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GLENCORE XSTRATA PLC - First Quarter report 2014

Release Date: 06/05/2014 08:00
Code(s): GLN     PDF:  
Wrap Text
First Quarter report 2014

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, 6 May 2014

IMS & First Quarter 2014 Production Report

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:

–   Own source copper production up 24% to 382,000 tonnes, driven by the expansions at Mutanda and Ernest Henry
    and improved production at Collahuasi and Antamina.
–   Own source zinc production was 306,000 tonnes, down 18% due to Perseverance and Brunswick reaching the end
    of their mine lives in June 2013. Excluding their impact, zinc production was broadly in line with the prior period.
–   Ferrochrome production up 29% to 335,000 tonnes, primarily reflecting the electricity power buy-back program
    during Q1 2013, which limited production. The Lion phase 2 smelter started production on 6 April 2014 with the
    second furnace expected to come on line at the end of Q2 2014 / early Q3 2014.
–   Own sourced coal production up 4% to 34.1 million tonnes, reflecting the impact of the lengthy Cerrejón strike in Q1
    2013 and productivity improvements / growth at expansion projects within Australian thermal coal.
–   Gross oil E&P production was 7.4 million barrels, up 37% or up 48% on a net Glencore entitlement basis, due to the
    commencement of new production from the Alen (Equatorial Guinea) and Badila (Chad) fields at the end of June
    and September 2013, respectively.
–   Sequential quarterly own source production of copper, zinc and gold were down 10%, 9% and 12% respectively,
    primarily due to planned mine sequencing and / or processing of lower grade ores at a number of operations
    (including Collahuasi, Antamina and Alumbrera) and ongoing power issues affecting operations and commissioning
    at Katanga.
–   On 13 April 2014, Glencore signed an agreement to sell its interest in the Las Bambas copper project to a
    consortium owned 62.5% by MMG Limited, 22.5% by GUOXIN International Investment Corporation Limited and
    15% by CITIC Metal Co., Limited. The consideration is approximately $5.85 billion, payable in cash on closing. In
    addition, all capital expenditure and other costs incurred in developing Las Bambas in the period from 1 January
    2014 to closing will be payable by the Consortium. At the end of March 2014, capital expenditure and other costs
    incurred since the start of the year amounted to some $400 million.
–   On 14 April 2014, Glencore reached an agreement to acquire Caracal Energy Inc. via an all cash consideration of
    £5.50 per common share by way of a Plan of Arrangement. Caracal is the majority owner and operator of the
    various Chad oil production and exploration fields, in which Glencore is currently a minority partner. The transaction
    is expected to close towards the end of Q2 2014.
–   On 24 April 2014, the 7 million tonnes p.a. Askaf North iron ore project in Mauritania was approved. The forecast
    construction cost is $0.9 billion, with first production expected in early 2017.
–   We expect to close the Clermont coal transaction late in Q2 2014.
–   Marketing performance during the quarter, across all business segments, was strong and in line with our
    expectations.

For further information please contact:

Investors                    Media                               Finsbury (Media)
Paul Smith                   Charles Watenphul                   Guy Lamming
t: +41 (0)41 709 24 87       t: +41 (0)41 709 24 62              Dorothy Burwell
m: +41 (0)79 947 13 48       m: +41 (0)79 904 33 20              t: +44 (0)20 7251 3801
e: paul.smith@glencore.com   e: charles.watenphul@glencore.com

www.glencorexstrata.com

Metals and Minerals

Production from own sources – Total(1)                                  
                                              2014    2013   Change   
                                                Q1      Q1        %   
Total Copper                           kt    381.9   307.7       24   
Total Zinc                             kt    306.4   372.4     (18)   
Total Lead                             kt     79.0    79.1        -   
Total Nickel                           kt     22.3    26.3     (15)   
Total Gold                             koz     234     224        4   
Total Silver                           koz   8,768   9,583      (9)   
Total Cobalt                           kt      4.6     3.9       18   
Total Ferrochrome                      kt      335     260       29   
Total Platinum                         koz      21      21        -   
Total Palladium                        koz      12      12        -   
Total Rhodium                          koz       4       4        -   
Total Vanadium Pentoxide               mlb     5.5     5.6      (2)   


Production from own sources – Copper assets(1)
                                                                                         2014     2013   Change
                                                                                           Q1       Q1        %
African Copper (Katanga, Mutanda, Mopani)
                                                     
                                    Total Copper metal(2)                         kt    106.4     83.6       27
                                    Total Cobalt(3)                               kt      3.8      3.1       23
Collahuasi4  
                                    Copper metal                                  kt      2.3      3.4     (32)
                                    Copper in concentrates                        kt     50.0     26.0       92
                                    Silver in concentrates                        koz     675      327      106
Antamina5
                                    Copper in concentrates                        kt     34.2     26.1       31
                                    Zinc in concentrates                          kt     11.1     22.7     (51)
                                    Silver in concentrates                        koz   1,068      936       14

Other South America (Alumbrera, Lomas Bayas, Antapaccay/Tintaya, Punitaqui)   
                                    Total Copper metal                            kt     18.0     22.4     (20)
                                    Total Copper in concentrates                  kt     66.7     59.8       12
                                    Total Gold in concentrates and in doré        koz      93       85        9
                                    Total Silver in concentrates and in doré      koz     421      475     (11)

Australia (Ernest Henry, Mount Isa, Cobar)
                                    Total Copper in anode                         kt     54.6     37.7       45
                                    Total Copper in concentrates                  kt     12.6     11.2       13
                                    Total Gold                                    koz      15        8       88
                                    Total Silver                                  koz     354      330        7
Total Copper department
                                    Total Copper                                  kt    344.8    270.2       28
                                    Total Cobalt                                  kt      3.8      3.1       23
                                    Total Zinc                                    kt     11.1     22.7     (51)
                                    Total Gold                                    koz     108       93       16
                                    Total Silver                                  koz   2,518    2,068       22

Production from own sources – Zinc assets(1)
                                                                                         2014     2013    Change
                                                                                           Q1       Q1         %
Kazzinc
                                        Zinc metal                                kt     49.2     52.6       (6)
                                        Lead metal                                kt      7.4      8.2      (10)
                                        Copper metal                              kt     10.8     13.4      (19)
                                        Gold                                      koz     126      131       (4)
                                        Silver                                    koz   1,132    1,826      (38)
Australia (Mount Isa, McArthur River)
                                        Total Zinc in concentrates                kt    146.0    147.7       (1)
                                        Total Lead in concentrates                kt     56.5     47.4        19
                                        Total Silver in concentrates              koz   2,351    1,913        23

North America (Matagami/Perseverance, Kidd, Brunswick)
                                        Total Zinc in concentrates                kt     28.0     85.1      (67)
                                        Total Lead in concentrates                kt        -     11.1     (100)
                                        Total Copper in concentrates              kt     12.4     12.0         3
                                        Total Silver in concentrates              koz     385    1,560      (75)

Other Zinc (AR Zinc, Los Quenuales, Sinchi Wayra, Illapa, Rosh Pinah, Perkoa)(6)
                                        Zinc metal                                kt      1.9      6.5      (71)
                                        Zinc in concentrates                      kt     70.2     57.8        21
                                        Lead metal                                kt      2.4      2.1        14
                                        Lead in concentrates                      kt     12.7     10.3        23
                                        Copper in concentrates                    kt      0.8      0.5        60
                                        Silver metal                              koz     133      147      (10)
                                        Silver in concentrates                    koz   2,249    2,069         9
Total Zinc department
                                        Total Zinc                                kt    295.3    349.7      (16)
                                        Total Lead                                kt     79.0     79.1         -
                                        Total Copper                              kt     24.0     25.9       (7)
                                        Total Gold                                koz     126      131       (4)
                                        Total Silver                              koz   6,250    7,515      (17)

Production from own sources – Nickel assets(1)
                                                                                         2014     2013   Change
                                                                                           Q1       Q1        %
Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)
                                    Total Nickel metal                            kt     13.3     12.3        8
                                    Total Nickel in concentrates                  kt      0.2      0.2        -
                                    Total Copper metal                            kt      3.8      4.4     (14)
                                    Total Copper in concentrates                  kt      9.3      7.1       31
                                    Total Cobalt metal                            kt      0.2      0.1      100
Australia (Murrin Murrin, XNA)
                                    Total Nickel metal                            kt      7.8      8.7     (10)
                                    Total Nickel in concentrates                  kt        -      1.4    (100)
                                    Total Copper in concentrates                  kt        -      0.1    (100)
                                    Total Cobalt metal                            kt      0.6      0.6        -
                                    Total Cobalt in concentrates                  kt        -      0.1    (100)

Falcondo                            Nickel in ferronickel                         kt        -      3.7    (100)

Koniambo                            Nickel in ferronickel                         kt      1.0        -     n.a.

Total Nickel department
                                    Total Nickel                                  kt     22.3     26.3     (15)
                                    Total Copper                                  kt     13.1     11.6       13
                                    Total Cobalt                                  kt      0.8      0.8        -

Production from own sources – Ferroalloys assets(1)
                                                                                         2014     2013   Change
                                                                                           Q1       Q1        %
Ferrochrome(7)                                                                    kt      335      260       29

PGM(8)                              Platinum                                      koz      21       21        -
                                    Palladium                                     koz      12       12        -
                                    Rhodium                                       koz       4        4        -
                                    Gold                                          koz       -        -        -
                                    4E                                            koz      37       37        -

Vanadium Pentoxide                                                                mlb     5.5      5.6      (2)

Total production – Custom metallurgical assets(1)
                                                                                         2014     2013   Change
                                                                                           Q1       Q1        %
Copper (Altonorte, Townsville, Pasar, Horne, CCR)
                                      Copper metal                                kt    153.7    182.4     (16)
                                      Custom copper anode                         kt    125.0    129.4      (3)

Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
                                      Zinc metal                                  kt    193.6    191.4        1
                                      Lead metal                                  kt     48.5     47.4        2
                                      Silver                                      koz   2,342    2,036       15
Ferroalloys
                                      Ferromanganese                              kt       30       29        5
                                      Silicon Manganese                           kt       26       20       31
Aluminium (Sherwin Alumina)
                                      Alumina                                     kt      385      384        -

(1)   Controlled industrial assets and joint ventures 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 operates 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
                                                                       2014     2013   Change
                                                                         Q1       Q1        %
S&P GSCI Industrial Metals Index                                        339      384     (12)
LME (cash) copper price ($/t)                                         7,032    7,927     (11)
LME (cash) zinc price ($/t)                                           2,026    2,030        -
LME (cash) lead price ($/t)                                           2,102    2,293      (8)
LME (cash) nickel price ($/t)                                        14,659   17,311     (15)
Gold price ($/oz)                                                     1,292    1,632     (21)
Silver price ($/oz)                                                      20       30     (33)
Metal Bulletin cobalt price 99.3% ($/lb)                                 14       12       17
LME (cash) aluminium price ($/t)                                      1,710    2,002     (15)
Metal Bulletin alumina price ($/t)                                      328      341      (4)
Metal Bulletin ferrochrome 6-8% C basis 60% Cr, max 1.5% Si (¢/lb)      105      103        2
Platinum price ($/oz)                                                 1,429    1,632     (12)
Iron ore (Platts 62% CFR North China) price ($/DMT)                     120      148     (19)

OPERATING HIGHLIGHTS

Copper assets

Total Group own sourced copper production in Q1 2014 was 381,900 tonnes, an increase of 24% compared to Q1 2013.
The increase mainly relates to the expansions at Mutanda and Ernest Henry and improved production from Collahuasi
and Antamina.

African copper
African copper produced 106,400 tonnes of copper, an increase of 27% over the comparable period. The increase
mainly relates to Mutanda, which produced 47,100 tonnes of copper, an increase of 58% and is reflective of the recent
expansion. Mopani and Katanga both grew by 10%. Growth at Katanga is now expected to accelerate with forthcoming
completion of the phase IV commissioning, completion of phase V, identified operational improvements and further steps
to mitigate ongoing power issues, including increasing backup generator capacity.

The Katanga phase V expansion is progressing on time and to budget and is expected to be commissioned during Q4
2014.

Cobalt production was 3,800 tonnes, 23% higher than the comparable period, mainly relating to the Mutanda expansion.

Collahuasi
The group's share of copper production at Collahuasi was 52,300 tonnes, up 78% over Q1 2013. The strong growth
reflects the continuation of the higher level of production seen in H2 2013, following the restart of the SAG mill and a
return to higher grades, although at somewhat lower levels due to less ore being milled, primarily as a result of a
maintenance shutdown.

Antamina
The group's share of copper production at Antamina was 34,200 tonnes, an increase of 31% over the comparable
period. The increase reflects higher throughput of copper ore, higher head grades and better recoveries. Zinc production
was 11,100 tonnes, a 51% reduction compared to Q1 2013 and reflects a planned move to higher copper/lower zinc
grade mining areas in 2014.

Q1 2014 production is lower than the levels achieved during H2 2013 due to a planned reduction in head grades,
including the impact of processing long term lower grade stock piles during 2014.

Other South America
Copper production from Other South America copper was 84,700 tonnes, 3% higher than the comparable period. The
higher production of copper in concentrate was primarily driven by the mining of higher grade areas at Alumbrera and
higher milling rates achieved at Antapaccay. The Tintaya SW/EW operation ceased production in October 2013, which
accounts for the reduction in cathode production.

Gold production was 93,000 oz, a 9% increase on Q1 2013, due to the higher gold head grades at Alumbrera, which
more than offset the reduction (also on account of head grades) at Antapaccay.

Australia
Australia copper produced 67,200 tonnes of copper, up 37% over Q1 2013. The increase mainly relates to the Ernest
Henry mine expansion project, while Mount Isa anode production was further impacted by a temporary smelter
maintenance shutdown during Q1 2013.

Gold production was 15,000 oz, an increase of 88% over the comparable period, also for the reasons noted above.

Custom metallurgical assets
Copper cathode production from the copper metallurgical assets was 153,700 tonnes, a 16% reduction compared to Q1
2013. The decrease mainly relates to Pasar, which ceased production following extensive damage sustained by Typhoon
Haiyan and did not restart until the end of Q1 2014.

Custom anode production was 125,000 tonnes, a reduction of 3% versus the comparable period. The reduction relates to
the commissioning of a new steam dryer at Altonorte, which temporarily reduced production early in Q1 2014.

Zinc assets
Total Group own sourced zinc production in Q1 2014 was 306,400 tonnes, an 18% reduction versus the comparable
period. The reduction mainly relates to the end of mine life closures of the Perseverance and Brunswick mines in June
2013. Excluding the impact of the two closures, total own source zinc production was broadly in line with the prior year
period.

Total Group lead production in Q1 2014 was 79,000 tonnes, consistent with Q1 2013. The flat lead production mainly
reflects strong growth from Australia which increased production by 19%, due to the Lady Loretta expansion and strong
production at Black Star (both Mount Isa), which offset the impact of lost production from the Brunswick mine closure.

Kazzinc
Kazzinc own source gold production was 126,000 oz, a 4% reduction versus the comparable period, due to lower
production of old tailings and Komarovskoye, as management reviews its optimal ore processing options. Kazzinc own
source zinc production was down 6% as Shaimerden ore was replaced by third party material due to opportunistically
favourable market conditions. A planned reduction in the average grade of ore and lower WIP (“work-in-progress”)
processing at the smelters in 2014, impacted own sourced lead and copper production, however smelter output was
higher year-on-year.

On a total basis, compared to the prior year period, gold production was up 5%, zinc up 4%, copper up 2% and lead up
48% , the latter due to additional throughput (third party feed) at the new Isa lead smelter.

Australia
Australia zinc produced 146,000 tonnes of zinc, marginally lower than the prior year period. Q1 2014 production reflects
a 9% (8,000 tonnes) increase in zinc production at Mount Isa, driven principally by the Lady Loretta expansion and
strong production at Black Star, offset by an 18% (9,700 tonnes) reduction at McArthur River, as a result of lower head
grades due to mine sequencing and minor disruptions associated with the mine expansion project.

Lead production was 56,500 tonnes, up 19% versus the comparable period. The growth in lead production follows the
increases at Mount Isa (noted above), partly offset by a reduction at McArthur River.

The McArthur River phase 3 expansion is on track and on budget and is expected to start commissioning in mid-2014.

North America
North America zinc produced 28,000 tonnes of zinc (down 67%) and no lead, reflecting the closures of the Perseverance
and Brunswick mines in June 2013. Excluding the two closed mines, production increased by 7,000 tonnes, reflecting the
contribution from the Bracemac-Mcleod mine, which started production in May 2013, offset by lower zinc production from
Kidd mine, due to short-term access restrictions to particular stopes and a focus on higher copper grade areas.

Copper production was 12,400 tonnes, up 3% over the comparable period, reflecting higher production at Kidd, based on
higher head grades and a change in mine sequencing with a greater focus on copper.

Other Zinc
This group of zinc assets produced 72,100 tonnes of zinc and 15,100 tonnes of lead, up 12% and 22% respectively. The
increase in zinc production mainly relates to a greater contribution from Perkoa.

European custom metallurgical assets
Zinc European metallurgical assets produced 193,600 tonnes of zinc metal and 48,500 tonnes of lead metal, both slightly
up versus the comparable period.

Nickel assets
Own sourced nickel production in Q1 2014 was 22,300 tonnes, down 15% compared to the prior year period. The main
contributors to the reduction relate to the XNA and Falcondo mines being placed on care and maintenance during 2013.

Integrated Nickel Operations (“INO”)
INO produced 21,900 tonnes of total nickel, including 13,500 tonnes of nickel from own sources, an 8% increase over the
comparable period, due to higher grades and ore processing rates at Raglan resulting in a higher proportion of own
sourced material being treated.

Own sourced copper production was 13,100 tonnes, an increase of 14% compared to Q1 2013, when maintenance at
the Strathcona mill resulted in a reduction in the processing of Sudbury ore.

Australia
Australia nickel produced 7,800 tonnes of nickel (all Murrin Murrin). This reflects a 23% decline from the prior year
period, mainly due to the XNA mines (Cosmos and Sinclair) being placed on care and maintenance in 2013. A planned
maintenance shutdown of the Murrin Murrin furnace in January 2014 resulted in the small reduction in production.

Koniambo
Koniambo produced 1,000 tonnes of nickel in ferronickel in Q1 2014. Production at Koniambo was below expectation
due to various factors including power availability / stability and an extended maintenance stoppage in March 2014.

Forecast full year production levels are being reviewed in light of the quarterly operational performance and the start-up
experiences to date.

Ferroalloys assets
Ferrochrome
Attributable ferrochrome production was 335,000 tonnes, a 29% increase over the comparable period. The increase
primarily relates to participation in an electricity power buy-back program in 2013 which limited production last year.

The Lion phase 2 smelter started production at one furnace on 6 April 2014 with the second furnace expected to come
on line at the end of Q2 2014 / early Q3 2014.

Platinum Group Metals
PGM (4E) production was 37,000 oz, in line with the prior year period.

Vanadium
Vanadium pentoxide production was 5.5 million lbs, consistent with the prior year period and reflective of the stable
nature of this business.

Manganese
Total manganese (ferro and silicon) production was 56,000 tonnes, 14% higher than the comparable period. The
increase mainly relates to higher silicon manganese production in Norway during Q1 2014, as production was steadily
increased during 2013 based on improvements in processing conditions.

Aluminium assets
Sherwin Alumina
Sherwin produced 385,000 tonnes of alumina, slightly higher than the prior year period, reflecting the continuation of a
strong and relatively consistent performance achieved in 2013. Production is down somewhat on the last two quarters of
2013, due to a power failure at the Gregory power plant in February 2014.

Energy Products

Production from own sources

Coal assets(1)
                                             2014   2013   Change
                                               Q1     Q1        %
Australian coking coal                  mt    1.5    1.8     (17)
Australian semi-soft coal               mt    0.9    1.1     (18)
Australian thermal coal (export)        mt   11.8   11.0        7
Australian thermal coal (domestic)      mt    1.4    1.6     (13)
South African thermal coal (export)     mt    5.0    4.9        2
South African thermal coal (domestic)   mt    5.4    5.8      (7)
Prodeco                                 mt    5.2    5.0        4
Cerrejón(2)                             mt    2.9    1.5       93
Total Coal department                   mt   34.1   32.7        4

(1) Controlled industrial assets and joint ventures only. Production is on a 100% basis except for joint ventures, where the Group's attributable share of
    production is included.
(2) The Group's pro-rata share of Cerrejón production (33.3%).

Oil assets
                                              2014    2013  Change
                                                Q1      Q1       %
Gross basis
Equatorial Guinea                     kbbl   6,304   5,386      17
Chad                                  kbbl   1,067       -    n.a.
Total Oil department                  kbbl   7,371   5,386      37

Glencore entitlement interest basis
Equatorial Guinea                     kbbl   1,368   1,139      20
Chad                                  kbbl     321       -    n.a.
Total Oil department                  kbbl   1,689   1,139      48

Selected average commodity prices
                                                                      2014   2013    Change
                                                                        Q1     Q1         %
S&P GSCI Energy Index                                                  334    335         -
Coal API2 ($/t)                                                         78     86       (9)
Coal API4 ($/t)                                                         78     85       (8)
Australian coking coal average realised export price ($/t)             135    158      (15)
Australian semi-soft coal average realised export price ($/t)          104    118      (12)
Australian thermal coal average realised export price ($/t)             78     88      (11)
Australian thermal coal average realised domestic price ($/t)           30     37      (19)
South African thermal coal average realised export price ($/t)          73     84      (13)
South African thermal coal average realised domestic price ($/t)        22     28      (21)
Prodeco (Colombia) thermal coal average realised export price ($/t)     77     94      (18)
Cerrejón (Colombia) thermal coal average realised export price ($/t)    69     77      (10)
Oil price – Brent ($/bbl)                                              108    113       (4)

OPERATING HIGHLIGHTS

Coal assets
Total own sourced coal production during Q1 2014 was 34.1 million tonnes, 4% higher than the comparable period. The
increase mainly relates to Cerrejón, which was impacted by a strike during Q1 2013 (32 days of lost production) and
Australia thermal coal, which benefited from productivity improvements and the ramp up at certain expansion projects.

Australian coking
Australia coking coal production was 1.5 million tonnes, a decrease of 17%. The reduction relates to a decision to move
away from certain high costs mines and areas, basis the current weak coal price environment, and focus on higher
margin thermal coal production.

Australian thermal and semi-soft
Australia thermal and semi soft coal production was 14.1 million tonnes, an increase of 3%. The growth relates to
productivity improvements at Bulga and the ramp up of production at Ravensworth North and Rolleston phase 1.

South African thermal
South Africa thermal coal production was 10.4 million tonnes, a 3% reduction over the prior year period. The reduction
relates mainly to delays resulting from wet weather, unprotected industrial action at Goedgevonden and the impact of
mining through low yield areas at certain operations. In addition, the Klippan and Wonderfontein underground mines
were closed during Q4 2013, as part of an ongoing portfolio optimisation, the impact of which was only partially offset by
the opening of Wonderfontein open cut in Q1 2014.

Prodeco
Prodeco produced 5.2 million tonnes in Q1 2014, 4% higher than in the comparable prior year period. The increase
relates to the general expansion project at Prodeco, expected to increase production to c.21 million tonnes per annum.

Cerrejón
Cerrejón production was 2.9 million tonnes, an increase of 93%, relating to the loss of 32 days production in Q1 2013
due to a strike.

Oil E&P assets
Oil E&P production was 7.4 million barrels of gross oil production, a 37% increase over the comparable period (net
entitlement up 48%). The increase relates to new production from the Alen (Equatorial Guinea) and Badila (Chad) fields
that started production at the end of June and September 2013 respectively, offset by Aseng (Equatorial Guinea) coming
off plateau mid-2013.

Agricultural Products

Processing/ production data
                                      2014    2013   Change
                                        Q1      Q1        %
Farming                         kt     232     352     (34)
Crushing                        kt   1,062     605       76
Long term toll agreement        kt      49      32       53
Biodiesel                       kt     172     143       20
Rice milling                    kt      36      35        3
Wheat milling                   kt     262     282      (7)
Sugarcane processing            kt       -       -     n.a.
Total agricultural products(1)  kt   1,813   1,449       25

(1) Malt and Pasta (acquired by Glencore as part of the acquisition of Viterra) are excluded, as these businesses have now been sold.

Selected average commodity prices
                                     2014    2013   Change
                                       Q1      Q1        %
S&P GSCI Agriculture Index            372     450     (17)
CBOT wheat price (US¢/bu)             617     739     (17)
CBOT corn no.2 price (US¢/bu)         452     716     (37)
CBOT soya beans (US¢/bu)            1,356   1,450      (6)
ICE cotton price (US¢/lb)              88      83        6
NYMEX sugar # 11 price (US¢/lb)        16      18     (11)

OPERATING HIGHLIGHTS

Agricultural products processed/produced 1.8 million tonnes in Q1 2014, 25% higher than during the comparable period.

The increase is mainly due to a 76% increase in crush volumes, relating primarily to Timbues in Argentine, which started
production in H2 2013.

Biodiesel volumes also increased, reflecting the improvement in the European biodiesel market, while farming volumes
decreased reflecting a reduction in the total land farmed.

No sugar cane was crushed during Q1 2014 or Q1 2013 reflecting the Brazilian sugar inter-crop period.

Appendix – Q1 2013 to Q1 2014

Metals and Minerals

Production from own sources – Total(1)
                                              2013     2013    2013    2013    2014     Change
                                                Q1       Q2      Q3      Q4      Q1   Q1 14 vs
                                                                                         Q1 13
                                                                                             %

Total Copper                           kt    307.7    350.3   412.9   425.8   381.9         24
Total Zinc                             kt    372.4    357.1   332.2   336.8   306.4       (18)
Total Lead                             kt     79.1     74.1    80.7    81.1    79.0          -
Total Nickel                           kt     26.3     26.8    22.5    22.8    22.3       (15)
Total Gold                             koz     224      254     278     267     234          4
Total Silver                           koz   9,583   10,178   9,652   9,843   8,768        (9)
Total Cobalt                           kt      3.9      5.2     5.6     4.7     4.6         18
Total Ferrochrome                      kt      260      301     332     345     335         29
Total Platinum                         koz      21       23      24      22      21          -
Total Palladium                        koz      12       12      14      12      12          -
Total Rhodium                          koz       4        4       4       3       4          -
Total Vanadium Pentoxide               mlb     5.6      4.2     6.1     5.7     5.5        (2)

Production from own sources – Copper assets(1)
                                                                                               2013    2013    2013    2013    2014     Change
                                                                                                 Q1      Q2      Q3      Q4      Q1   Q1 14 vs
                                                                                                                                         Q1 13
                                                                                                                                             %
African Copper (Katanga, Mutanda, Mopani, Sable)
Katanga                             Copper metal(2)                                 kt         28.6    31.7    34.5    41.4    31.6         10
                                    Cobalt                                          kt          0.3     0.7     0.8     0.5     0.5         67
Mutanda                             Copper metal(2)                                 kt         29.8    31.4    40.3    49.1    47.1         58
                                    Cobalt(3)                                       kt          2.8     3.6     3.8     3.5     3.3         18
Mopani                              Copper metal                                    kt         25.2    24.8    30.4    31.4    27.7         10
                                    Cobalt                                          kt            -       -       -       -       -       n.a.

African Copper - total production including third party feed
Mopani                              Copper metal                                    kt         48.9    53.6    55.9    53.6    48.5        (1)
                                    Cobalt                                          kt            -       -       -       -       -       n.a.
Sable                               Copper metal                                    kt          3.5     3.7     3.7     3.7     2.5       (29)
                                    Cobalt(3)                                       kt            -     0.1     0.1     0.2     0.1       n.a.

                                    Total Copper metal(2)                           kt         83.6    87.9   105.2   121.9   106.4         27
                                    Total Cobalt(3)                                 kt          3.1     4.3     4.6     4.0     3.8         23

Collahuasi4                         Copper metal                                    kt          3.4     3.7     3.0     2.4     2.3       (32)
                                    Copper in concentrates                          kt         26.0    34.1    60.6    62.4    50.0         92
                                    Silver in concentrates                          koz         327     420     663     807     675        106

Antamina5                           Copper in concentrates                          kt         26.1    36.1    43.4    43.9    34.2         31
                                    Zinc in concentrates                            kt         22.7    30.5    14.9    19.8    11.1       (51)
                                    Silver in concentrates                          koz         936   1,441   1,339   1,500   1,068         14

Other South America (Alumbrera, Lomas Bayas, Antapaccay/Tintaya, Punitaqui)
Alumbrera                           Copper in concentrates                          kt         22.8    26.0    26.0    34.8    26.1         14
                                    Gold in concentrates and in doré                koz          66      80      77      90      81         23
                                    Silver in concentrates and in doré              koz         209     409     350     177     180       (14)
Lomas Bayas                         Copper metal                                    kt         18.8    18.8    18.4    18.2    18.0        (4)
Antapaccay/Tintaya                  Copper metal                                    kt          3.6     4.2     4.1     0.3       -      (100)
                                    Copper in concentrates                          kt         34.2    33.5    39.9    31.4    37.3          9
                                    Gold in concentrates                            koz          19      19      30      11      12       (37)
                                    Silver in concentrates                          koz         236     242     280     188     220        (7)

                                                                                               2013    2013    2013    2013    2014    Change
                                                                                                 Q1      Q2      Q3      Q4      Q1    Q114vs
                                                                                                                                         Q113
                                                                                                                                            %

Punitaqui                            Copper in concentrates                         kt          2.8     2.5     3.3     3.2     3.3        18
                                     Silver in concentrates                         koz          30      22      24      25      21      (30)

Punitaqui - total production including third party feed
                                     Copper in concentrates                         kt          2.8     2.6     3.3     3.3     3.3        18
                                     Silver in concentrates                         koz          30      23      25      25      22      (27)


                                     Total Copper metal                             kt         22.4    23.0    22.5    18.5    18.0      (20)
                                     Total Copper in concentrates                   kt         59.8    62.0    69.2    69.4    66.7        12
                                     Total Gold in concentrates and in doré         koz          85      99     107     101      93         9
                                     Total Silver in concentrates and in doré       koz         475     673     654     390     421      (11)

Australia (Ernest Henry, Mount Isa, Cobar)
Ernest Henry mine,                   Copper anode                                   kt         37.7    51.2    55.0    57.2    54.6        45
Mt Isa mine and smelter              Copper in concentrates                         kt            -       -     2.9       -       -      n.a.
                                     Gold in anode                                  koz           8       8      16      18      15        88
                                     Gold in concentrates                           koz           -       -       1       -       -      n.a.
                                     Silver in anode                                koz         228     265     312     305     241         6
                                     Silver in concentrates                         koz           -       -       -      11       -      n.a.

Ernest Henry mine, Mount Isa mine and smelter - total production including third party feed
                                     Copper anode                                   kt         39.4    53.6    57.6    57.2    54.7        39
                                     Copper in concentrates                         kt            -       -     2.9       -       -      n.a.
                                     Gold in anode                                  koz           8      10      16      18      15        88
                                     Gold in concentrates                           koz           -       -       1       -       -      n.a.
                                     Silver in anode                                koz         228     265     312     305     241         6
                                     Silver in concentrates                         koz           -       -       -      11       -      n.a.

Cobar                                Copper in concentrates                         kt         11.2    11.4    11.5    11.5    12.6        13
                                     Silver in concentrates                         koz         102     116     103     107     113        11

                                     Total Copper in anode                          kt         37.7    51.2    55.0    57.2    54.6        45
                                     Total Copper in concentrates                   kt         11.2    11.4    14.4    11.5    12.6        13
                                     Total Gold                                     koz           8       8      17      18      15        88
                                     Total Silver                                   koz         330     381     415     423     354         7

Total Copper department
                                     Total Copper                                   kt        270.2   309.4   373.3   387.2   344.8        28
                                     Total Cobalt                                   kt          3.1     4.3     4.6     4.0     3.8        23
                                     Total Zinc                                     kt         22.7    30.5    14.9    19.8    11.1      (51)
                                     Total Gold                                     koz          93     107     124     119     108        16
                                     Total Silver                                   koz       2,068   2,915   3,071   3,120   2,518        22

Production from own sources – Zinc assets(1)
                                                                              2013    2013    2013    2013    2014      Change
                                                                                Q1      Q2      Q3      Q4      Q1    Q1 14 vs
                                                                                                                         Q1 13
                                                                                                                             %
Kazzinc
                                    Zinc metal                         kt     52.6    53.0    54.7    55.9    49.2         (6)
                                    Lead metal                         kt      8.2     7.4     7.0     7.2     7.4        (10)
                                    Copper metal                       kt     13.4    13.4    12.4    11.7    10.8        (19)
                                    Gold                               koz     131     146     154     148     126         (4)
                                    Silver                             koz   1,826   1,022   1,146   1,257   1,132        (38)

Kazzinc - total production including third party feed
                                    Zinc metal                         kt     72.2    75.0    76.1    77.1    75.3          4
                                    Lead metal                         kt     21.8    21.7    23.2    23.9    32.2         48
                                    Copper metal                       kt     15.1    16.0    15.0    16.3    15.4          2
                                    Gold                               koz     154     174     190     190     161          5
                                    Silver                             koz   4,310   4,772   5,000   4,599   5,014         16

Australia (Mount Isa, McArthur River)
Mount Isa                           Zinc in concentrates               kt     92.8   103.2   106.4   102.7   100.8          9
                                    Lead in concentrates               kt     35.5    39.0    46.5    46.8    47.2         33
                                    Silver in concentrates             koz   1,451   1,435   2,057   1,927   2,054         42
McArthur River                      Zinc in concentrates               kt     54.9    47.5    53.6    47.3    45.2       (18)
                                    Lead in concentrates               kt     11.9    11.4    11.6    10.9     9.3       (22)
                                    Silver in concentrates             koz     462     392     347     379     297       (36)


                                    Total Zinc in concentrates         kt    147.7   150.7   160.0   150.0   146.0        (1)
                                    Total Lead in concentrates         kt     47.4    50.4    58.1    57.7    56.5         19
                                    Total Silver in concentrates       koz   1,913   1,827   2,404   2,306   2,351         23

North America (Matagami/Perseverance, Kidd, Brunswick, CEZ Refinery)
Matagami/Perseverance               Zinc in concentrates               kt     21.4    18.0    15.1    20.0    17.9       (16)
                                    Copper in concentrates             kt      2.2     2.2     2.0     2.7     2.1        (5)
Kidd                                Zinc in concentrates               kt     20.9    19.3    13.6    14.0    10.1       (52)
                                    Copper in concentrates             kt      7.1     9.9    10.6     9.3    10.3         45
                                    Silver in concentrates             koz     903   1,153     606     572     385       (57)
Brunswick Mine                      Zinc in concentrates               kt     42.8     9.2       -       -       -      (100)
                                    Lead in concentrates               kt     11.1     2.4       -       -       -      (100)
                                    Copper in concentrates             kt      2.7     0.3       -       -       -      (100)
                                    Silver in concentrates             koz     657     658       -       -       -      (100)

                                    Total Zinc in concentrates         kt     85.1    46.5    28.7    34.0    28.0       (67)
                                    Total Lead in concentrates         kt     11.1     2.4       -       -       -      (100)
                                    Total Copper in concentrates       kt     12.0    12.4    12.6    12.0    12.4          3
                                    Total Silver in concentrates       koz   1,560   1,811     606     572     385       (75)

North America - total production including third party feed
Brunswick Mine                      Zinc in concentrates               kt     42.8    13.3       -       -       -      (100)
                                    Lead in concentrates               kt     11.1     3.5       -       -       -      (100)
                                    Copper in concentrates             kt      2.7     0.3       -       -       -      (100)
                                    Silver in concentrates             koz     657     745       -       -       -      (100)
Brunswick Smelter                   Lead metal                         kt     18.0    18.0    19.2    20.1    18.7          4
                                    Silver metal                       koz   3,471   4,022   4,098   4,555   3,120       (10)
CEZ Refinery(6)                     Zinc metal                         kt     17.1    17.1    15.3    16.8    14.9       (13)

                                                                                  2013    2013    2013    2013    2014     Change
                                                                                    Q1      Q2      Q3      Q4      Q1   Q1 14 vs
                                                                                                                            Q1 13
                                                                                                                                %
Other Zinc (AR Zinc, Los Quenuales, Sinchi Wayra, Illapa, Rosh Pinah, Perkoa)(7)
                                  Zinc metal                            kt         6.5     9.5     7.5     6.2     1.9       (71)
                                  Zinc in concentrates                  kt        57.8    66.9    66.4    70.9    70.2         21
                                  Lead metal                            kt         2.1     2.8     3.1     3.0     2.4         14
                                  Lead in concentrates                  kt        10.3    11.1    12.5    13.2    12.7         23
                                  Copper in concentrates                kt         0.5     0.3     0.7     0.6     0.8         60
                                  Silver metal                          koz        147     177     161     185     133       (10)
                                  Silver in concentrates                koz      2,069   2,426   2,264   2,403   2,249          9

Other Zinc - total production including third party feed
                                  Zinc metal                            kt         7.0    10.5    10.9     9.5     2.4       (66)
                                  Zinc in concentrates                  kt        57.8    66.9    66.4    70.9    70.2         21
                                  Lead metal                            kt         2.1     2.8     3.1     3.0     2.4         14
                                  Lead in concentrates                  kt        10.3    11.1    12.5    13.2    12.7         23
                                  Copper in concentrates                kt         0.5     0.3     0.7     0.6     0.8         60
                                  Silver metal                          koz        147     177     161     185     133       (10)
                                  Silver in concentrates                koz      2,069   2,426   2,264   2,403   2,249          9
Total Zinc department
                                  Total Zinc                            kt       349.7   326.6   317.3   317.0   295.3       (16)
                                  Total Lead                            kt        79.1    74.1    80.7    81.1    79.0          -
                                  Total Copper                          kt        25.9    26.1    25.7    24.3    24.0        (7)
                                  Total Gold                            koz        131     146     154     148     126        (4)
                                  Total Silver                          koz      7,515   7,263   6,581   6,723   6,250       (17)

Production from own sources – Nickel assets(1)
                                                                                  2013   2013   2013   2013   2014     Change
                                                                                    Q1     Q2     Q3     Q4     Q1   Q1 14 vs
                                                                                                                        Q1 13
                                                                                                                            %
Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)
                                   Total Nickel metal                        kt   12.3   11.3   10.1   13.4   13.3          8
                                   Total Nickel in concentrates              kt    0.2    0.1    0.1    0.1    0.2          -
                                   Total Copper metal                        kt    4.4    4.2    3.7    4.4    3.8       (14)
                                   Total Copper in concentrates              kt    7.1   10.5   10.1    9.9    9.3         31
                                   Total Cobalt metal                        kt    0.1    0.2    0.2    0.2    0.2        100

Integrated Nickel Operations - total production including third party feed
                                   Total Nickel metal                        kt   22.3   22.5   23.0   23.2   21.7        (3)
                                   Total Nickel in concentrates              kt    0.2    0.2    0.1    0.2    0.2          -
                                   Total Copper metal                        kt    9.4    9.0    9.2    9.9    8.7        (7)
                                   Total Copper in concentrates              kt    8.6   12.9   12.5   12.3   11.7         36
                                   Total Cobalt metal                        kt    0.8    0.8    0.8    1.0    0.8          -

Australia (Murrin Murrin, XNA)
                                   Total Nickel metal                        kt    8.7   10.4    9.3    7.5    7.8       (10)
                                   Total Nickel in concentrates              kt    1.4    1.7    1.0      -      -      (100)
                                   Total Copper in concentrates              kt    0.1    0.1    0.1      -      -      (100)
                                   Total Cobalt metal                        kt    0.6    0.7    0.8    0.5    0.6          -
                                   Total Cobalt in concentrates              kt    0.1      -      -      -      -      (100)

Australia - total production including third party feed
                                   Total Nickel metal                        kt    9.6   11.6   11.2    8.9    9.4        (2)
                                   Total Nickel in concentrates              kt    1.4    1.7    1.0      -      -      (100)
                                   Total Copper in concentrates              kt    0.1    0.1    0.1      -      -      (100)
                                   Total Cobalt metal                        kt    0.6    0.8    0.8    0.5    0.6          -
                                   Total Cobalt in concentrates              kt    0.1      -      -      -      -      (100)

Falcondo                           Nickel in ferronickel                     kt    3.7    3.3    2.0    0.4      -      (100)

Koniambo                           Nickel in ferronickel                     kt      -      -      -    1.4    1.0       n.a.

Total Nickel department
                                   Total Nickel                              kt   26.3   26.8   22.5   22.8   22.3       (15)
                                   Total Copper                              kt   11.6   14.8   13.9   14.3   13.1         13
                                   Total Cobalt                              kt    0.8    0.9    1.0    0.7    0.8          -

Production from own sources – Ferroalloys assets(1)
                                                      2013   2013   2013   2013   2014     Change
                                                        Q1     Q2     Q3     Q4     Q1   Q1 14 vs
                                                                                            Q1 13
                                                                                                %

Ferrochrome(8)                                  kt     260    301    332    345    335         29

PGM(9)               Platinum                   koz     21     23     24     22     21          -
                     Palladium                  koz     12     12     14     12     12          -
                     Rhodium                    koz      4      4      4      3      4          -
                     Gold                       koz      -      1      -      -      -       n.a.
                     4E                         koz     37     40     42     37     37          -

Vanadium Pentoxide                              mlb    5.6    4.2    6.1    5.7    5.5        (2)

Total production – Custom metallurgical assets(1)
                                                                    2013    2013    2013    2013    2014     Change
                                                                      Q1      Q2      Q3      Q4      Q1   Q1 14 vs
                                                                                                              Q1 13
                                                                                                                  %
Copper (Altonorte, Townsville, Pasar, Horne, CCR)
                               Copper metal                   kt   182.4   191.3   197.5   179.4   153.7       (16)
                               Copper anode                   kt   129.4   127.6   129.2   128.3   125.0        (3)

Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
                               Zinc metal                     kt   191.4   181.3   181.3   191.0   193.6          1
                               Lead metal                     kt    47.4    31.2    43.1    52.5    48.5          2
                               Silver                         koz  2,036   1,244   2,162   2,428   2,342         15

Ferroalloys
                               Ferromanganese                 kt      29      23      24      23      30          5
                               Silicon Manganese              kt      20      22      24      26      26         31

Aluminium (Sherwin Alumina)
                               Alumina                        kt     384     393     410     419     385          -

(1)   Controlled industrial assets and joint ventures 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 operates 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)
                                             2013   2013   2013   2013   2014    Change
                                               Q1     Q2     Q3     Q4     Q1  Q1 14 vs
                                                                                  Q1 13
                                                                                      %

Australian coking coal                  mt    1.8    2.2    1.6    1.7    1.5      (17)
Australian semi-soft coal               mt    1.1    1.2    1.0    1.2    0.9      (18)
Australian thermal coal (export)        mt   11.0   12.3   13.7   11.1   11.8         7
Australian thermal coal (domestic)      mt    1.6    1.0    1.3    1.2    1.4      (13)
South African thermal coal (export)     mt    4.9    4.9    5.3    5.5    5.0         2
South African thermal coal (domestic)   mt    5.8    5.9    6.1    5.1    5.4       (7)
Prodeco                                 mt    5.0    4.6    4.6    4.4    5.2         4
Cerrejón(2)                             mt    1.5    3.0    3.2    3.3    2.9        93
Total Coal department                   mt   32.7   35.1   36.8   33.5   34.1         4

(1) Controlled industrial assets and joint ventures only. Production is on a 100% basis except for joint ventures, 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    2013    2013    2013    2014     Change
                                                Q1      Q2      Q3      Q4      Q1   Q1 14 vs
                                                                                        Q1 13
                                                                                            %
Gross basis 
Equatorial Guinea                     kbbl   5,386   4,556   5,862   6,113   6,304         17
Chad                                  kbbl       -       -       -     619   1,067       n.a.
Total Oil department                  kbbl   5,386   4,556   5,862   6,732   7,371         37


Glencore entitlement interest basis
Equatorial Guinea                     kbbl   1,139   1,020   1,246   1,394   1,368         20
Chad                                  kbbl       -       -       -     186     321       n.a.
Total Oil department                  kbbl   1,139   1,020   1,246   1,580   1,689         48

Agricultural Products
Processing/ production data
                                              2013    2013    2013    2013    2014     Change
                                                Q1      Q2      Q3      Q4      Q1   Q1 14 vs
                                                                                        Q1 13
                                                                                            %

Farming                                  kt    352      33     262     236     232       (34)
Crushing                                 kt    605     943   1,128     966   1,062         76
Long term toll agreement                 kt     32     257     151     101      49         53
Biodiesel                                kt    143     109     181     191     172         20
Rice milling                             kt     35      85      83      70      36          3
Wheat milling                            kt    282     273     299     267     262        (7)
Sugarcane processing                     kt      -     509     933     809       -       n.a.
Total Agricultural products(1)           kt  1,449   2,209   3,037   2,640   1,813         25

(1) Malt and Pasta (acquired by Glencore as part of the acquisition of Viterra) are excluded, as these businesses have now been sold.

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 in the “Principal risks and uncertainties” section of GlencoreXstrata's Annual
Report 2013.

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 and the Listing Requirements of the Johannesburg Stock Exchange 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)


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