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GLENCORE PLC - GLN - IMS & Third Quarter 2014 Production Report

Release Date: 04/11/2014 09:00
Code(s): GLN     PDF:  
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

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