Wrap Text
2015 Production Report
GLENCORE 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
Baar, 11 February 2016
Production Report for the 12 months ended
31 December 2015
Production highlights
- Own sourced copper production was down 3% to 1,502,200 tonnes in 2015, reflecting the suspension of processing
operations at Katanga and a significant curtailment at Mopani. These volume reductions were partly offset by
increases at Antapaccay (restart of the Tintaya mill in May 2015) and Antamina (strong milling performance).
- Own sourced zinc production was 1,444,800 tonnes, up 4%. The increase reflects, that prior to our October
announcement regarding a number of measures to preserve the value of resources in the ground, the Australian
assets, in particular, had ramped up significantly compared to 2014 levels. The announced production changes
reduced full year mined zinc production by some 100,000 tonnes compared to pre-announcement guidance. Q4
2015 zinc production was 20% below Q3 2015.
- Own sourced nickel production was 96,200 tonnes, down 5%, due to the planned six-week shutdown of the Sudbury
smelter and the impact of the metal leak at Koniambo in December 2014. Refinery production including third party
was in line with 2014.
- Attributable ferrochrome production was 1,462,000 tonnes, 13% up on 2014, due to a full year’s contribution from
the Lion 2 smelter.
- Coal production was down 10% to 131.5 million tonnes primarily due to curtailed production in response to market
conditions and deconsolidation of Optimum Coal since its August 2015 placement into business rescue proceedings.
- Oil entitlement production increased by 44% to 10.6 million barrels, reflecting increased attributable production from
the Badila and Mangara fields in Chad.
- Full year production guidance for 2016 is shown on page 20.
- We have agreed our second precious metals streaming transaction amounting to $0.5 billion (see separate RNS
announcement). Including the Antamina streaming transaction in H2 2015, our upfront proceeds from streaming total
$1.4 billion to date.
- The Group’s resources and reserves report was also released today.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Elisa Morniroli t: +41 41 709 28 18 m: +41 79 833 05 08 elisa.morniroli@glencore.com
Glencore 2015 Production Report - 1
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
Pam Bell t: +44 20 7412 3471 m: +44 77 3031 9806 pam.bell@glencore.co.uk
www.glencore.com
Metals and Minerals
1
Production from own sources – Total
2015 2014 Change
%
Copper kt 1,502.2 1,546.0 (3)
Zinc kt 1,444.8 1,386.5 4
Lead kt 297.7 307.5 (3)
Nickel kt 96.2 100.9 (5)
2
Gold koz 964 992 (3)
2
Silver koz 36,592 35,530 3
Cobalt kt 23.0 20.7 11
Ferrochrome kt 1,462 1,295 13
2
Platinum koz 158 173 (9)
2
Palladium koz 202 199 2
2
Rhodium koz 18 19 (5)
Vanadium Pentoxide mlb 20.9 20.8 -
1
Production from own sources – Copper assets
2015 2014 Change
%
African Copper (Katanga, Mutanda, Mopani)
3
Copper metal kt 421.9 465.0 (9)
4
Cobalt kt 19.4 17.2 13
5
Collahuasi
Copper metal kt 9.8 11.0 (11)
Copper in concentrates kt 190.6 196.0 (3)
Silver in concentrates koz 2,828 2,476 14
6
Antamina
Copper in concentrates kt 131.8 116.4 13
Zinc in concentrates kt 79.3 71.2 11
Silver in concentrates koz 5,987 4,049 48
Other South America (Alumbrera, Lomas Bayas, Antapaccay, Punitaqui)
Copper metal kt 71.1 66.6 7
Copper in concentrates kt 272.0 281.1 (3)
Gold in concentrates and in doré koz 318 386 (18)
Silver in concentrates and in doré koz 1,918 1,901 1
Australia (Mount Isa, Ernest Henry, Townsville, Cobar)
Copper metal kt 205.6 209.5 (2)
Copper in concentrates kt 50.8 49.6 2
Gold koz 90 62 45
Silver koz 1,723 1,386 24
Total Copper department
Copper kt 1,353.6 1,395.2 (3)
Cobalt kt 19.4 17.2 13
Zinc kt 79.3 71.2 11
Gold koz 408 448 (9)
Silver koz 12,456 9,812 27
Glencore 2015 Production Report - 3
Metals and Minerals
1
Production from own sources – Zinc assets
2015 2014 Change
%
Kazzinc
Zinc metal kt 193.4 199.3 (3)
Lead metal kt 26.3 25.7 2
Copper metal kt 51.9 46.8 11
Gold koz 520 506 3
Silver koz 3,653 4,273 (15)
Australia (Mount Isa, McArthur River)
Zinc in concentrates kt 750.9 661.6 13
Lead in concentrates kt 216.0 216.4 -
Silver in concentrates koz 8,248 8,319 (1)
North America (Matagami, Kidd)
Zinc in concentrates kt 115.2 135.8 (15)
Copper in concentrates kt 48.3 47.3 2
Silver in concentrates koz 2,368 2,066 15
Other Zinc (AR Zinc, Los Quenuales, Sinchi Wayra, Rosh Pinah, Perkoa)
Zinc metal kt 26.1 23.2 13
Zinc in concentrates kt 279.9 295.4 (5)
Lead metal kt 12.7 11.7 9
Lead in concentrates kt 42.7 53.7 (20)
Copper in concentrates kt 2.4 2.7 (11)
Silver metal koz 691 613 13
Silver in concentrates koz 8,566 9,825 (13)
Total Zinc department
Zinc kt 1,365.5 1,315.3 4
Lead kt 297.7 307.5 (3)
Copper kt 102.6 96.8 6
Gold koz 520 506 3
Silver koz 23,526 25,096 (6)
Glencore 2015 Production Report - 4
Metals and Minerals
1
Production from own sources – Nickel assets
2015 2014 Change
%
Integrated Nickel Operations (“INO”) (Sudbury, Raglan, Nikkelverk)
Nickel metal kt 49.1 51.3 (4)
Nickel in concentrates kt 0.5 0.6 (17)
Copper metal kt 14.9 15.7 (5)
Copper in concentrates kt 31.1 38.3 (19)
Cobalt metal kt 0.8 0.8 -
2
Gold koz 35 37 (5)
2
Silver koz 610 622 (2)
2
Platinum koz 76 82 (7)
2
Palladium koz 157 149 5
2
Rhodium koz 5 4 25
Murrin Murrin
Nickel metal kt 37.5 36.4 3
Cobalt metal kt 2.8 2.7 4
Koniambo Nickel in ferronickel kt 9.1 12.6 (28)
Total Nickel department
Nickel kt 96.2 100.9 (5)
Copper kt 46.0 54.0 (15)
Cobalt kt 3.6 3.5 3
Gold koz 35 37 (5)
SilvSil
Silver koz 610 622 (2)
Platinum koz 76 82 (7)
Palladium koz 157 149 5
Rhodium koz 5 4 25
1
Production from own sources – Ferroalloys assets
2015 2014 Change
%
7
Ferrochrome kt 1,462 1,295 13
8
PGM Platinum koz 82 91 (10)
Palladium koz 45 50 (10)
Rhodium koz 13 15 (13)
Gold koz 1 1 -
4E koz 141 157 (10)
Vanadium Pentoxide mlb 20.9 20.8 -
Glencore 2015 Production Report - 5
Metals and Minerals
1
Total production – Custom metallurgical assets
2015 2014 Change
%
Copper (Altonorte, Pasar, Horne, CCR)
Copper metal kt 433.7 433.8 -
Copper anode kt 502.8 493.7 2
Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
Zinc metal kt 788.8 781.8 1
Lead metal kt 199.2 177.4 12
Silver koz 11,220 9,482 18
Ferroalloys
Ferromanganese kt 146 116 26
Silicon Manganese kt 98 108 (9)
Aluminium (Sherwin Alumina)
Alumina kt 1,175 1,382 (15)
1 Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated.
2 INO produces gold, silver and PGM, incidental to its main products of nickel and copper, which were previously excluded from Glencore production
reports. Details have now been included to provide a better understanding of the business and historical periods have been updated accordingly.
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 The Group’s attributable 79.5% share of the Glencore-Merafe Chrome Venture.
8 Consolidated 100% of Eland and 50% of Mototolo.
Selected average commodity prices
2015 2014 Change
%
S&P GSCI Industrial Metals Index 291 349 (17)
LME (cash) copper price ($/t) 5,503 6,866 (20)
LME (cash) zinc price ($/t) 1,928 2,164 (11)
LME (cash) lead price ($/t) 1,785 2,096 (15)
LME (cash) nickel price ($/t) 11,835 16,892 (30)
Gold price ($/oz) 1,160 1,266 (8)
Silver price ($/oz) 16 19 (16)
Metal Bulletin cobalt price 99.3% ($/lb) 13 14 (7)
LME (cash) aluminium price ($/t) 1,662 1,869 (11)
Metal Bulletin alumina price ($/t) 300 331 (9)
Metal Bulletin ferrochrome 6-8% C basis 60% Cr, max 1.5% Si (¢/lb) 94 105 (10)
Platinum price ($/oz) 1,054 1,385 (24)
Iron ore (Platts 62% CFR North China) price ($/DMT) 56 97 (42)
Glencore 2015 Production Report - 6
Metals and Minerals
OPERATING HIGHLIGHTS
Copper assets
Own sourced copper production of 1,502,200 tonnes was 43,800 tonnes (3%) lower than 2014, reflecting the impact of
the announced production cuts in Africa. Positive variances were achieved at Antapaccay, following restart of the Tintaya
mill in May 2015 and at Antamina, on account of higher throughput rates.
African copper
Katanga’s processing operations were suspended in September, with no production in Q415. Full year copper production
from own sources was 113,700 tonnes.
Mopani commenced a partial suspension in September with the smelter now operating at reduced capacity during the
construction period of the new shaft projects. Total copper production (own source plus third party) in Q415 was 30,900
tonnes (12,800 tonnes own sourced), reflecting the step-down in operations.
Mutanda continues to operate strongly, with full year production of 216,100 tonnes, 19,000 tonnes (10%) over 2014,
reflecting the higher plant availability and efficiency.
African copper produced 19,400 tonnes of cobalt, a 2,200 tonne (13%) increase over 2014.
Collahuasi
Glencore’s share of Collahuasi’s copper production was 200,400 tonnes, 6,600 tonnes (3%) lower than in 2014, due to
expected changes in grades. Copper cathode production ceased in Q415, following a review of the leaching operations.
Antamina
Glencore’s share of Antamina’s copper production was 131,800 tonnes, 15,400 tonnes (13%) more than 2014, due to
consistently higher throughput rates. Zinc production of 79,300 tonnes was 8,100 tonnes (11%) above 2014, as a higher
proportion of zinc containing ore was processed.
Other South America
Copper production of 343,100 tonnes was in line with the prior year period, reflecting expected lower production at
Alumbrera (lower and more variable grades as it nears end of mine-life), offset by the successful ramp-up of Antapaccay.
The Antapaccay plant and Tintaya plant, which restarted in May to process concentrates from Antapaccay mine, have
both performed strongly.
Australia
Copper production from own sources of 256,400 tonnes was in line with prior year.
Custom metallurgical assets
Custom copper cathode production was 433,700 tonnes, in line with 2014.
Custom copper anode production was 502,800 tonnes, 9,100 tonnes higher than 2014, reflecting higher plant availability
at Altonorte.
Zinc assets
Total own sourced zinc production for full year 2015 was 1,444,800 tonnes, 4% higher than 2014, reflecting the
successful ramp up of the Australian zinc assets during the first nine months of the year. Following the October 2015
decision to reduce production at a number of assets, Q4 2015 zinc production was 20% below Q3 2015.
Q4 2015 lead production was lower, as expected, compared to previous quarters, which resulted in total full year own
sourced lead production of 297,700 tonnes, 3% lower than in 2014.
Kazzinc
Zinc production from own sources was 193,400 tonnes, 5,900 tonnes (3%) lower than the comparable period, primarily
relating to lower zinc head grades from the Maleevsky mine. Total zinc production including third party material was
304,500 tonnes, in line with 2014.
Own sourced copper production was 51,900 tonnes, a 5,100 tonne (11%) increase compared with 2014, due to improved
plant availability. Total copper production was 62,200 tonnes, a 7% increase over the comparable period.
Own sourced gold production was 520,000 ounces and total gold production was 674,000 ounces, in line with 2014.
Glencore 2015 Production Report - 7
Metals and Minerals
Lead production from own sources was 26,300 tonnes, 600 tonnes (2%) higher than 2014. Total lead production was
6,700 tonnes (5%) lower than 2014, due to unscheduled maintenance at the furnace.
Australia
The expansion projects at Lady Loretta, George Fisher (both Mount Isa) and McArthur River have been successfully
completed. However, as announced in October, production cuts have been enacted at all these properties, in light of
current low commodity prices, with a view to preserving the value of these reserves for the future.
Zinc production of 750,900 tonnes was 89,300 tonnes (13%) higher than 2014, due to the timing of the ramp-ups from
2014 and 2015, prior to the production suspensions / reductions noted above.
Lead production was 216,000 tonnes, slightly lower than the comparable period, reflecting the impact of the production
cuts implemented in Q4 2015.
North America
North America produced 115,200 tonnes of zinc and 48,300 tonnes of copper, respectively 20,600 tonnes (15%) lower
and 1,000 tonnes (2%) higher than 2014. The decrease in zinc was due primarily to lower grades at Matagami.
Other Zinc
This group of assets produced 306,000 tonnes of zinc, 12,600 tonnes (4%) lower than 2014, mainly due to the
announced suspension of the Iscaycruz mine.
Lead production was 55,400 tonnes, a 15% reduction on the comparable period, mainly relating to lower head grades at
Rosh Pinah and AR Zinc.
European custom metallurgical assets
European custom metallurgical assets produced 788,800 tonnes of zinc, 1% higher than in 2014.
Lead production was 199,200 tonnes, up 12%, reflecting a full year contribution from Northfleet, compared to the
temporary supply disruption in 2014.
Nickel assets
Nickel production from own sources was 96,200 tonnes, 4,700 tonnes (5%) lower than 2014, reflecting the impact of the
metal leak at Koniambo in December 2014 and the planned extended shutdown at the Sudbury smelter.
Integrated Nickel Operations (“INO”)
INO produced 49,600 tonnes of nickel from own sources, a 2,300 tonne (4%) reduction on 2014, mainly due to the
planned six-week Sudbury smelter shutdown. Total refinery production, including third party feed, was 91,200 tonnes, in
line with the comparable period.
Copper production from own sources was 46,000 tonnes, an 8,000 tonne (15%) reduction compared to the prior year
period, mainly due to anticipated lower copper grades at Sudbury.
Murrin Murrin
Murrin produced 37,500 tonnes of packaged nickel metal from own sources, a 1,100 tonne (3%) increase over 2014.
Total production, including third party material, was 46,700 tonnes, a 6% increase over 2014, reflecting strong plant
availability.
Koniambo
Koniambo produced 9,100 tonnes of nickel in ferronickel, a 3,500 tonne (28%) decrease on 2014, due to the impact of
the metal leak. The Line 1 DC furnace has now been rebuilt and furnace pre-heating started on 28 November 2015, with
first metal tapped as planned in January 2016. The testing of Line 1 is expected to continue over H1 2016 and subject to
successful evaluation, Line 2 will be taken out of service and rebuilt. It is currently expected that any Line 2 rebuild would
commence no earlier than 2018.
Ferroalloys assets
Ferrochrome
Attributable own sourced ferrochrome production was 1,462,000 tonnes, a 167,000 tonne (13%) increase on 2014. The
increase mainly relates to Lion 2, which started production in H1 2014 and is now fully ramped up.
Glencore 2015 Production Report - 8
Metals and Minerals
Platinum Group Metals (“PGM”)
4E production was 141,000 ounces, of which 104,000 ounces was from Glencore’s 50% share of Mototolo and 37,000
from Eland.
Due to continued low platinum prices and operational challenges, the Eland mine was placed on care and maintenance
in October 2015.
Vanadium
Vanadium pentoxide production of 20.9 million lbs was in line with 2014.
Manganese
Manganese production of 244,000 tonnes was 20,000 tonnes (9%) in excess of 2014, reflecting higher utilisation at both
plants.
Aluminium assets
Sherwin Alumina
Sherwin produced 1,175,000 tonnes of alumina, a 207,000 tonne (15%) reduction on the prior year. This was principally
due to running at reduced capacity since July 2014, in response to a weak alumina market.
Sherwin entered Chapter 11 proceedings in January 2016. The business continues to operate in the ordinary course
during the restructuring process.
Glencore 2015 Production Report - 9
Energy Products
Production from own sources
1
Coal assets
2015 2014 Change
%
Australian coking coal mt 5.9 6.0 (2)
Australian semi-soft coal mt 3.6 3.5 3
Australian thermal coal (export) mt 52.4 54.6 (4)
Australian thermal coal (domestic) mt 3.9 5.4 (28)
South African thermal coal (export) mt 19.7 23.4 (16)
South African thermal coal (domestic) mt 17.3 22.7 (24)
Prodeco mt 17.6 19.5 (10)
2
Cerrejón mt 11.1 11.2 (1)
Total Coal department mt 131.5 146.3 (10)
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
2015 2014 Change
%
Glencore entitlement interest basis
Equatorial Guinea kbbl 4,937 5,072 (3)
Chad kbbl 5,632 2,279 147
Total Oil department kbbl 10,569 7,351 44
Gross basis
Equatorial Guinea kbbl 22,939 24,232 (5)
Chad kbbl 7,699 4,284 80
Total Oil department kbbl 30,638 28,516 7
Selected average commodity prices
2015 2014 Change
%
S&P GSCI Energy Index 175 311 (44)
Coal API4 ($/t) 57 72 (21)
Coal Newcastle (6,000) ($/t) 58 70 (17)
Australian coking coal average realised export price ($/t) 97 117 (17)
Australian semi-soft coal average realised export price ($/t) 77 93 (17)
Australian thermal coal average realised export price ($/t) 59 72 (18)
Australian thermal coal average realised domestic price ($/t) 33 32 3
South African thermal coal average realised export price ($/t) 52 68 (24)
South African thermal coal average realised domestic price ($/t) 24 23 4
Prodeco (Colombia) thermal coal average realised export price ($/t) 62 75 (17)
Cerrejón (Colombia) thermal coal average realised export price ($/t) 55 67 (18)
Oil price – Brent ($/bbl) 54 99 (45)
Glencore 2015 Production Report - 10
Energy Products
OPERATING HIGHLIGHTS
Coal assets
Coal production was down 10% to 131.5 million tonnes primarily due to curtailed production in response to market
conditions and deconsolidation of Optimum Coal since its August 2015 placement into business rescue proceedings.
Australian coking
Production of 5.9 million tonnes was in line with 2014.
Australian thermal and semi-soft
Production of 59.9 million tonnes was 3.6 million tonnes (6%) below 2014, reflecting that, in the face of weaker prices,
production was curtailed.
South African thermal
Production of 37.0 million tonnes was 9.1 million tonnes (20%) below the prior year, mainly due to Optimum being placed
into business rescue proceedings, with associated production deconsolidated from August 2015.
Prodeco
Production of 17.6 million tonnes was 1.9 million tonnes (10%) lower than 2014, which reflected a scaling back as railing
capacity was constrained by night time rail restrictions which have now been lifted.
Cerrejón
Glencore’s share of production was 11.1 million tonnes, in line with the prior year.
Oil assets
Glencore’s share of production was 10.6 million barrels, 44% higher than 2014, following the increase in ownership of the
Chad assets and first oil from Mangara (Chad) in December 2014. In light of lower oil prices, the drilling campaign has
been significantly reduced in order to preserve the resource for a more favourable pricing environment.
Glencore 2015 Production Report - 11
Agricultural Products
Processing / production data
2015 2014 Change
%
Farming kt 704 762 (8)
Crushing kt 6,069 5,664 7
Long term toll agreement kt 284 206 38
Biodiesel kt 556 757 (27)
Rice milling kt 206 230 (10)
Wheat milling kt 976 1,013 (4)
Sugarcane processing kt 2,751 2,231 23
Total agricultural products kt 11,546 10,863 6
Selected average commodity prices
2015 2014 Change
%
S&P GSCI Agriculture Index 295 350 (16)
CBOT wheat price (US¢/bu) 507 588 (14)
CBOT corn no.2 price (US¢/bu) 377 415 (9)
CBOT soya beans (US¢/bu) 945 1,244 (24)
ICE cotton price (US¢/lb) 63 76 (17)
ICE sugar # 11 price (US¢/lb) 13 16 (19)
OPERATING HIGHLIGHTS
In total, Agricultural Products produced/processed 11.5 million tonnes, compared with 10.9 million tonnes in 2014.
Oilseed crush volumes of 6.1 million tonnes increased by 405,000 tonnes, reflecting the acquisitions of the Magdeburg
plant in Germany and the Becancour (TRT) plant in Canada. Biodiesel production was 556,000 tonnes, down 27%
compared to 2014, reflecting reduced demand due to regulatory changes and lower competing diesel prices. Currency
devaluation and economic slowdown adversely impacted wheat milling in Brazil. Sugar cane processing increased by
520,000 tonnes (23%) compared to 2014, due to improved agricultural yields on account of better weather conditions.
Glencore 2015 Production Report - 12
Appendix: Production by Quarter – Q4 2014
to Q4 2015
Metals and Minerals
1
Production from own sources – Total
Q4 Q1 Q2 Q3 Q4 2015 2014 Change Change
2014 2015 2015 2015 2015 2015 vs Q4 15 vs
2014 Q4 14
% %
Total Copper kt 397.4 350.7 380.2 396.6 374.7 1,502.2 1,546.0 (3) (6)
Total Zinc kt 388.8 356.2 374.1 396.8 317.7 1,444.8 1,386.5 4 (18)
Total Lead kt 84.2 75.8 70.4 82.3 69.2 297.7 307.5 (3) (18)
Total Nickel kt 25.9 23.8 25.1 19.8 27.5 96.2 100.9 (5) 6
Total Gold2 koz 276 208 220 261 275 964 992 (3) -
Total Silver2 koz 9,552 8,197 8,376 10,040 9,979 36,592 35,530 3 4
Total Cobalt kt 5.0 4.4 5.6 6.8 6.2 23.0 20.7 11 24
Total Ferrochrome kt 356 385 371 316 390 1,462 1,295 13 10
Total Platinum2 koz 46 42 47 36 33 158 173 (9) (28)
Total Palladium2 koz 52 55 60 42 45 202 199 2 (13)
Total Rhodium2 koz 4 5 5 5 3 18 19 (5) (25)
Total Vanadium Pentoxide mlb 5.6 5.3 4.6 5.5 5.5 20.9 20.8 - (2)
1
Production from own sources – Copper assets
Q4 Q1 Q2 Q3 Q4 2015 2014 Change Change
2014 2015 2015 2015 2015 2015 vs Q4 15 vs
2014 Q4 14
% %
African Copper (Katanga, Mutanda, Mopani, Sable)
Katanga Copper metal3 kt 42.8 37.1 40.1 36.5 - 113.7 158.0 (28) (100)
Cobalt kt 0.9 0.9 0.9 1.1 - 2.9 2.8 4 (100)
Mutanda Copper metal3 kt 46.5 51.6 53.9 55.5 55.1 216.1 197.1 10 18
Cobalt4 kt 3.2 2.6 3.7 4.9 5.3 16.5 14.4 15 66
Mopani Copper metal kt 31.4 22.0 27.8 29.5 12.8 92.1 109.9 (16) (59)
African Copper - total production including third party feed
Mopani Copper metal kt 52.9 51.5 51.0 51.4 30.9 184.8 185.1 - (42)
Sable Copper metal kt - - - - - - 4.9 (100) n.m.
Cobalt3 kt 0.1 - - - - - 0.5 (100) (100)
Total Copper metal3 kt 120.7 110.7 121.8 121.5 67.9 421.9 465.0 (9) (44)
4
Total Cobalt kt 4.1 3.5 4.6 6.0 5.3 19.4 17.2 13 29
Collahuasi5 Copper metal kt 4.0 2.9 2.9 2.6 1.4 9.8 11.0 (11) (65)
Copper in concentrates kt 48.6 43.1 46.4 40.9 60.2 190.6 196.0 (3) 24
Silver in concentrates koz 591 534 587 621 1,086 2,828 2,476 14 84
Antamina6 Copper in concentrates kt 28.3 27.8 29.0 36.4 38.6 131.8 116.4 13 36
Zinc in concentrates kt 19.4 16.2 19.0 24.5 19.6 79.3 71.2 11 1
Silver in concentrates koz 984 969 1,239 1,961 1,818 5,987 4,049 48 85
Other South America (Alumbrera, Lomas Bayas, Antapaccay, Punitaqui)
Alumbrera Copper in concentrates kt 33.0 11.2 10.0 14.8 25.8 61.8 102.6 (40) (22)
Gold in concentrates and in doré koz 110 42 41 45 68 196 317 (38) (38)
Silver in concentrates and in doré koz 251 105 86 117 190 498 766 (35) (24)
Lomas Bayas Copper metal kt 15.9 17.2 17.6 16.8 19.5 71.1 66.6 7 23
Antapaccay Copper in concentrates kt 37.9 37.8 49.4 65.0 49.9 202.1 167.1 21 32
Gold in concentrates koz 15 14 27 45 36 122 69 77 140
Silver in concentrates koz 234 232 298 428 357 1,315 1,048 25 53
Glencore 2015 Production Report - 13
Appendix: Production by Quarter – Q4 2014 to Q4 2015
Q4 Q1 Q2 Q3 Q4 2015 2014 Change Change
2014 2015 2015 2015 2015 2015 vs Q4 15 vs
2014 Q4 14
% %
Punitaqui Copper in concentrates kt 2.8 2.7 2.0 1.4 2.0 8.1 11.4 (29) (29)
Silver in concentrates koz 28 28 28 24 25 105 87 21 (11)
Punitaqui - total production including third party feed
Copper in concentrates kt 2.9 2.8 2.2 2.7 2.6 10.3 11.6 (11) (10)
Silver in concentrates koz 29 30 30 35 28 123 89 38 (3)
Total Copper metal kt 15.9 17.2 17.6 16.8 19.5 71.1 66.6 7 23
Total Copper in concentrates kt 73.7 51.7 61.4 81.2 77.7 272.0 281.1 (3) 5
Total Gold in concentrates and in doré koz 125 56 68 90 104 318 386 (18) (17)
Total Silver in concentrates and in doré koz 513 365 412 569 572 1,918 1,901 1 12
Australia (Mount Isa, Ernest Henry, Townsville, Cobar)
Mount Isa, Ernest Copper metal kt 55.9 51.3 50.7 48.6 55.0 205.6 209.5 (2) (2)
Henry, Townsville Gold koz 16 21 18 27 24 90 62 45 50
Silver koz 222 261 263 291 412 1,227 941 30 86
Mount Isa, Ernest Henry, Townsville - total production including third party feed
Copper metal kt 73.5 70.5 73.3 72.4 72.5 288.7 292.2 (1) (1)
Gold koz 23 28 38 44 37 147 80 84 61
Silver koz 480 550 637 498 455 2,140 2,744 (22) (5)
Cobar Copper in concentrates kt 14.4 12.8 12.0 12.3 13.7 50.8 49.6 2 (5)
Silver in concentrates koz 121 113 126 124 133 496 445 11 10
Total Copper kt 55.9 51.3 50.7 48.6 55.0 205.6 209.5 (2) (2)
Total Copper in concentrates kt 14.4 12.8 12.0 12.3 13.7 50.8 49.6 2 (5)
Total Gold koz 16 21 18 27 24 90 62 45 50
Total Silver koz 343 374 389 415 545 1,723 1,386 24 59
Total Copper department
Total Copper kt 361.5 317.5 341.8 360.3 334.0 1,353.6 1,395.2 (3) (8)
Total Cobalt kt 4.1 3.5 4.6 6.0 5.3 19.4 17.2 13 29
Total Zinc kt 19.4 16.2 19.0 24.5 19.6 79.3 71.2 11 1
Total Gold koz 141 77 86 117 128 408 448 (9) (9)
Total Silver koz 2,431 2,242 2,627 3,566 4,021 12,456 9,812 27 65
Glencore 2015 Production Report - 14
Appendix: Production by Quarter – Q4 2014 to Q4 2015
1
Production from own sources – Zinc assets
Q4 Q1 Q2 Q3 Q4 2015 2014 Change Change
2014 2015 2015 2015 2015 2015 vs Q4 15 vs
2014 Q4 14
% %
Kazzinc
Zinc metal kt 52.3 46.2 43.0 52.8 51.4 193.4 199.3 (3) (2)
Lead metal kt 7.5 4.9 3.1 10.2 8.1 26.3 25.7 2 8
Copper metal kt 12.3 11.2 12.8 13.3 14.6 51.9 46.8 11 19
Gold koz 126 122 125 135 138 520 506 3 10
Silver koz 1,178 755 563 1,289 1,046 3,653 4,273 (15) (11)
Kazzinc - total production including third party feed
Zinc metal kt 77.2 75.1 75.5 76.6 77.3 304.5 304.5 - -
Lead metal kt 32.0 29.2 23.4 32.6 34.6 119.8 126.5 (5) 8
Copper metal kt 16.1 13.7 15.0 15.9 17.6 62.2 58.2 7 9
Gold koz 186 158 163 174 179 674 675 - (4)
Silver koz 7,776 7,422 6,780 8,008 7,839 30,049 25,018 20 1
Australia (Mount Isa, McArthur River)
Mount Isa Zinc in concentrates kt 130.9 126.2 128.0 127.7 96.3 478.2 437.3 9 (26)
Lead in concentrates kt 45.6 41.1 42.4 44.9 34.6 163.0 170.2 (4) (24)
Silver in concentrates koz 1,877 1,770 1,817 1,510 1,427 6,524 6,858 (5) (24)
McArthur River Zinc in concentrates kt 70.1 66.8 73.0 78.9 54.0 272.7 224.3 22 (23)
Lead in concentrates kt 13.4 12.6 12.7 15.4 12.3 53.0 46.2 15 (8)
Silver in concentrates koz 489 437 359 500 428 1,724 1,461 18 (12)
Total Zinc in concentrates kt 201.0 193.0 201.0 206.6 150.3 750.9 661.6 13 (25)
Total Lead in concentrates kt 59.0 53.7 55.1 60.3 46.9 216.0 216.4 - (21)
Total Silver in concentrates koz 2,366 2,207 2,176 2,010 1,855 8,248 8,319 (1) (22)
North America (Matagami, Kidd, Brunswick, CEZ Refinery)
Matagami Zinc in concentrates kt 18.9 11.1 14.5 12.0 14.4 52.0 74.8 (30) (24)
Copper in concentrates kt 1.9 1.5 1.8 2.2 2.7 8.2 8.8 (7) 42
Kidd Zinc in concentrates kt 15.6 16.9 14.7 16.8 14.8 63.2 61.0 4 (5)
Copper in concentrates kt 9.2 8.5 9.2 10.5 11.9 40.1 38.5 4 29
Silver in concentrates koz 712 619 521 659 569 2,368 2,066 15 (20)
Total Zinc in concentrates kt 34.5 28.0 29.2 28.8 29.2 115.2 135.8 (15) (15)
Total Copper in concentrates kt 11.1 10.0 11.0 12.7 14.6 48.3 47.3 2 32
Total Silver in concentrates koz 712 619 521 659 569 2,368 2,066 15 (20)
North America - total production including third party feed
Brunswick Smelter Lead metal kt 21.5 13.5 17.7 18.7 20.9 70.8 74.6 (5) (3)
Silver metal koz 6,125 4,650 5,597 5,950 5,157 21,354 15,824 35 (16)
CEZ Refinery7 Zinc metal kt 17.8 17.0 16.7 16.5 18.0 68.2 65.5 4 1
Glencore 2015 Production Report - 15
Appendix: Production by Quarter – Q4 2014 to Q4 2015
Q4 Q1 Q2 Q3 Q4 2015 2014 Change Change
2014 2015 2015 2015 2015 2015 vs Q4 15 vs
2014 Q4 14
% %
Other Zinc (AR Zinc, Los Quenuales, Sinchi Wayra, Rosh Pinah, Perkoa)
Zinc metal kt 5.0 3.4 8.5 8.5 5.7 26.1 23.2 13 14
Zinc in concentrates kt 76.6 69.4 73.4 75.6 61.5 279.9 295.4 (5) (20)
Lead metal kt 3.2 2.4 3.5 3.3 3.5 12.7 11.7 9 9
Lead in concentrates kt 14.5 14.8 8.7 8.5 10.7 42.7 53.7 (20) (26)
Copper in concentrates kt 0.4 0.5 0.6 0.7 0.6 2.4 2.7 (11) 50
Silver metal koz 173 123 153 205 210 691 613 13 21
Silver in concentrates koz 2,581 2,105 2,158 2,176 2,127 8,566 9,825 (13) (18)
Other Zinc - total production including third party feed
Zinc metal kt 7.8 4.5 9.3 9.9 6.6 30.3 29.1 4 (15)
Zinc in concentrates kt 76.6 69.4 73.4 75.6 61.5 279.9 295.4 (5) (20)
Lead metal kt 3.2 2.4 3.5 3.3 3.5 12.7 11.7 9 9
Lead in concentrates kt 14.5 14.8 8.7 8.5 10.7 42.7 53.7 (20) (26)
Copper in concentrates kt 0.4 0.5 0.6 0.7 0.6 2.4 2.7 (11) 50
Silver metal koz 173 123 153 205 210 691 613 13 21
Silver in concentrates koz 2,581 2,105 2,158 2,176 2,128 8,567 9,825 (13) (18)
Total Zinc department
Total Zinc kt 369.4 340.0 355.1 372.3 298.1 1,365.5 1,315.3 4 (19)
Total Lead kt 84.2 75.8 70.4 82.3 69.2 297.7 307.5 (3) (18)
Total Copper kt 23.8 21.7 24.4 26.7 29.8 102.6 96.8 6 25
Total Gold koz 126 122 125 135 138 520 506 3 10
Total Silver koz 7,010 5,809 5,571 6,339 5,807 23,526 25,096 (6) (17)
Glencore 2015 Production Report - 16
Appendix: Production by Quarter – Q4 2014 to Q4 2015
1
Production from own sources – Nickel assets
Q4 Q1 Q2 Q3 Q4 2015 2014 Change Change
2014 2015 2015 2015 2015 2015 vs Q4 15 vs
2014 Q4 14
% %
Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)
Nickel metal kt 12.5 13.5 12.5 7.6 15.5 49.1 51.3 (4) 24
Nickel in concentrates kt 0.2 0.2 0.1 0.1 0.1 0.5 0.6 (17) (50)
Copper metal kt 3.8 4.1 4.0 2.9 3.9 14.9 15.7 (5) 3
Copper in concentrates kt 8.3 7.4 10.0 6.7 7.0 31.1 38.3 (19) (16)
Cobalt metal kt 0.2 0.2 0.2 0.2 0.2 0.8 0.8 - -
Gold2 koz 9 8 9 9 9 35 37 (5) -
Silver2 koz 111 146 178 135 151 610 622 (2) 36
Platinum2 koz 22 22 22 15 17 76 82 (7) (23)
Palladium2 koz 39 44 48 30 35 157 149 5 (10)
Rhodium2 koz 1 2 1 1 1 5 4 25 -
Integrated Nickel Operations - total production including third party feed
Nickel metal kt 23.1 22.5 22.6 22.9 23.2 91.2 90.5 1 -
Nickel in concentrates kt 0.1 0.2 0.2 0.1 0.1 0.6 0.7 (14) -
Copper metal kt 9.5 8.9 9.1 9.6 7.9 35.5 35.8 (1) (17)
Copper in concentrates kt 10.1 9.3 11.8 8.3 8.8 38.2 48.0 (20) (13)
Cobalt metal kt 0.9 0.7 0.8 0.7 0.9 3.1 3.6 (14) -
Gold2 koz 12 11 13 13 13 50 54 (7) 8
Silver2 koz 177 247 302 244 253 1,046 1,058 (1) 43
Platinum2 koz 31 30 30 20 26 106 116 (9) (16)
Palladium2 koz 61 63 70 50 59 242 243 - (3)
Rhodium2 koz 2 2 1 2 1 6 6 - (50)
Murrin Murrin
Total Nickel metal kt 9.2 7.9 9.8 9.3 10.5 37.5 36.4 3 14
Total Cobalt metal kt 0.7 0.7 0.8 0.6 0.7 2.8 2.7 4 -
Murrin Murrin - total production including third party feed
Total Nickel metal kt 11.2 9.5 12.4 12.0 12.8 46.7 44.1 6 14
Total Cobalt metal kt 0.7 0.7 0.9 0.8 0.9 3.3 2.9 14 29
Koniambo Nickel in ferronickel kt 4.0 2.2 2.7 2.8 1.4 9.1 12.6 (28) (65)
Total Nickel department
Total Nickel kt 25.9 23.8 25.1 19.8 27.5 96.2 100.9 (5) 6
Total Copper kt 12.1 11.5 14.0 9.6 10.9 46.0 54.0 (15) (10)
Total Cobalt kt 0.9 0.9 1.0 0.8 0.9 3.6 3.5 3 -
Total Gold koz 9 8 9 9 9 35 37 (5) -
Total Silver koz 111 146 178 135 151 610 622 (2) 36
Total Platinum koz 22 22 22 15 17 76 82 (7) (23)
Total Palladium koz 39 44 48 30 35 157 149 5 (10)
Total Rhodium koz 1 2 1 1 1 5 4 25 -
Glencore 2015 Production Report - 17
Appendix: Production by Quarter – Q4 2014 to Q4 2015
1
Production from own sources – Ferroalloys assets
Q4 Q1 Q2 Q3 Q4 2015 2014 Change Change
2014 2015 2015 2015 2015 2015 vs Q4 15 vs
2014 Q4 14
% %
Ferrochrome8 kt 356 385 371 316 390 1,462 1,295 13 10
9
PGM Platinum koz 24 20 25 21 16 82 91 (10) (33)
Palladium koz 13 11 12 12 10 45 50 (10) (23)
Rhodium koz 3 3 4 4 2 13 15 (13) (33)
Gold koz - 1 - - - 1 1 - n.m.
4E koz 40 35 41 37 28 141 157 (10) (30)
Vanadium Pentoxide mlb 5.6 5.3 4.6 5.5 5.5 20.9 20.8 - (2)
1
Total production – Custom metallurgical assets
Q4 Q1 Q2 Q3 Q4 2015 2014 Change Change
2014 2015 2015 2015 2015 2015 vs Q4 15 vs
2014 Q4 14
% %
Copper (Altonorte, Pasar, Horne, CCR)
Copper metal kt 117.8 115.7 101.2 95.1 121.7 433.7 433.8 - 3
Copper anode kt 126.7 125.1 119.8 134.8 123.1 502.8 493.7 2 (3)
Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
Zinc metal kt 196.1 194.3 195.8 197.9 200.8 788.8 781.8 1 2
Lead metal kt 39.8 50.0 44.5 53.8 50.9 199.2 177.4 12 28
Silver koz 2,106 2,597 2,546 2,735 3,342 11,220 9,482 18 59
Ferroalloys
Ferromanganese kt 29 35 34 33 44 146 116 26 52
Silicon Manganese kt 28 28 27 25 18 98 108 (9) (36)
Aluminium (Sherwin Alumina)
Alumina kt 291 300 281 282 312 1,175 1,382 (15) 7
1 Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated.
2 INO produces gold, silver and PGM, incidental to its main products of nickel and copper, which were previously excluded from Glencore production
reports. Details have now been included to provide a better understanding of the business and historical periods have been updated accordingly.
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 The Group’s pro-rata share of CEZ production (25%).
8 The Group’s attributable 79.5% share of the Glencore-Merafe Chrome Venture.
9 Consolidated 100% of Eland and 50% of Mototolo.
Glencore 2015 Production Report - 18
Appendix: Production by Quarter – Q4 2014 to Q4 2015
Energy Products
Production from own sources
1
Coal assets
Q4 Q1 Q2 Q3 Q4 2015 2014 Change Change
2014 2015 2015 2015 2015 2015 vs Q4 15 vs
2014 Q4 14
% %
Australian coking coal mt 1.4 1.5 1.2 1.5 1.7 5.9 6.0 (2) 21
Australian semi-soft coal mt 1.0 1.0 0.8 0.9 0.9 3.6 3.5 3 (10)
Australian thermal coal (export) mt 12.2 12.5 11.7 14.6 13.6 52.4 54.6 (4) 11
Australian thermal coal (domestic) mt 1.2 0.8 0.9 1.2 1.0 3.9 5.4 (28) (17)
South African thermal coal (export) mt 6.0 5.7 5.3 5.2 3.5 19.7 23.4 (16) (42)
South African thermal coal (domestic) mt 5.7 5.7 5.6 4.3 1.7 17.3 22.7 (24) (70)
Prodeco mt 4.4 5.4 4.7 3.8 3.7 17.6 19.5 (10) (16)
Cerrejón2 mt 3.0 3.0 2.9 2.5 2.7 11.1 11.2 (1) (10)
Total Coal department mt 34.9 35.6 33.1 34.0 28.8 131.5 146.3 (10) (17)
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
Q4 Q1 Q2 Q3 Q4 2015 2014 Change Change
2014 2015 2015 2015 2015 2015 vs Q4 15 vs
2014 Q4 14
% %
Glencore entitlement interest basis
Equatorial Guinea kbbl 1,267 1,216 1,263 1,220 1,238 4,937 5,072 (3) (2)
Chad kbbl 968 1,352 1,463 1,520 1,297 5,632 2,279 147 34
Total Oil department kbbl 2,235 2,568 2,726 2,740 2,535 10,569 7,351 44 13
Gross basis
Equatorial Guinea kbbl 6,064 5,598 5,849 5,841 5,651 22,939 24,232 (5) (7)
Chad kbbl 1,326 1,849 2,000 2,077 1,773 7,699 4,284 80 34
Total Oil department kbbl 7,390 7,447 7,849 7,918 7,424 30,638 28,516 7 -
Glencore 2015 Production Report - 19
Appendix: Production by Quarter – Q4 2014 to Q4 2015
Agricultural Products
Processing / production data
Q4 Q1 Q2 Q3 Q4 2015 2014 Change Change
2014 2015 2015 2015 2015 2015 vs Q4 15 vs
2014 Q4 14
% %
Farming kt 190 33 99 448 124 704 762 (8) (35)
Crushing kt 1,471 955 1,747 1,740 1,627 6,069 5,664 7 11
Long term toll agreement kt - - 130 92 62 284 206 38 n.m.
Biodiesel kt 205 109 139 164 144 556 757 (27) (30)
Rice milling kt 30 47 44 83 32 206 230 (10) 7
Wheat milling kt 231 236 250 254 236 976 1,013 (4) 2
Sugarcane processing kt 416 - 702 1,273 776 2,751 2,231 23 87
Total Agricultural products kt 2,543 1,380 3,111 4,054 3,001 11,546 10,863 6 18
Glencore 2015 Production Report - 20
Appendix – Full year 2016 production
guidance
Full year 2016 production guidance
Actual Actual Guidance
FY FY FY
2014 2015 2016
Copper kt 1,546 1,502 1,390 ± 25
Zinc kt 1,387 1,445 1,095 ± 25
Lead kt 308 298 285 ± 10
Nickel kt 101 96 116 ± 4
Ferrochrome kt 1,295 1,462 1,575 ± 25
Coal mt 146 132 130 ± 3
Oil – entitlement interest basis kbbl 7,351 10,569 8,500 ± 300
Forward looking statements
This document contains statements that are, or may be deemed to be, “forward looking statements” which are prospective in nature. These forward looking
statements may be identified by the use of forward looking terminology, or the negative thereof such as "plans", "expects" or "does not expect", "is
expected", "continues", "assumes", "is subject to", "budget", "scheduled", "estimates", "aims", "forecasts", "risks", "intends", "positioned", "predicts",
"anticipates" or "does not anticipate", or "believes", or variations of such words or comparable terminology and phrases or statements that certain actions,
events or results "may", "could", "should", “shall”, "would", "might" or "will" be taken, occur or be achieved. Such statements are qualified in their entirety by
the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are not based on historical facts, but rather on current
predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects,
financial condition and discussions of strategy.
By their nature, forward looking statements involve known and unknown risks and uncertainties, many of which are beyond 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 2014 and “Risks and uncertainties” in Glencore’s Half-Year
Results 2015.
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
Absa Bank Limited (acting through its Corporate and Investment Banking Division)
Glencore 2015 Production Report - 21
Date: 11/02/2016 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.