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GLN - First Quarter 2017 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, Switzerland
4 May, 2017
First Quarter 2017 Production Report
To view the full report please click here:
http://www.glencore.com/assets/investors/doc/reports_and_results/2017/GLEN-2017-Q1-
Production-Report.pdf
Production highlights
- Production in Q1 2017 experienced some weather related impacts, including Cyclone
Debbie in Australia, flooding in Peru and higher than average rainfall in the DRC and
Hunter Valley.
- Copper production from own sources of 324,100 tonnes was 3% down on Q1 2016,
reflecting grade variations at Alumbrera, the zinc/copper mix at Antamina as its mine plan
progresses and ore handling difficulties at Mutanda due to heavy rain. These were partly
offset by an increase in own sourced production from North Queensland.
- Own-sourced zinc production of 279,200 tonnes was 9% up on Q1 2016, mainly
reflecting the mine plan sequencing at Antamina. Modest production increases in the rest
of the portfolio were within expected ranges. There are currently no plans to restart idled
capacity in Australia and Peru.
- Own-sourced nickel production of 24,900 tonnes was down 10% on Q1 2016, reflecting
maintenance at Murrin Murrin and Nikkelverk, partly offset by the ramp-up at Koniambo.
- Attributable ferrochrome production of 439,000 tonnes was 10% up on Q1 2016,
reflecting operating efficiencies and the restarting of a furnace in H2 2016.
- Coal production of 30.9 million tonnes was 4% up on Q1 2016, reflecting stronger coking
coal production, with the base period impacted by geological challenges, and planned
ramp-ups within the Australian thermal portfolio.
- Glencore’s oil entitlement interest of 1.4 million barrels was down 43% on Q1 2016,
reflecting ongoing depletion. A single-rig drilling campaign will re-commence in Chad in
H2 2017.
- As announced on 14 March 2017, we have agreed to sell our interests in Rosh Pinah and
Perkoa, with completion expected in H2 2017, subject to customary approvals. See
production guidance on page 19 – other commodities’ guidance is unchanged.
- As announced on 13 February 2017, we increased our stakes in Katanga and Mutanda.
Both assets were already controlled subsidiaries of Glencore with production historically
reported on a 100% basis, resulting in no reporting changes, following the completion of
these transactions.
- Full year 2017 Marketing EBIT guidance now $2.3 billion to $2.6 billion (previously $2.2
billion to $2.5 billion).
For further information please contact:
Investors
Martin Fewings t: +41 41 709 2880 m: +41 79 737 5642 martin.fewings@glencore.com
Carlos Francisco Fernandez t: +41 41 709 2369 m: +41 79 129 9195 carlos.fernandez@glencore.com
Media
Charles Watenphul t: +41 41 709 2462 m: +41 79 904 3320 charles.watenphul@glencore.com
Pam Bell t: +44 20 7412 3471 m: +44 77 3031 9806 Pam.bell@glencore.co.uk
www.glencore.com
Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer
and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and
metallurgical sites, oil production assets and agricultural facilities.
With a strong footprint in both established and emerging regions for natural resources, Glencore's
industrial and marketing activities are supported by a global network of more than 90 offices located in
over 50 countries.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation,
oil and food processing sectors. We also provide financing, logistics and other services to producers and
consumers of commodities. Glencore's companies employ around 155,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the
International Council on Mining and Metals. We are an active participant in the Extractive Industries
Transparency Initiative.
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Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this
document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc
and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other
relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the
Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the
particular company or companies.
Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking Division)
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