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GLENCORE PLC - 2015 Production Report

Release Date: 11/02/2016 09:00
Code(s): GLN     PDF:  
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




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This document contains statements that are, or may be deemed to be, “forward looking statements” which are prospective in nature. These forward looking
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By their nature, forward looking statements involve known and unknown risks and uncertainties, many of which are beyond Glencore’s control. Forward
looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause
these uncertainties include, but are not limited to, those discussed in Glencore’s Annual Report 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
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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

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