11,174 8,874 26 36
Production from own sources – Zinc assets(1)
2012 2013 2013 2013 2013 2013 2012 Change Change
Q4 Q1 Q2 Q3 Q4 2013 vs Q4 13 vs
2012 Q4 12
% %
Kazzinc
Zinc metal kt 61.4 52.6 53.0 54.7 55.9 216.2 227.3 (5) (9)
Lead metal kt 8.3 8.2 7.4 7.0 7.2 29.8 26.8 11 (13)
Copper metal kt 11.0 13.4 13.4 12.4 11.7 50.9 49.6 3 6
Gold koz 123 131 146 154 148 579 474 22 20
Silver koz 1,306 1,826 1,022 1,146 1,257 5,251 4,777 10 (4)
Kazzinc - total production including third party feed
Zinc metal kt 76.8 72.2 75.0 76.1 77.1 300.4 301.3 - -
Lead metal kt 20.1 21.8 21.7 23.2 23.9 90.6 82.5 10 19
Copper metal kt 11.5 15.1 16.0 15.0 16.3 62.4 52.6 19 42
Gold koz 144 154 174 190 190 708 561 26 32
Silver koz 4,893 4,310 4,772 5,000 4,599 18,681 19,808 (6) (6)
Australia (Mount Isa, McArthur River)
Mount Isa Zinc in concentrates kt 105.0 92.8 103.2 106.4 102.7 405.1 390.4 4 (2)
Lead in concentrates kt 38.9 35.5 39.0 46.5 46.8 167.8 153.1 10 20
Silver in concentrates koz 1,547 1,451 1,435 2,057 1,927 6,870 6,155 12 25
McArthur River Zinc in concentrates kt 54.5 54.9 47.5 53.6 47.3 203.3 202.1 1 (13)
Lead in concentrates kt 9.9 11.9 11.4 11.6 10.9 45.8 40.4 13 10
Silver in concentrates koz 513 462 392 347 379 1,580 1,820 (13) (26)
Total Zinc in concentrates kt 159.5 147.7 150.7 160.0 150.0 608.4 592.5 3 (6)
Total Lead in concentrates kt 48.8 47.4 50.4 58.1 57.7 213.6 193.5 10 18
Total Silver in concentrates koz 2,060 1,913 1,827 2,404 2,306 8,450 7,975 6 12
North America (Matagami/Perseverance, Kidd, Brunswick, CEZ Refinery)
Matagami/Perseverance Zinc in concentrates kt 27.9 21.4 18.0 15.1 20.0 74.5 125.2 (40) (28)
Copper in concentrates kt 3.4 2.2 2.2 2.0 2.7 9.1 10.9 (17) (21)
Kidd Zinc in concentrates kt 29.6 20.9 19.3 13.6 14.0 67.8 78.1 (13) (53)
Copper in concentrates kt 8.1 7.1 9.9 10.6 9.3 36.9 34.4 7 15
Silver in concentrates koz 994 903 1,153 606 572 3,234 2,877 12 (42)
Brunswick Mine Zinc in concentrates kt 42.5 42.8 9.2 - - 52.0 185.7 (72) (100)
Lead in concentrates kt 11.2 11.1 2.4 - - 13.5 50.9 (73) (100)
Copper in concentrates kt 1.6 2.7 0.3 - - 3.0 7.8 (62) (100)
Silver in concentrates koz 549 657 658 - - 1,315 2,689 (51) (100)
Total Zinc in concentrates kt 100.0 85.1 46.5 28.7 34.0 194.3 389.0 (50) (66)
Total Lead in concentrates kt 11.2 11.1 2.4 - - 13.5 50.9 (73) (100)
Total Copper in concentrates kt 13.1 12.0 12.4 12.6 12.0 49.0 53.1 (8) (8)
Total Silver in concentrates koz 1,543 1,560 1,811 606 572 4,549 5,566 (18) (63)
North America - total production including third party feed
Brunswick Mine Zinc in concentrates kt 42.5 42.8 13.3 - - 56.1 190.4 (71) (100)
Lead in concentrates kt 11.2 11.1 3.5 - - 14.6 51.8 (72) (100)
Copper in concentrates kt 1.6 2.7 0.3 - - 3.0 8.1 (63) (100)
Silver in concentrates koz 549 657 745 - - 1,402 2,751 (49) (100)
Brunswick Smelter Lead metal kt 16.8 18.0 18.0 19.2 20.1 75.3 74.5 1 20
Silver metal koz 3,526 3,471 4,022 4,098 4,555 16,146 12,359 31 29
CEZ Refinery6 Zinc metal kt 18.7 17.1 17.1 15.3 16.8 66.3 65.9 1 (10)
2012 2013 2013 2013 2013 2013 2012 Change Change
Q4 Q1 Q2 Q3 Q4 2013 vs Q4 13 vs
2012 Q4 12
% %
Other Zinc (AR Zinc, Los Quenuales, Sinchi Wayra, Illapa, Rosh Pinah, Perkoa)(7)
Zinc metal kt 8.8 6.5 9.5 7.5 6.2 29.7 30.8 (4) (30)
Zinc in concentrates kt 56.7 57.8 66.9 66.4 70.9 262.0 218.3 20 25
Lead metal kt 2.8 2.1 2.8 3.1 3.0 11.0 11.8 (7) 7
Lead in concentrates kt 10.6 10.3 11.1 12.5 13.2 47.1 37.6 25 25
Copper in concentrates kt 0.5 0.5 0.3 0.7 0.6 2.1 1.7 24 20
Silver metal koz 198 147 177 161 185 670 783 (14) (7)
Silver in concentrates koz 1,993 2,069 2,426 2,264 2,403 9,162 7,681 19 21
Other Zinc - total production including third party feed
Zinc metal kt 10.2 7.0 10.5 10.9 9.5 37.9 37.5 1 (7)
Zinc in concentrates kt 56.7 57.8 66.9 66.4 70.9 262.0 218.3 20 25
Lead metal kt 2.8 2.1 2.8 3.1 3.0 11.0 11.8 (7) 7
Lead in concentrates kt 10.6 10.3 11.1 12.5 13.2 47.1 37.6 25 25
Copper in concentrates kt 0.5 0.5 0.3 0.7 0.6 2.1 1.7 24 20
Silver metal koz 198 147 177 161 185 670 783 (14) (7)
Silver in concentrates koz 1,993 2,069 2,426 2,264 2,403 9,162 7,681 19 21
Total Zinc department
Total Zinc kt 386.4 349.7 326.6 317.3 317.0 1,310.6 1,457.9 (10) (18)
Total Lead kt 81.7 79.1 74.1 80.7 81.1 315.0 320.6 (2) (1)
Total Copper kt 24.6 25.9 26.1 25.7 24.3 102.0 104.4 (2) (1)
Total Gold koz 123 131 146 154 148 579 474 22 20
Total Silver koz 7,100 7,515 7,263 6,581 6,723 28,082 26,782 5 (5)
Production from own sources – Nickel assets(1)
2012 2013 2013 2013 2013 2013 2012 Change Change
Q4 Q1 Q2 Q3 Q4 2013 vs Q4 13 vs
2012 Q4 12
% %
Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)
Total Nickel metal kt 12.3 12.3 11.3 10.1 13.4 47.1 41.5 13 9
Total Nickel in concentrates kt 0.3 0.2 0.1 0.1 0.1 0.5 0.7 (29) (67)
Total Copper metal kt 4.3 4.4 4.2 3.7 4.4 16.7 15.3 9 2
Total Copper in concentrates kt 16.1 7.1 10.5 10.1 9.9 37.6 42.5 (12) (39)
Total Cobalt metal kt 0.2 0.1 0.2 0.2 0.2 0.7 0.6 17 -
Integrated Nickel Operations - total production including third party feed
Total Nickel metal kt 23.4 22.3 22.5 23.0 23.2 91.0 91.7 (1) (1)
Total Nickel in concentrates kt 0.3 0.2 0.2 0.1 0.2 0.7 0.7 - (33)
Total Copper metal kt 10.0 9.4 9.0 9.2 9.9 37.5 37.9 (1) (1)
Total Copper in concentrates kt 18.0 8.6 12.9 12.5 12.3 46.3 46.2 - (32)
Total Cobalt metal kt 0.9 0.8 0.8 0.8 1.0 3.4 3.0 13 11
Australia (Murrin Murrin, XNA)
Total Nickel metal kt 9.3 8.7 10.4 9.3 7.5 35.9 33.4 7 (19)
Total Nickel in concentrates kt 1.8 1.4 1.7 1.0 - 4.1 11.7 (65) (100)
Total Copper in concentrates kt 0.1 0.1 0.1 0.1 - 0.3 0.6 (50) (100)
Total Cobalt metal kt 0.7 0.6 0.7 0.8 0.5 2.6 2.4 8 (29)
Total Cobalt in concentrates kt - 0.1 - - - 0.1 0.3 (67) n.a.
Australia - total production including third party feed
Total Nickel metal kt 10.6 9.6 11.6 11.2 8.9 41.3 36.4 13 (16)
Total Nickel in concentrates kt 1.8 1.4 1.7 1.0 - 4.1 11.7 (65) (100)
Total Copper in concentrates kt 0.1 0.1 0.1 0.1 - 0.3 0.6 (50) (100)
Total Cobalt metal kt 0.7 0.6 0.8 0.8 0.5 2.7 2.5 8 (29)
Total Cobalt in concentrates kt - 0.1 - - - 0.1 0.3 (67) n.a.
Falcondo Nickel in ferronickel kt 4.1 3.7 3.3 2.0 0.4 9.4 15.2 (38) (90)
Koniambo Nickel in ferronickel kt - - - - 1.4 1.4 - n.a. n.a.
Total Nickel department
Total Nickel kt 27.8 26.3 26.8 22.5 22.8 98.4 102.5 (4) (18)
Total Copper kt 20.5 11.6 14.8 13.9 14.3 54.6 58.4 (7) (30)
Total Cobalt kt 0.9 0.8 0.9 1.0 0.7 3.4 3.3 3 (22)
Production from own sources – Ferroalloys assets(1)
2012 2013 2013 2013 2013 2013 2012 Change Change
Q4 Q1 Q2 Q3 Q4 2013 vs Q4 13 vs
2012 Q4 12
% %
Ferrochrome(8) kt 284 260 301 332 345 1,238 938 32 21
PGM(9) Platinum koz 21 21 23 24 22 90 80 13 5
Palladium koz 12 12 12 14 12 50 45 11 -
Rhodium koz 4 4 4 4 3 15 14 7 (25)
Gold koz - - 1 - - 1 1 - n.a.
4E koz 37 37 40 42 37 156 140 11 -
Vanadium Pentoxide mlb 5.5 5.6 4.2 6.1 5.7 21.6 21.2 2 4
Total production – Custom metallurgical assets(1)
2012 2013 2013 2013 2013 2013 2012 Change Change
Q4 Q1 Q2 Q3 Q4 2013 vs Q4 13 vs
2012 Q4 12
% %
Copper (Altonorte, Townsville, Pasar, Horne, CCR)
Copper metal kt 171.3 182.4 191.3 197.5 179.4 750.6 622.0 21 5
Copper anode kt 135.7 129.4 127.6 129.2 128.3 514.5 465.0 11 (5)
Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
Zinc metal kt 185.6 191.4 181.3 181.3 191.0 745.0 730.6 2 3
Lead metal kt 40.5 47.4 31.2 43.1 52.5 174.1 156.9 11 30
Silver koz 1,967 2,036 1,244 2,162 2,428 7,870 7,249 9 23
Ferroalloys
Ferromanganese kt 17 29 23 24 23 99 17 482 35
Silicon Manganese kt 16 20 22 24 26 92 16 475 63
Aluminium (Sherwin Alumina)
Alumina kt 381 384 393 410 419 1,606 1,379 16 10
1 Controlled industrial assets and JVs only. Production is on a 100% basis, except as stated.
2 Copper metal includes copper contained in copper concentrates and blister copper.
3 Cobalt contained in concentrates and hydroxides.
4 The Group's pro-rata share of Collahuasi production (44%).
5 The Group's pro-rata share of Antamina production (33.75%).
6 The Group's pro-rata share of CEZ production (25%).
7 Illapa is a 45:55 joint venture with the Bolivian government which holds the Bolivar and Porco mines previously held by Sinchi Wayra.
8 The Group's 79.5% share of the Glencore-Merafe Chrome Venture.
9 Consolidated 100% of Eland and 50% of Mototolo.
Energy Products
Production from own sources
Coal assets(1)
2012 2013 2013 2013 2013 2013 2012 Change Change
Q4 Q1 Q2 Q3 Q4 2013 vs Q4 13 vs
2012 Q4 12
% %
Australian coking coal mt 1.9 1.8 2.2 1.6 1.7 7.3 6.9 6 (11)
Australian semi-soft coal mt 0.9 1.1 1.2 1.0 1.2 4.5 4.3 5 33
Australian thermal coal (export) mt 12.1 11.0 12.3 13.7 11.1 48.1 43.7 10 (8)
Australian thermal coal (domestic) mt 0.9 1.6 1.0 1.3 1.2 5.1 5.1 - 33
South African thermal coal (export) mt 5.0 4.9 4.9 5.3 5.5 20.6 21.1 (2) 10
South African thermal coal (domestic) mt 5.9 5.8 5.9 6.1 5.1 22.9 24.7 (7) (14)
Prodeco mt 3.8 5.0 4.6 4.6 4.4 18.6 14.8 26 16
Cerrejón(2) mt 2.7 1.5 3.0 3.2 3.3 11.0 11.6 (5) 22
Total Coal department mt 33.2 32.7 35.1 36.8 33.5 138.1 132.2 4 1
1 Controlled industrial assets and JVs only. Production is on a 100% basis except for JVs, where the Group's attributable share of production is included.
2 The Group's pro-rata share of Cerrejón production (33.3%).
Oil assets
2012 2013 2013 2013 2013 2013 2012 Change Change
Q4 Q1 Q2 Q3 Q4 2013 vs Q4 13 vs
2012 Q4 12
% %
Gross basis
Equatorial Guinea kbbl 5,585 5,386 4,556 5,862 6,113 21,917 22,570 (3) 9
Chad kbbl - - - - 619 619 - n.a. n.a.
Total Oil department kbbl 5,585 5,386 4,556 5,862 6,732 22,536 22,570 - 21
Glencore entitlement interest basis
Equatorial Guinea kbbl 1,182 1,139 1,020 1,246 1,394 4,799 4,770 1 18
Chad kbbl - - - - 186 186 - n.a. n.a.
Total Oil department kbbl 1,182 1,139 1,020 1,246 1,580 4,985 4,770 5 34
Agricultural Products
Processing data
2012 2013 2013 2013 2013 2013 2012 Change Change
Q4 Q1 Q2 Q3 Q4 2013 vs Q4 13 vs
2012 Q4 12
% %
Farming kt 75 352 33 262 236 883 674 31 215
Crushing kt 840 605 943 1,128 966 3,642 2,779 31 15
Long term toll agreement kt 154 32 257 151 101 541 876 (38) (34)
Biodiesel kt 162 143 109 181 191 624 534 17 18
Rice milling kt 35 35 85 83 70 273 248 10 100
Wheat milling kt 256 282 273 299 267 1,121 1,061 6 4
Sugarcane processing kt 427 - 509 933 809 2,251 1,256 79 89
Total Agricultural products(1) kt 1,949 1,449 2,209 3,037 2,640 9,335 7,428 26 35
1 Malt and Pasta (acquired by Glencore as part of the acquisition of Viterra) are excluded, as these businesses have now been sold and form no part of
the business going forward.
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 "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. Such statements are qualified in their entirety by
the inherent risks and uncertainties surrounding future expectations. 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 GlencoreXstrata'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 2012 and "Risks and uncertainties" of GlencoreXstrata 2013 Half-Year Report.
Neither GlencoreXstrata 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. 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 Conduct Authority and the Rules Governing the Listing of
Securities on the Stock Exchange of Hong Kong Limited), GlencoreXstrata is not under any obligation and GlencoreXstrata 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
GlencoreXstrata 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 no statement in this document should be interpreted to mean that
earnings per GlencoreXstrata share for the current or future financial years would necessarily match or exceed the historical published earnings per
GlencoreXstrata 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.
SPONSOR
Absa Bank Limited (acting through its Corporate and Investment Banking Division)
Date: 11/02/2014 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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