Wrap Text
GLN - IMS & Third Quarter 2014 Production Report
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, 4 November 2014
IMS & Third Quarter 2014 Production Report
Following completion of the Glencore Xstrata merger on 2 May 2013, production information for all periods covered in
this report has been presented on a combined basis.
Key Highlights:
– Own sourced copper production was up 8% to 1,149,000 tonnes, mainly driven by a 48% increase in production at
Mutanda, reflecting it running at 200,000 tonnes p.a. during 2014, following completion of the expansion project at
the end of 2013. Continued ramp-up at Katanga and higher production at Collahuasi also contributed to the
increase.
– Own sourced zinc production was 998,000 tonnes, down 6%, mainly relating to the closure of the Perseverance and
Brunswick mines in June 2013. During 2014, production has grown quarter-on-quarter, comprising the ramp-up at
Perkoa and the Australian expansions (McArthur River and Mount Isa). All of these projects are now progressively
being delivered with the major volume benefits expected to be felt in 2015.
– Own sourced nickel production was 75,000 tonnes, down 1%. The flat result includes the ramp-up at Koniambo and
strong growth in production at INO driven by higher grades at Raglan, offset by the impact of the Falcondo, Cosmos
and Sinclair mines which were placed into care and maintenance in 2013.
– Attributable own sourced ferrochrome production was up 5% to 939,000 tonnes, reflecting the higher operating
capacity (no Eskom power buy-back in 2014) and a ramp-up in production from the Lion 2 expansion project, which
is progressing to plan and expected to reach full capacity by mid-2015.
– Own sourced coal production was 111.4 million tonnes, up 7%, mainly related to higher production at Australia
thermal coal, driven by productivity improvements and the completion of various advanced stage expansion projects.
– Glencore entitlement oil production was 5.1 million barrels, up 50%, reflecting the commencement of production at
Alen (EG) and Badila (Chad) during 2013. Glencore’s Chad volumes increased as a result of the acquisition of
Caracal in July 2014.
– On 25 August 2014, the sale of the Frieda River copper project in Papua New Guinea was completed.
– On 20 October 2014, an agreement was concluded to sell the Sinclair nickel mine, subject to customary approvals.
– Marketing continues to perform in line with our plans.
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.glencore.com
All percentages refer to period on period growth unless otherwise specified.
Metals and Minerals
Production from own sources – Total(1)
YTD YTD Change
2014 2013 %
Total Copper kt 1,148.6 1,066.7 8
Total Zinc kt 997.7 1,061.7 (6)
Total Lead kt 223.3 233.9 (5)
Total Nickel kt 75.0 75.6 (1)
Total Gold koz 688 750 (8)
Total Silver koz 25,467 29,204 (13)
Total Cobalt kt 15.7 14.7 7
Total Ferrochrome kt 939 893 5
Total Platinum2 koz 67 68 (1)
Total Palladium2 koz 37 38 (3)
Total Rhodium2 koz 12 12 -
Total Vanadium Pentoxide mlb 15.2 15.9 (4)
Production from own sources – Copper assets(1)
YTD YTD Change
2014 2013 %
African Copper (Katanga, Mutanda, Mopani)
Total Copper metal(3) kt 344.3 276.7 24
Total Cobalt(4) kt 13.1 12.0 9
Collahuasi(5)
Copper metal kt 7.0 10.1 (31)
Copper in concentrates kt 147.4 120.7 22
Silver in concentrates koz 1,885 1,410 34
Antamina(6)
Copper in concentrates kt 88.1 105.6 (17)
Zinc in concentrates kt 51.8 68.1 (24)
Silver in concentrates koz 3,065 3,716 (18)
Other South America (Alumbrera, Lomas Bayas, Antapaccay, Punitaqui)
Total Copper metal kt 50.7 67.9 (25)
Total Copper in concentrates kt 207.4 191.0 9
Total Gold in concentrates and in doré koz 261 291 (10)
Total Silver in concentrates and in doré koz 1,388 1,802 (23)
Australia (Mount Isa, Ernest Henry, Townsville, Cobar)(7)
Total Copper metal kt 153.6 139.8 10
Total Copper in concentrates kt 35.2 36.9 (5)
Total Gold koz 46 27 70
Total Silver koz 1,043 917 14
Total Copper department
Total Copper kt 1,033.7 948.7 9
Total Cobalt kt 13.1 12.0 9
Total Zinc kt 51.8 68.1 (24)
Total Gold koz 307 318 (3)
Total Silver koz 7,381 7,845 (6)
Metals and Minerals
Production from own sources – Zinc assets(1)
YTD YTD Change
2014 2013 %
Kazzinc
Zinc metal kt 147.0 160.3 (8)
Lead metal kt 18.2 22.6 (19)
Copper metal kt 34.5 39.2 (12)
Gold koz 380 431 (12)
Silver koz 3,095 3,994 (23)
Australia (Mount Isa, McArthur River)
Total Zinc in concentrates kt 460.6 458.4 -
Total Lead in concentrates kt 157.4 155.9 1
Total Silver in concentrates koz 5,953 6,144 (3)
North America (Matagami, Kidd, Brunswick)
Total Zinc in concentrates kt 101.3 160.3 (37)
Total Lead in concentrates kt - 13.5 (100)
Total Copper in concentrates kt 36.2 37.0 (2)
Total Silver in concentrates koz 1,354 3,977 (66)
Other Zinc (AR Zinc, Los Quenuales, Sinchi Wayra, Rosh Pinah, Perkoa)
Zinc metal kt 18.2 23.5 (23)
Zinc in concentrates kt 218.8 191.1 14
Lead metal kt 8.5 8.0 6
Lead in concentrates kt 39.2 33.9 16
Copper in concentrates kt 2.3 1.5 53
Silver metal koz 440 485 (9)
Silver in concentrates koz 7,244 6,759 7
Total Zinc department
Total Zinc kt 945.9 993.6 (5)
Total Lead kt 223.3 233.9 (5)
Total Copper kt 73.0 77.7 (6)
Total Gold koz 380 431 (12)
Total Silver koz 18,086 21,359 (15)
Metals and Minerals
Production from own sources – Nickel assets(1)
YTD YTD Change
2014 2013 %
Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)
Total Nickel metal kt 38.8 33.7 15
Total Nickel in concentrates kt 0.4 0.4 -
Total Copper metal kt 11.9 12.3 (3)
Total Copper in concentrates kt 30.0 27.7 8
Total Cobalt metal kt 0.6 0.5 20
Australia (Murrin Murrin, XNA)
Total Nickel metal kt 27.2 28.4 (4)
Total Nickel in concentrates kt - 4.1 (100)
Total Copper in concentrates kt - 0.3 (100)
Total Cobalt metal kt 2.0 2.1 (5)
Total Cobalt in concentrates kt - 0.1 (100)
Falcondo Nickel in ferronickel kt - 9.0 (100)
Koniambo Nickel in ferronickel kt 8.6 - n.m.
Total Nickel department
Total Nickel kt 75.0 75.6 (1)
Total Copper kt 41.9 40.3 4
Total Cobalt kt 2.6 2.7 (4)
Production from own sources – Ferroalloys assets(1)
YTD YTD Change
2014 2013 %
Ferrochrome(8) kt 939 893 5
PGM(9) Platinum koz 67 68 (1)
Palladium koz 37 38 (3)
Rhodium koz 12 12 -
Gold koz 1 1 -
4E koz 117 119 (2)
Vanadium Pentoxide mlb 15.2 15.9 (4)
Metals and Minerals
Total production – Custom metallurgical assets(1)
YTD YTD Change
2014 2013 %
Copper (Altonorte, Pasar, Horne, CCR)
Copper metal kt 316.0 364.1 (13)
Custom copper anode kt 367.0 386.2 (5)
Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
Zinc metal kt 585.7 554.0 6
Lead metal kt 137.6 121.7 13
Silver koz 7,376 5,442 36
Ferroalloys
Ferromanganese kt 87 76 14
Silicon Manganese kt 80 66 21
Aluminium (Sherwin Alumina)
Alumina kt 1,091 1,187 (8)
1 Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated.
2 Relating to the PGM business within Ferroalloys only.
3 Copper metal includes copper contained in copper concentrates and blister.
4 Cobalt contained in concentrates and hydroxides.
5 The Group’s pro-rata share of Collahuasi production (44%).
6 The Group’s pro-rata share of Antamina production (33.75%).
7 Townsville copper cathode production is included in Australia copper (previously in custom metallurgical assets) reflecting how this asset is managed.
8 The Group’s 79.5% share of the Glencore-Merafe Chrome Venture.
9 Consolidated 100% of Eland and 50% of Mototolo.
Metals and Minerals
Selected average commodity prices
YTD YTD Change
2014 2013 %
S&P GSCI Industrial Metals Index 350 358 (2)
LME (cash) copper price ($/t) 6,944 7,384 (6)
LME (cash) zinc price ($/t) 2,139 1,910 12
LME (cash) lead price ($/t) 2,128 2,148 (1)
LME (cash) nickel price ($/t) 17,242 15,392 12
Gold price ($/oz) 1,288 1,459 (12)
Silver price ($/oz) 20 25 (20)
Metal Bulletin cobalt price 99.3% ($/lb) 14 12 17
LME (cash) aluminium price ($/t) 1,835 1,872 (2)
Metal Bulletin alumina price ($/t) 322 329 (2)
Metal Bulletin ferrochrome 6-8% C basis 60% Cr, max 1.5% Si (¢/lb) 106 99 7
Platinum price ($/oz) 1,437 1,517 (5)
Iron ore (Platts 62% CFR North China) price ($/DMT) 104 135 (23)
OPERATING HIGHLIGHTS
Copper assets
Total own sourced copper production was 1,148,600 tonnes, 8% (81,900 tonnes) higher than the comparable period.
The growth in copper production mainly relates to the ramp-up at Mutanda and Katanga and higher production at
Collahuasi following the restart of the SAG mill mid-2013.
African copper
African copper production was 344,300 tonnes, up 24% (67,600 tonnes) over the comparable period. The increase
comprises a 48% increase at Mutanda to 150,600 tonnes, reflecting it running at 200,000 tonnes p.a. during 2014,
following completion of the expansion project at the end of 2013 and continuation of the expansion project at Katanga, up
22% to 115,200 tonnes. The expansion at Katanga is expected to continue as the Phase V project is completed and
further operational improvements, including adding some additional back-up power generator capacity, are implemented.
Cobalt production was 13,100 tonnes, 9% higher than the comparable period and relates to the expansion at Mutanda.
Collahuasi
The group’s share of Collahuasi copper production was 154,400 tonnes, up 18% (23,600 tonnes) over the comparable
period, reflecting the restart of the SAG mill mid-2013 and higher head grades. The 2014 grades are however lower than
those processed during H2 2013 and reflect planned changes as the mine plan is delivered.
Antamina
The group’s share of Antamina copper production was 88,100 tonnes, 17% (17,500 tonnes) below the comparable
period. The decline reflects planned lower grades and recoveries relating to the processing of long term stock piles and
transitional ore, in part offset by higher milled volumes due to improved plant availability.
Zinc production was 51,800 tonnes, down 24% (16,300 tonnes) over the comparable period, relating to the mining of
lower grade zinc areas.
Other South America
Copper production from Other South America was 258,100 tonnes, in line with the comparable period. There was a 20%
(21,600 tonnes) increase in copper in concentrate at Antapaccay driven by higher milling rates and improved recoveries,
offset by cessation of Tintaya SX/EW cathode production in 2013 (11,900 tonnes), a 9% (5,300 tonnes) reduction in
cathode production at Lomas Bayas, due to processing constraints at the plant and a 7% (5,200 tonnes) reduction in
copper production at Alumbrera, due to a geo-technical event that restricted pit access, during which time, long term
stockpiles with lower grades were processed.
Gold production was 261,000 oz, down 10% over the comparable period, reflecting expected lower head grades at
Antapaccay and the processing of long term stockpiles at Alumbrera, as noted above.
Australia
Australia copper production was 188,800 tonnes, 7% (12,100 tonnes) higher than the comparable period, relating to
higher own sourced cathode output from the Townsville refinery, due to increased production of own sourced
concentrates, primarily from Ernest Henry mine, having successfully completed its recent expansion.
Gold production was 46,000 oz, up 70% over the comparable period. The increase relates to higher grades and the
treatment of more Ernest Henry material (higher gold content) than in 2013.
Custom metallurgical assets
Custom copper cathode production was 316,000 tonnes, 13% (48,100 tonnes) lower than the comparable period. The
reduction mainly relates to the damage caused at Pasar by typhoon Haiyan, which resulted in the plant being closed for
most of Q1 2014.
Custom copper anode production was 367,000 tonnes, 5% (19,200 tonnes) lower than the comparable period. The
reduction relates to lower production at Altonorte on account of a scheduled maintenance shut brought forward from
2015.
Zinc assets
Total own sourced zinc production was 997,700 tonnes, 6% (64,000 tonnes) lower than the comparable period. The
reduction relates to the end of mine closure of the Perseverance and Brunswick mines in June 2013 and, to a lesser
extent, expected grade driven reductions at Antamina and prioritisation of some third party material processing at
Kazzinc, offset by higher production at Perkoa, reflecting the start-up of production in April 2013.
Total own sourced lead production was 223,300 tonnes, 5% (10,600 tonnes) lower than the comparable period. The
reduction reflects the closure of the Brunswick mine (13,500 tonnes), offset by higher production at AR Zinc, due to
higher milling capacity and head grades.
Kazzinc
Zinc production from own sources was 147,000 tonnes, 8% (13,300 tonnes) lower than the comparable period. The
reduction relates to a decision to opportunistically process more third party sulphide material, in preference to own
source oxide materials. Total zinc production (including third party) was 227,300 tonnes, 2% higher than the comparable
period.
Gold production from own sources was 380,000 oz, 12% lower than the comparable period, due to the decision to treat
less own sourced concentrates and more third party precious metal containing material and slightly lower head grades.
Total gold production (including third party material) was 489,000 oz, 6% lower than the comparable period, mainly due
to an increase in work-in-progress at the refinery, which will be available for refining in future periods.
Lead production from own sources was 18,200 tonnes, down 19% over the comparable period, due to the treatment of
less work-in-progress at the smelters in 2014 (compared to 2013) and an expected reduction in head grades. Total lead
production (including third party material) was 94,500 tonnes, 42% higher than the comparable period and reflects the
increased output of the new Isa lead smelter.
Copper production from own sources was 34,500 tonnes, 12% lower than the comparable period, while some repairs
were being made to the anode furnace. Total copper production was similarly impacted, down 9% at 42,100 tonnes.
Australia
Australia zinc production was 460,600 tonnes, in line with the comparable period. The flat production includes growth at
the Lady Loretta mine (Mount Isa), a current successful expansion project, offset by slightly lower production at McArthur
River, a temporary situation, in the midst of undertaking the Phase 3 expansion to double ore production from 2.5 million
to 5 million tonnes p.a.
Australia lead production was 157,400 tonnes, slightly higher than the comparable period, reflecting the expansion at the
Lady Loretta mine.
North America
North America zinc production was 101,300 tonnes, down 37% (59,000 tonnes) over the comparable period. The
reduction reflects the lost production from the closure of the Perseverance and Brunswick mines in June 2013 (91,600
tonnes), offset by the ramp-up of the Bracemac Mcleod mine, which produced 55,900 tonnes of zinc during the period.
North America produced no lead during the period, following the closure of the Brunswick mine.
Other Zinc
The Other Zinc asset group produced 237,000 tonnes of own sourced zinc, 10% (22,400 tonnes) higher than the
comparable period, due to the ramp-up of Perkoa, which started production in April 2013.
Own sourced lead production was 47,700 tonnes, 14% (5,800 tonnes) higher than the comparable period, mainly relating
to AR Zinc lead concentrate production, which increased due to higher milling capacity and head grades.
European custom metallurgical assets
Custom zinc and lead production were 585,700 tonnes and 137,600 tonnes, up 6% and 13% respectively. The increases
mainly relate to Portovesme, which benefited from restart of the lead Kivcet plant and commissioning of the zinc SX plant
during 2013.
Nickel assets
Total own sourced nickel production was 75,000 tonnes, slightly down on the comparable period. The year-to-date
production includes the benefit of the ramp-up at Koniambo (8,600 tonnes) and strong production at INO (up 15%) due to
higher grades at the Raglan mine, offset by the impact of the Falcondo, Cosmos and Sinclair mines which were placed
into care and maintenance during 2013 (13,100 tonnes). An agreement to sell the Sinclair mine was signed in October
2014, subject to customary regulatory approvals.
Integrated Nickel Operations (“INO”)
INO own sourced nickel production was 39,200 tonnes, 15% (5,100 tonnes) higher than the comparable period. The
increase reflects strong production growth from the Raglan mine, mainly driven by higher grades. Total nickel production
(including third party material) was 68,000 tonnes, broadly in line with the comparable period and reflects the consistent
production levels at the Nikkelverk refinery.
INO own sourced copper production was 41,900 tonnes, 5% (1,900 tonnes) higher than the comparable period. The
increase reflects a planned maintenance shut of the Strathcona mill in Q1 2013, which reduced the quantity of copper
produced during that period.
Australia
Australia produced 27,200 tonnes of own sourced nickel, down 16% (5,300 tonnes). The reduction reflects the lost
production from the Cosmos and Sinclair mines which are now in care and maintenance and, to a lesser extent, a
decline in Murrin Murrin’s average head grades.
Total nickel production (including third party material) at Murrin Murrin was 32,900 tonnes, up 2% over the comparable
period, reflecting strong and consistent plant availability.
Koniambo
Koniambo produced 8,600 tonnes of nickel in ferronickel, as the operation continues the process of testing and ramp-up.
Ferroalloys assets
Ferrochrome
Attributable ferrochrome production was 939,000 tonnes, 5% higher than the comparable period. The increase reflects
the non-recurring Eskom power buy-back program that occurred during 2013 and the ramp up of Lion phase 2. Q3
production was restricted by planned maintenance at certain furnaces during the high electricity tariff winter months of
July and August.
The Lion phase 2 project is progressing to plan and is expected to reach full capacity by the middle of 2015.
Platinum Group Metals (“PGM”)
PGM production was 117,000 oz, broadly consistent with the comparable period.
Vanadium
Vanadium pentoxide production was 15.2 million lbs, down 4% over the comparable period, relating to a planned longer
annual maintenance shut.
Manganese
Total manganese production (ferromanganese and silicon manganese) production was 167,000 tonnes, 18% higher than
the comparable period. The higher production is consistent with the trend seen at the half year, where efficiency
improvements increased throughput in Norway (silicon manganese) and higher demand drove increased production in
France (ferromanganese).
Aluminium assets
Sherwin Alumina
Sherwin produced 1.1 million tonnes of alumina, 8% lower than the comparable period. The reduction primarily reflects
the decision to temporarily curtail one of the five digestion units in June, as a result of weak market conditions for Atlantic
alumina.
Energy Products
Production from own sources
Coal assets(1)
YTD YTD Change
2014 2013 %
Australian coking coal mt 4.6 5.6 (18)
Australian semi-soft coal mt 2.5 3.3 (24)
Australian thermal coal (export) mt 42.4 37.0 15
Australian thermal coal (domestic) mt 4.2 3.9 8
South African thermal coal (export) mt 17.4 15.1 15
South African thermal coal (domestic) mt 17.0 17.8 (4)
Prodeco mt 15.1 14.2 6
Cerrejón(2) mt 8.2 7.7 6
Total Coal department mt 111.4 104.6 7
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
YTD YTD Change
2014 2013 %
Gross basis
Equatorial Guinea kbbl 18,168 15,804 15
Chad kbbl 2,958 - n.m.
Total Oil department kbbl 21,126 15,804 34
Glencore entitlement interest basis
Equatorial Guinea kbbl 3,805 3,405 12
Chad kbbl 1,311 - n.m.
Total Oil department kbbl 5,116 3,405 50
Selected average commodity prices
YTD YTD Change
2014 2013 %
S&P GSCI Energy Index 333 333 -
Coal API4 ($/t) 74 80 (8)
Coal McCloskey Newcastle (6,000 kcal NAR) ($/t) 73 85 (14)
Australian coking coal average realised export price ($/t) 120 147 (18)
Australian semi-soft coal average realised export price ($/t) 96 115 (17)
Australian thermal coal average realised export price ($/t) 73 84 (13)
Australian thermal coal average realised domestic price ($/t) 32 48 (33)
South African thermal coal average realised export price ($/t) 70 78 (10)
South African thermal coal average realised domestic price ($/t) 23 26 (12)
Prodeco (Colombia) thermal coal average realised export price ($/t) 77 84 (8)
Cerrejón (Colombia) thermal coal average realised export price ($/t) 67 73 (8)
Oil price – Brent ($/bbl) 107 108 (1)
OPERATING HIGHLIGHTS
Coal assets
Total coal production was 111.4 million tonnes, 7% higher than the comparable period. The increase mainly relates to
higher production at Australia thermal coal, reflecting productivity improvements and the delivery of various advanced
stage expansion projects.
Australian coking
Australian coking coal production was 4.6 million tonnes, 18% lower than the comparable period. The reduction relates to
cost reduction initiatives that resulted in mine plan / roster changes at Newlands, Oaky Creek and Collinsville, and the
impact of mining through a fault at Oaky North.
Australian thermal and semi-soft
Australian thermal and semi-soft production was 49.1 million tonnes, 11% higher than the comparable period. The
increase reflects the commencement of longwall operations at Ulan West and productivity improvements at the Bulga
complex. Expansion projects at Ravensworth North and Rolleston also contributed to the increase.
South African thermal
South African thermal coal production was 34.4 million tonnes, 5% higher than the comparable period. The increase
principally reflects opening of the Wonderfontein open cut mine in Q1 2014, inclusion of the Hlagisa open cut mine for a
full year in 2014 and the benefits of productivity improvements at the Tweefontein underground operations. These
increases were tempered by the closure of certain higher cost mines.
Prodeco
Prodeco production was 15.1 million tonnes, up 6% on the comparable period. The higher production relates to growth at
the Calenturitas mine through increased equipment utilisation, lower strip ratio and reduced rainfall.
Cerrejón
The group’s share of Cerrejón production was 8.2 million tonnes, 6% higher than the comparable period and mainly
relates to the impact of the 32 day strike that occurred in Q1 2013.
Oil assets
Gross oil production was 21.1 million barrels, 34% higher than the comparable period. The increase relates to the
commencement of production at Alen (Equatorial Guinea) in June 2013 and Badila (Chad) in September 2013.
The higher increase in Glencore’s share of production (up 50% to 5.1 million tonnes) reflects completion of the Caracal
acquisition in July 2014, which increased our stake in the Chad assets.
Agricultural Products
Processing / production data
YTD YTD Change
2014 2013 %
Farming kt 572 647 (12)
Crushing kt 4,193 2,676 57
Long term toll agreement kt 206 440 (53)
Biodiesel kt 552 433 27
Rice milling kt 200 203 (1)
Wheat milling kt 782 854 (8)
Sugarcane processing kt 1,815 1,442 26
Total agricultural products kt 8,320 6,695 24
Selected average commodity prices
YTD YTD Change
2014 2013 %
S&P GSCI Agriculture Index 361 415 (13)
CBOT wheat price (US¢/bu) 599 694 (14)
CBOT corn no.2 price (US¢/bu) 430 630 (32)
CBOT soya beans (US¢/bu) 1324 1,442 (8)
ICE cotton price (US¢/lb) 81 84 (4)
NYMEX sugar # 11 price (US¢/lb) 17 17 -
OPERATING HIGHLIGHTS
The agricultural segment processed / produced 8.3 million tonnes, up 24% over the comparable period. The increase in
volumes mainly relates to the higher crush volumes at Timbues as it continues to ramp up and the impact of an
increased ownership in this asset to 50% from 33%.
In addition, there were higher sugar cane crush volumes relating to the expansion (including additional planting) at Rio
Vermelho and increased biodiesel production in response to improving margins, specifically in Europe.
Appendix – Q3 2013 to Q3 2014
Metals and Minerals
Production from own sources – Total(1)
Change
Q3 Q4 Q1 Q2 Q3 YTD YTD YTD 14 vs
2013 2013 2014 2014 2014 2014 2013 YTD 13
%
Total Copper kt 413.1 426.1 385.6 371.7 391.3 1,148.6 1,066.7 8
Total Zinc kt 332.2 336.8 306.4 344.0 347.3 997.7 1,061.7 (6)
Total Lead kt 80.7 81.1 79.0 69.9 74.4 223.3 233.9 (5)
Total Nickel kt 22.5 22.8 22.3 26.8 25.9 75.0 75.6 (1)
Total Gold koz 275 267 237 221 230 688 750 (8)
Total Silver koz 9,549 9,837 8,791 7,915 8,761 25,467 29,204 (13)
Total Cobalt kt 5.6 4.7 4.6 5.2 5.9 15.7 14.7 7
Total Ferrochrome kt 332 345 335 317 287 939 893 5
Total Platinum(2) koz 24 22 21 22 24 67 68 (1)
Total Palladium(2) koz 14 12 12 12 13 37 38 (3)
Total Rhodium(2) koz 4 3 4 4 4 12 12 -
Total Vanadium Pentoxide mlb 6.1 5.7 5.5 4.2 5.5 15.2 15.9 (4)
Production from own sources – Copper assets(1)
Change
Q3 Q4 Q1 Q2 Q3 YTD YTD YTD 14 vs
2013 2013 2014 2014 2014 2014 2013 YTD 13
%
African Copper (Katanga, Mutanda, Mopani, Sable)
Katanga Copper metal(3) kt 34.5 41.4 31.6 41.0 42.6 115.2 94.8 22
Cobalt kt 0.8 0.5 0.5 0.5 0.9 1.9 1.8 6
Mutanda Copper metal(3) kt 40.3 49.1 47.1 51.5 52.0 150.6 101.5 48
Cobalt(4) kt 3.8 3.5 3.3 3.8 4.1 11.2 10.2 10
Mopani Copper metal kt 30.4 31.4 27.7 13.4 37.4 78.5 80.4 (2)
African Copper - total production including third party feed
Mopani Copper metal kt 55.9 53.6 48.5 31.9 51.8 132.2 158.4 (17)
Sable Copper metal kt 3.7 3.7 2.5 1.3 1.1 4.9 10.9 (55)
Cobalt(3) kt 0.1 0.2 0.1 0.2 0.1 0.4 0.2 100
Total Copper metal(3) kt 105.2 121.9 106.4 105.9 132.0 344.3 276.7 24
Total Cobalt(4) kt 4.6 4.0 3.8 4.3 5.0 13.1 12.0 9
Collahuasi(5) Copper metal kt 3.0 2.4 2.3 2.0 2.7 7.0 10.1 (31)
Copper in concentrates kt 60.6 62.4 50.0 51.6 45.8 147.4 120.7 22
Silver in concentrates koz 663 807 675 680 530 1,885 1,410 34
Antamina(6) Copper in concentrates kt 43.4 43.9 34.2 27.2 26.7 88.1 105.6 (17)
Zinc in concentrates kt 14.9 19.8 11.1 16.0 24.7 51.8 68.1 (24)
Silver in concentrates koz 1,339 1,500 1,068 937 1,060 3,065 3,716 (18)
Other South America (Alumbrera, Lomas Bayas, Antapaccay, Punitaqui)
Alumbrera Copper in concentrates kt 26.0 34.8 26.1 23.3 20.2 69.6 74.8 (7)
Gold in concentrates and in doré koz 77 90 81 65 61 207 223 (7)
Silver in concentrates and in doré koz 350 177 180 179 156 515 968 (47)
Lomas Bayas Copper metal kt 18.4 18.2 18.0 17.3 15.4 50.7 56.0 (9)
Antapaccay Copper metal kt 4.1 0.3 - - - - 11.9 (100)
Copper in concentrates kt 39.9 31.4 37.3 46.0 45.9 129.2 107.6 20
Gold in concentrates koz 30 11 12 18 24 54 68 (21)
Silver in concentrates koz 280 188 220 301 293 814 758 7
Q3 Q4 Q1 Q2 Q3 YTD YTD Change
2013 2013 2014 2014 2014 2014 2013 YTD 14 vs
YTD 13
%
Punitaqui Copper in concentrates kt 3.3 3.2 3.3 2.6 2.7 8.6 8.6 -
Silver in concentrates koz 24 25 21 18 20 59 76 (22)
Punitaqui - total production including third party feed
Copper in concentrates kt 3.3 3.3 3.3 2.6 2.8 8.7 8.7 -
Silver in concentrates koz 25 25 22 18 20 60 78 (23)
Total Copper metal kt 22.5 18.5 18.0 17.3 15.4 50.7 67.9 (25)
Total Copper in concentrates kt 69.2 69.4 66.7 71.9 68.8 207.4 191.0 9
Total Gold in concentrates and in doré koz 107 101 93 83 85 261 291 (10)
Total Silver in concentrates and in doré koz 654 390 421 498 469 1,388 1,802 (23)
Australia (Mount Isa, Ernest Henry, Townsville, Cobar)(7)
Mount Isa, Ernest Henry, Copper metal kt 55.4 57.5 58.3 50.5 44.8 153.6 139.8 10
Townsville Copper in concentrates kt 2.7 - - - - - 2.8 (100)
Gold koz 13 18 18 17 11 46 26 77
Gold in concentrates koz 1 - - - - - 1 (100)
Silver koz 209 299 264 234 221 719 596 21
Silver in concentrates koz - 11 - - - - - n.m.
Mount Isa, Ernest Henry, Townsville - total production including third party feed
Copper metal kt 70.4 75.2 72.4 73.0 73.3 218.7 207.1 6
Copper in concentrates kt 2.7 - - - - - 2.8 (100)
Gold koz 18 20 21 21 15 57 38 50
Gold in concentrates koz 1 - - - - - 1 (100)
Silver koz 692 618 657 609 998 2,264 2,523 (10)
Silver in concentrates koz - 11 - - - - - n.m.
Cobar Copper in concentrates kt 11.5 11.5 12.6 10.9 11.7 35.2 34.1 3
Silver in concentrates koz 103 107 113 99 112 324 321 1
Total Copper kt 55.4 57.5 58.3 50.5 44.8 153.6 139.8 10
Total Copper in concentrates kt 14.2 11.5 12.6 10.9 11.7 35.2 36.9 (5)
Total Gold koz 14 18 18 17 11 46 27 70
Total Silver koz 312 417 377 333 333 1,043 917 14
Total Copper department
Total Copper kt 373.5 387.5 348.5 337.3 347.9 1,033.7 948.7 9
Total Cobalt kt 4.6 4.0 3.8 4.3 5.0 13.1 12.0 9
Total Zinc kt 14.9 19.8 11.1 16.0 24.7 51.8 68.1 (24)
Total Gold koz 121 119 111 100 96 307 318 (3)
Total Silver koz 2,968 3,114 2,541 2,448 2,392 7,381 7,845 (6)
Production from own sources – Zinc assets(1)
Q3 Q4 Q1 Q2 Q3 YTD YTD Change
2013 2013 2014 2014 2014 2014 2013 YTD 14 vs
YTD 13
%
Kazzinc
Zinc metal kt 54.7 55.9 49.2 50.0 47.8 147.0 160.3 (8)
Lead metal kt 7.0 7.2 7.4 4.1 6.7 18.2 22.6 (19)
Copper metal kt 12.4 11.7 10.8 8.3 15.4 34.5 39.2 (12)
Gold koz 154 148 126 120 134 380 431 (12)
Silver koz 1,146 1,257 1,132 757 1,206 3,095 3,994 (23)
Kazzinc - total production including third party feed
Zinc metal kt 76.1 77.1 75.3 75.9 76.1 227.3 223.3 2
Lead metal kt 23.2 23.9 32.2 29.3 33.0 94.5 66.7 42
Copper metal kt 15.0 16.3 15.4 9.8 16.9 42.1 46.1 (9)
Gold koz 190 190 161 159 169 489 518 (6)
Silver koz 5,000 4,599 5,014 6,065 6,163 17,242 14,082 22
Australia (Mount Isa, McArthur River)
Mount Isa Zinc in concentrates kt 106.4 102.7 100.8 102.9 102.7 306.4 302.4 1
Lead in concentrates kt 46.5 46.8 47.2 39.0 38.4 124.6 121.0 3
Silver in concentrates koz 2,057 1,927 2,054 1,461 1,466 4,981 4,943 1
McArthur River Zinc in concentrates kt 53.6 47.3 45.2 53.3 55.7 154.2 156.0 (1)
Lead in concentrates kt 11.6 10.9 9.3 11.5 12.0 32.8 34.9 (6)
Silver in concentrates koz 347 379 297 337 338 972 1,201 (19)
Total Zinc in concentrates kt 160.0 150.0 146.0 156.2 158.4 460.6 458.4 -
Total Lead in concentrates kt 58.1 57.7 56.5 50.5 50.4 157.4 155.9 1
Total Silver in concentrates koz 2,404 2,306 2,351 1,798 1,804 5,953 6,144 (3)
North America (Matagami, Kidd, Brunswick, CEZ Refinery)
Matagami/Perseverance Zinc in concentrates kt 15.1 20.0 17.9 19.0 19.0 55.9 54.5 3
Copper in concentrates kt 2.0 2.7 2.1 2.5 2.3 6.9 6.4 8
Kidd Zinc in concentrates kt 13.6 14.0 10.1 22.0 13.3 45.4 53.8 (16)
Copper in concentrates kt 10.6 9.3 10.3 8.1 10.9 29.3 27.6 6
Silver in concentrates koz 606 572 385 506 463 1,354 2,662 (49)
Brunswick Mine Zinc in concentrates kt - - - - - - 52.0 (100)
Lead in concentrates kt - - - - - - 13.5 (100)
Copper in concentrates kt - - - - - - 3.0 (100)
Silver in concentrates koz - - - - - - 1,315 (100)
Total Zinc in concentrates kt 28.7 34.0 28.0 41.0 32.3 101.3 160.3 (37)
Total Lead in concentrates kt - - - - - - 13.5 (100)
Total Copper in concentrates kt 12.6 12.0 12.4 10.6 13.2 36.2 37.0 (2)
Total Silver in concentrates koz 606 572 385 506 463 1,354 3,977 (66)
North America - total production including third party feed
Brunswick Mine Zinc in concentrates kt - - - - - - 56.1 (100)
Lead in concentrates kt - - - - - - 14.6 (100)
Copper in concentrates kt - - - - - - 3.0 (100)
Silver in concentrates koz - - - - - - 1,402 (100)
Brunswick Smelter Lead metal kt 19.2 20.1 18.7 17.5 16.9 53.1 55.2 (4)
Silver metal koz 4,098 4,555 3,120 2,852 3,727 9,699 11,591 (16)
CEZ Refinery(8) Zinc metal kt 15.3 16.8 14.9 15.6 17.2 47.7 49.5 (4)
Q3 Q4 Q1 Q2 Q3 YTD YTD Change
2013 2013 2014 2014 2014 2014 2013 YTD 14 vs
YTD 13
%
Other Zinc (AR Zinc, Los Quenuales, Sinchi Wayra, Rosh Pinah, Perkoa)
Zinc metal kt 7.5 6.2 1.9 8.3 8.0 18.2 23.5 (23)
Zinc in concentrates kt 66.4 70.9 70.2 72.5 76.1 218.8 191.1 14
Lead metal kt 3.1 3.0 2.4 3.0 3.1 8.5 8.0 6
Lead in concentrates kt 12.5 13.2 12.7 12.3 14.2 39.2 33.9 16
Copper in concentrates kt 0.7 0.6 0.8 0.8 0.7 2.3 1.5 53
Silver metal koz 161 185 133 159 148 440 485 (9)
Silver in concentrates koz 2,264 2,403 2,249 2,247 2,748 7,244 6,759 7
Other Zinc - total production including third party feed
Zinc metal kt 10.9 9.5 2.4 9.3 9.6 21.3 28.4 (25)
Zinc in concentrates kt 66.4 70.9 70.2 72.5 76.1 218.8 191.1 14
Lead metal kt 3.1 3.0 2.4 3.0 3.1 8.5 8.0 6
Lead in concentrates kt 12.5 13.2 12.7 12.3 14.2 39.2 33.9 16
Copper in concentrates kt 0.7 0.6 0.8 0.8 0.7 2.3 1.5 53
Silver metal koz 161 185 133 159 148 440 485 (9)
Silver in concentrates koz 2,264 2,403 2,249 2,247 2,748 7,244 6,759 7
Total Zinc department
Total Zinc kt 317.3 317.0 295.3 328.0 322.6 945.9 993.6 (5)
Total Lead kt 80.7 81.1 79.0 69.9 74.4 223.3 233.9 (5)
Total Copper kt 25.7 24.3 24.0 19.7 29.3 73.0 77.7 (6)
Total Gold koz 154 148 126 120 134 380 431 (12)
Total Silver koz 6,581 6,723 6,250 5,467 6,369 18,086 21,359 (15)
Appendix – Q3 2013 to Q3 2014
Production from own sources – Nickel assets(1)
Q3 Q4 Q1 Q2 Q3 YTD YTD Change
2013 2013 2014 2014 2014 2014 2013 YTD 14 vs
YTD 13
%
Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)
Total Nickel metal kt 10.1 13.4 13.3 13.8 11.7 38.8 33.7 15
Total Nickel in concentrates kt 0.1 0.1 0.2 0.1 0.1 0.4 0.4 -
Total Copper metal kt 3.7 4.4 3.8 4.2 3.9 11.9 12.3 (3)
Total Copper in concentrates kt 10.1 9.9 9.3 10.5 10.2 30.0 27.7 8
Total Cobalt metal kt 0.2 0.2 0.2 0.2 0.2 0.6 0.5 20
Integrated Nickel Operations - total production including third party feed
Total Nickel metal kt 23.0 23.2 21.7 22.6 23.1 67.4 67.8 (1)
Total Nickel in concentrates kt 0.1 0.2 0.2 0.2 0.2 0.6 0.5 20
Total Copper metal kt 9.2 9.9 8.7 7.8 9.8 26.3 27.6 (5)
Total Copper in concentrates kt 12.5 12.3 11.7 13.5 12.7 37.9 34.0 11
Total Cobalt metal kt 0.8 1.0 0.8 0.9 1.0 2.7 2.4 13
Australia (Murrin Murrin, XNA)
Total Nickel metal kt 9.3 7.5 7.8 9.8 9.6 27.2 28.4 (4)
Total Nickel in concentrates kt 1.0 - - - - - 4.1 (100)
Total Copper in concentrates kt 0.1 - - - - - 0.3 (100)
Total Cobalt metal kt 0.8 0.5 0.6 0.7 0.7 2.0 2.1 (5)
Total Cobalt in concentrates kt - - - - - - 0.1 (100)
Australia - total production including third party feed
Total Nickel metal kt 11.2 8.9 9.4 12.2 11.3 32.9 32.4 2
Total Nickel in concentrates kt 1.0 - - - - - 4.1 (100)
Total Copper in concentrates kt 0.1 - - - - - 0.3 (100)
Total Cobalt metal kt 0.8 0.5 0.6 0.8 0.8 2.2 2.2 -
Total Cobalt in concentrates kt - - - - - - 0.1 (100)
Falcondo Nickel in ferronickel kt 2.0 0.4 - - - - 9.0 (100)
Koniambo Nickel in ferronickel kt - 1.4 1.0 3.1 4.5 8.6 - n.m.
Total Nickel department
Total Nickel kt 22.5 22.8 22.3 26.8 25.9 75.0 75.6 (1)
Total Copper kt 13.9 14.3 13.1 14.7 14.1 41.9 40.3 4
Total Cobalt kt 1.0 0.7 0.8 0.9 0.9 2.6 2.7 (4)
Production from own sources – Ferroalloys assets(1)
Q3 Q4 Q1 Q2 Q3 YTD YTD Change
2013 2013 2014 2014 2014 2014 2013 YTD 14 vs
YTD 13
%
Ferrochrome(9) kt 332 345 335 317 287 939 893 5
PGM(10) Platinum koz 24 22 21 22 24 67 68 (1)
Palladium koz 14 12 12 12 13 37 38 (3)
Rhodium koz 4 3 4 4 4 12 12 -
Gold koz - - - 1 - 1 1 -
4E koz 42 37 37 39 41 117 119 (2)
Vanadium Pentoxide mlb 6.1 5.7 5.5 4.2 5.5 15.2 15.9 (4)
Total production – Custom metallurgical assets(1)
Q3 Q4 Q1 Q2 Q3 YTD YTD Change
2013 2013 2014 2014 2014 2014 2013 YTD 14 vs
YTD 13
%
Copper (Altonorte, Pasar, Horne, CCR)
Copper metal kt 127.1 104.2 81.3 118.4 116.3 316.0 364.1 (13)
Copper anode kt 129.2 128.3 125.0 141.0 101.0 367.0 386.2 (5)
Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
Zinc metal kt 181.3 191.0 193.6 194.6 197.5 585.7 554.0 6
Lead metal kt 43.1 52.5 48.5 52.0 37.1 137.6 121.7 13
Silver koz 2,162 2,428 2,342 2,823 2,211 7,376 5,442 36
Ferroalloys
Ferromanganese kt 24 23 30 27 30 87 76 14
Silicon Manganese kt 24 26 26 26 28 80 66 21
Aluminium (Sherwin Alumina)
Alumina kt 410 419 385 391 315 1,091 1,187 (8)
1 Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated.
2 Relating to the PGM business within Ferroalloys only.
3 Copper metal includes copper contained in copper concentrates and blister.
4 Cobalt contained in concentrates and hydroxides.
5 The Group’s pro-rata share of Collahuasi production (44%).
6 The Group’s pro-rata share of Antamina production (33.75%).
7 Townsville copper cathode production is included in Australia copper (previously in custom metallurgical assets) reflecting how this asset is managed.
8 The Group’s pro-rata share of CEZ production (25%).
9 The Group’s 79.5% share of the Glencore-Merafe Chrome Venture.
10 Consolidated 100% of Eland and 50% of Mototolo.
Appendix – Q3 2013 to Q3 2014
Energy Products
Production from own sources
Coal assets(1)
Q3 Q4 Q1 Q2 Q3 YTD YTD Change
2013 2013 2014 2014 2014 2014 2013 YTD 14 vs
YTD 13
%
Australian coking coal mt 1.6 1.7 1.5 1.4 1.7 4.6 5.6 (18)
Australian semi-soft coal mt 1.0 1.2 0.9 0.9 0.7 2.5 3.3 (24)
Australian thermal coal (export) mt 13.7 11.1 11.8 14.2 16.4 42.4 37.0 15
Australian thermal coal (domestic) mt 1.3 1.2 1.4 1.3 1.5 4.2 3.9 8
South African thermal coal (export) mt 5.3 5.5 5.0 5.2 7.2 17.4 15.1 15
South African thermal coal (domestic) mt 6.1 5.1 5.4 6.1 5.5 17.0 17.8 (4)
Prodeco mt 4.6 4.4 5.2 5.0 4.9 15.1 14.2 6
Cerrejón(2) mt 3.2 3.3 2.9 3.0 2.3 8.2 7.7 6
Total Coal department mt 36.8 33.5 34.1 37.1 40.2 111.4 104.6 7
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
Q3 Q4 Q1 Q2 Q3 YTD YTD Change
2013 2013 2014 2014 2014 2014 2013 YTD 14 vs
YTD 13
%
Gross basis
Equatorial Guinea kbbl 5,862 6,113 6,304 5,731 6,133 18,168 15,804 15
Chad kbbl - 619 1,067 916 975 2,958 - n.m.
Total Oil department kbbl 5,862 6,732 7,371 6,647 7,108 21,126 15,804 34
Glencore entitlement interest basis
Equatorial Guinea kbbl 1,246 1,394 1,368 1,194 1,243 3,805 3,405 12
Chad kbbl - 186 321 276 714 1,311 - n.m.
Total Oil department kbbl 1,246 1,580 1,689 1,470 1,957 5,116 3,405 50
Appendix – Q3 2013 to Q3 2014
Agricultural Products
Processing / production data
Q3 Q4 Q1 Q2 Q3 YTD YTD Change
2013 2013 2014 2014 2014 2014 2013 YTD 14 vs
YTD 13
%
Farming kt 262 236 232 34 306 572 647 (12)
Crushing kt 1,128 966 1,062 1,616 1,515 4,193 2,676 57
Long term toll agreement kt 151 101 49 157 - 206 440 (53)
Biodiesel kt 181 191 172 169 211 552 433 27
Rice milling kt 83 70 36 91 73 200 203 (1)
Wheat milling kt 299 267 262 263 257 782 854 (8)
Sugarcane processing kt 933 809 - 723 1,092 1,815 1,442 26
Total Agricultural products kt 3,037 2,640 1,813 3,053 3,454 8,320 6,695 24
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
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"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,
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By their nature, forward looking statements involve known and unknown risks and uncertainties, many of which are beyond Glencore’s control. Forward
looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause
these uncertainties include, but are not limited to, those discussed in Glencore’s Annual Report 2013 and “Risks and uncertainties” in Glencore’s Half-Year
Results 2014.
Neither Glencore nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the
events expressed or implied in any forward-looking statements in this document will actually occur. You are cautioned not to place undue reliance on these
forward-looking statements which only speak as of the date of this document. 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), Glencore is not
under any obligation and Glencore and its affiliates expressly disclaim any intention, obligation or undertaking to update or revise any forward looking
statements, whether as a result of new information, future events or otherwise. This document shall not, under any circumstances, create any implication
that there has been no change in the business or affairs of Glencore since the date of this document or that the information contained herein is correct as at
any time subsequent to its date.
No statement in this document is intended as a profit forecast or a profit estimate and no statement in this document should be interpreted to mean that
earnings per Glencore share for the current or future financial years would necessarily match or exceed the historical published earnings per Glencore
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
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