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GLN: 2017 Half -Year 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
27 July 2017
NEWS RELEASE
2017 Half-Year Production Report
Production highlights
Own-sourced copper production of 642,900 tonnes was down 9% on H1 2016, reflecting a transition to mining a greater portion
of copper/zinc ores at Antamina (noting concurrent higher zinc grades / production), temporary lower copper grades at
Antapaccay, the effects of wet weather at Mutanda resulting in reduced ore throughput, and lower production / pit stability
issues at Alumbrera as it nears end of life.
Own-sourced zinc production of 570,800 tonnes was up 13%, reflecting the Antamina increase noted above and generally solid
performances across the portfolio.
Own-sourced nickel production of 51,200 tonnes was down 10%, reflecting scheduled maintenance at Murrin and INO, partly
offset by the stabilising and improving performance at Koniambo.
Attributable ferrochrome production of 836,000 tonnes was up 10%, reflecting more furnace production time, period over period,
and strong furnace operational performances.
Coal production of 61.1 million tonnes was up 4% on H1 2016, mainly reflecting planned increases in the Australian coal
portfolio.
Glencore’s oil entitlement production interest of 2.6 million barrels was down 39% on H1 2016, reflecting natural field decline
with no drilling activity. As previously noted, a single-rig drilling campaign has recommenced in Chad in H2 2017.
The announced sales of Rosh Pinah and Perkoa to Trevali Mining are subject to customary closing conditions, with transaction
currently expected to complete in August. Zinc full year production guidance on page 18 has been adjusted to reflect the
expected timing of this transaction.
Other changes in full year production guidance on page 18 reflect the impact of operating conditions / mine plan changes
enacted in the year to date.
Following the sale of 50% of Glencore Agri, this business and segment is now fully reported as Marketing. Production
information has therefore not been included in this report, which focuses on Glencore’s Industrial Assets. Including this effect,
full year 2017 Marketing EBIT guidance range is being increased to $2.4 billion to $2.7 billion (previously $2.3 billion to $2.6
billion).
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
www.glencore.com
Glencore Half-Year Production Report 2017 - 1
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.
www.facebook.com/Glencore/
www.flickr.com/photos/glencore
www.instagram.com/glencoreplc/
www.linkedin.com/company/8518
www.slideshare.net/glencore
www.twitter.com/glencore
www.youtube.com/glencorevideos
Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking Division)
Metals and Minerals
Production from own sources – Total
H1 2017 H1 2016 Change
%
Copper kt 642.9 703.0 (9)
Zinc kt 570.8 506.5 13
Lead kt 139.2 145.3 (4)
Nickel kt 51.2 57.1 (10)
Gold koz 524 472 11
Silver koz 19,510 18,813 4
Cobalt kt 12.7 12.7 -
Ferrochrome kt 836 762 10
Platinum koz 65 81 (20)
Palladium koz 82 120 (32)
Rhodium koz 8 8 -
Vanadium Pentoxide mlb 9.5 10.1 (6)
Production from own sources – Copper assets
H1 2017 H1 2016 Change
%
African Copper (Katanga, Mutanda, Mopani)
Copper metal kt 111.5 130.2 (14)
Cobalt kt 11.2 10.9 3
Collahuasi
Copper metal kt - 1.5 (100)
Copper in concentrates kt 108.6 105.8 3
Silver in concentrates koz 1,522 1,650 (8)
Antamina
Copper in concentrates kt 70.3 76.9 (9)
Zinc in concentrates kt 59.0 21.8 171
Silver in concentrates koz 3,327 3,677 (10)
Other South America (Alumbrera, Lomas Bayas, Antapaccay, Punitaqui)
Copper metal kt 41.0 39.3 4
Copper in concentrates kt 119.8 146.1 (18)
Gold in concentrates and in doré koz 163 171 (5)
Silver in concentrates and in doré koz 883 1,067 (17)
Australia (Mount Isa, Ernest Henry, Townsville, Cobar)
Copper metal kt 91.0 98.3 (7)
Copper in concentrates kt 25.4 26.3 (3)
Gold koz 38 36 6
Silver koz 741 749 (1)
Total Copper department
Copper kt 567.6 624.4 (9)
Cobalt kt 11.2 10.9 3
Zinc kt 59.0 21.8 171
Gold koz 201 207 (3)
Silver koz 6,473 7,143 (9)
Glencore Half-Year Production Report 2017 - 3
Metals and Minerals
Production from own sources – Zinc assets
H1 2017 H1 2016 Change
%
Kazzinc
Zinc metal kt 102.2 89.2 15
Lead metal kt 25.1 24.1 4
Lead in concentrates kt 3.9 7.8 (50)
Copper metal kt 27.9 25.1 11
Gold koz 306 243 26
Silver koz 2,854 2,098 36
Silver in concentrates koz 106 202 (48)
Australia (Mount Isa, McArthur River)
Zinc in concentrates kt 217.8 231.7 (6)
Lead in concentrates kt 78.9 88.4 (11)
Silver in concentrates koz 3,743 4,172 (10)
North America (Matagami, Kidd)
Zinc in concentrates kt 71.2 58.3 22
Copper in concentrates kt 23.6 24.0 (2)
Silver in concentrates koz 1,505 879 71
Other Zinc: South America (Aguilar, Los Quenuales, Sinchi Wayra)
Zinc in concentrates kt 51.2 49.4 4
Lead metal kt 6.2 6.1 2
Lead in concentrates kt 22.7 15.6 46
Copper in concentrates kt 1.1 0.9 22
Silver metal koz 290 306 (5)
Silver in concentrates koz 4,092 3,480 18
Other Zinc: Africa (Rosh Pinah, Perkoa)
Zinc in concentrates kt 69.4 56.1 24
Lead in concentrates kt 2.4 3.3 (27)
Silver in concentrates koz 121 127 (5)
Total Zinc department
Zinc kt 511.8 484.7 6
Lead kt 139.2 145.3 (4)
Copper kt 52.6 50.0 5
Gold koz 306 243 26
Silver koz 12,711 11,264 13
Glencore Half-Year Production Report 2017 - 4
Metals and Minerals
Production from own sources – Nickel assets
H1 2017 H1 2016 Change
%
Integrated Nickel Operations (“INO”) (Sudbury, Raglan, Nikkelverk)
Nickel metal kt 29.4 33.5 (12)
Nickel in concentrates kt 0.3 0.3 -
Copper metal kt 8.1 8.4 (4)
Copper in concentrates kt 14.6 20.2 (28)
Cobalt metal kt 0.4 0.5 (20)
Gold koz 17 21 (19)
Silver koz 326 406 (20)
Platinum koz 36 50 (28)
Palladium koz 64 101 (37)
Rhodium koz 3 3 -
Murrin Murrin
Nickel metal kt 13.5 17.7 (24)
Cobalt metal kt 1.1 1.3 (15)
Koniambo Nickel in ferronickel kt 8.0 5.6 43
Total Nickel department
Nickel kt 51.2 57.1 (10)
Copper kt 22.7 28.6 (21)
Cobalt kt 1.5 1.8 (17)
Gold koz 17 21 (19)
Silver koz 326 406 (20)
Platinum koz 36 50 (28)
Palladium koz 64 101 (37)
Rhodium koz 3 3 -
Production from own sources – Ferroalloys assets
H1 2017 H1 2016 Change
%
Ferrochrome kt 836 762 10
PGM Platinum koz 29 31 (6)
Palladium koz 18 19 (5)
Rhodium koz 5 5 -
Gold koz - 1 (100)
4E koz 52 56 (7)
Vanadium Pentoxide mlb 9.5 10.1 (6)
Glencore Half-Year Production Report 2017 - 5
Metals and Minerals
Total production – Custom metallurgical assets
H1 2017 H1 2016 Change
%
Copper (Altonorte, Pasar, Horne, CCR)
Copper metal kt 259.5 241.6 7
Copper anode kt 264.3 265.1 -
Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
Zinc metal kt 395.2 394.9 -
Lead metal kt 99.8 110.3 (10)
Silver koz 7,465 7,305 2
Ferroalloys
Ferromanganese kt 72 73 (1)
Silicon Manganese kt 26 44 (41)
1 Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated.
2 Copper metal includes copper contained in copper concentrates and blister.
3 Cobalt contained in concentrates and hydroxides.
4 The Group’s pro-rata share of Collahuasi production (44%).
5 The Group’s pro-rata share of Antamina production (33.75%).
6 The Group’s attributable 79.5% share of the Glencore-Merafe Chrome Venture.
7 Consolidated 50% of Mototolo.
Selected average commodity prices
%
S&P GSCI Industrial Metals Index 321 257 25
LME (cash) copper price ($/t) 5,755 4,707 22
LME (cash) zinc price ($/t) 2,687 1,801 49
LME (cash) lead price ($/t) 2,218 1,729 28
LME (cash) nickel price ($/t) 9,750 8,669 12
Gold price ($/oz) 1,239 1,220 2
Silver price ($/oz) 17 16 6
Metal Bulletin cobalt price 99.3% ($/lb) 23 11 109
Metal Bulletin ferrochrome 6-8% C basis 60% Cr, max 1.5% Si (¢/lb) 133 82 62
Iron ore (Platts 62% CFR North China) price ($/DMT) 74 52 42
Glencore Half-Year Production Report 2017 - 6
Metals and Minerals
OPERATING HIGHLIGHTS
Copper assets
Own sourced copper production of 642,900 tonnes was 60,100 tonnes (9%) down on H1 2016, reflecting a transition to
mining a greater portion of copper/zinc ores at Antamina, temporary lower copper grades at Antapaccay, the effects of
wet weather at Mutanda, resulting in reduced ore throughput, and lower production / pit stability issues at Alumbrera as it
nears end of life.
African copper
Mutanda’s own sourced copper production of 96,500 tonnes was 12,400 tonnes (11%) down on H1 2016, reflecting
reduced throughput, following unusually severe wet weather earlier in 2017. H1 cobalt production of 11,200 tonnes was
300 tonnes (3%) higher than H1 2016, reflecting upgrades to the plant completed during 2016.
Mopani’s own sourced production of 15,000 tonnes was 6,300 tonnes (30%) down on H1 2016, reflecting a 45 day
smelter shutdown in May/June. Mopani continues to produce at reduced rates while the new shaft projects are
completed.
Collahuasi
Glencore’s share of copper production of 108,600 tonnes was in line with H1 2016.
Antamina
The mine is currently accessing a higher portion of copper/zinc ores and less copper only ores. As such, Glencore’s
share of copper production at 70,300 tonnes was 9% down on H1 2016, however increased zinc production of 59,000
tonnes was 171% higher.
Other South America
Copper production of 160,800 tonnes was 24,600 tonnes (13%) down on H1 2016, reflecting lower grades / pit wall
stability issues at Alumbrera as it approaches end of life, and expected transition to lower copper grades at Antapaccay.
Gold production of 163,000 ounces was 8,000 ounces (5%) down, mainly relating to Alumbrera, partly offset by improved
gold grades at Antapaccay.
Australia
Own sourced production of 116,400 tonnes was 8,200 tonnes (7%) down on H1 2016, mainly reflecting the sale of a 30%
economic interest in Ernest Henry in Q4 2016.
Custom metallurgical assets
Copper cathode production of 259,500 tonnes was 17,900 tonnes (7%) up on H1 2016, reflecting a more stable
performance from Pasar, which was ramping up during the base period, post its smelter upgrade and expansion. Copper
anode production of 264,300 tonnes was in line with H1 2016, as improved production at Pasar was offset by lower feed
grades and timing of planned maintenance shutdowns at Altonorte and Horne.
Zinc assets
Own sourced zinc production of 570,800 tonnes was 64,300 tonnes (13%) higher than H1 2016, of which 37,000 tonnes
related to Antamina as noted above, with the balance mainly due to stronger operating performances at Kazzinc, Kidd,
Rosh Pinah and Bolivia.
H1 2017 zinc production included 69,400 tonnes from the African assets which are currently in the process of being sold
to Trevali Mining (expected to complete within Q3 2017).
Glencore Half-Year Production Report 2017 - 7
Metals and Minerals
Kazzinc
Own-sourced zinc production of 102,200 tonnes was 13,000 tonnes (15%) higher than the comparable period, reflecting
the processing of own sourced stockpiled material. Total zinc production, including third party feeds, was 152,500
tonnes, in line with H1 2016.
Own-sourced lead production of 29,000 tonnes was 2,900 tonnes (9%) lower than the comparable period, reflecting
short-term mining changes at the Zhairem mine. Total lead production, including third party feed, of 77,300 tonnes was
1,400 tonnes (2%) higher than H1 2016.
Own-sourced copper production of 27,900 tonnes was 2,800 tonnes (11%) higher than the comparable period, reflecting
higher head grades. Total copper production, including third party feed, of 34,100 tonnes was in line with H1 2016.
Own-sourced gold production of 306,000 ounces was 63,000 ounces higher than the comparable period, reflecting
higher gold head grades at Vasilkovsky and improved recoveries.
Australia
Zinc production of 217,800 tonnes was 13,900 tonnes (6%) lower than H1 2016 and lead production of 78,900 tonnes
was 9,500 tonnes (11%) down, attributable to operational mine changes.
North America
Zinc production of 71,200 tonnes was 12,900 tonnes (22%) higher than H1 2016, mainly reflecting higher grades at Kidd.
Copper production of 23,700 tonnes was down by 400 tonnes (2%), mainly reflecting lower copper grades from
Matagami.
Other Zinc
The South American assets produced 51,200 tonnes of zinc and 28,900 tonnes of lead, up 4% and 33%, respectively, on
H1 2016. The increase in lead production mainly relates to improved head grades at Aguilar.
The African assets, pending sale to Trevali Mining, produced 69,400 tonnes of zinc and 2,400 tonnes of lead. The
significant increase in zinc production (up 13,300 tonnes or 24%) reflects stabilised operating conditions, particularly in
Namibia.
European custom metallurgical assets
Zinc production of 395,200 tonnes was in line with the comparable period. Lead production of 99,800 tonnes was 10,500
tonnes (10%) lower than the comparable period, reflecting a change in the feed mix at the European lead operations.
Nickel assets
Own sourced nickel production of 51,200 tonnes was 5,900 tonnes (10%) down on H1 2016, reflecting scheduled
maintenance at Murrin and to a lesser extent, INO, partly offset by the stabilising and improving performance at
Koniambo.
Integrated Nickel Operations (“INO”)
Own sourced nickel production of 29,700 tonnes was 4,100 tonnes (12%) down on H1 2016, reflecting scheduled plant
maintenance and the contribution change of own and third-party concentrates in the metallurgical mix. On a total basis,
including third party feed, production was down 2,400 tonnes (5%).
Own sourced copper production of 22,700 tonnes was 5,900 tonnes (21%) down on H1 2016, reflecting lower grades at
the Sudbury mines.
Murrin Murrin
Own sourced nickel production of 13,500 tonnes was 4,200 tonnes (24%) below H1 2016, principally relating to the
statutory maintenance shut in March/April and other required maintenance works.
Koniambo
Nickel production of 8,000 tonnes was 2,400 tonnes (43%) higher than H1 2016, as plant operations continue to improve.
Glencore Half-Year Production Report 2017 - 8
Metals and Minerals
Ferroalloys assets
Ferrochrome
Attributable ferrochrome production of 836,000 tonnes was 74,000 tonnes (10%) higher than H1 2016, reflecting more
furnace production time, period over period, and strong furnace operational performances.
Platinum Group Metals (“PGM”)
Glencore’s share of Mototolo production was 52,000 ounces (4E), down 4,000 ounces (7%) on H1 2016, reflecting lower
head grades.
Vanadium
Production of 9.5 million pounds was 0.6 million pounds (6%) down on H1 2016, reflecting additional maintenance
required and the impacts of network power failures.
Manganese
Production of 98,000 tonnes was 19,000 tonnes (16%) below H1 2016, reflecting a furnace lining replacement at the
plant in France.
Glencore Half-Year Production Report 2017 - 9
Energy Products
Production from own sources
Coal assets
H1 2017 H1 2016 Change
%
Australian coking coal mt 2.7 2.0 35
Australian semi-soft coal mt 2.2 2.2 -
Australian thermal coal (export) mt 26.2 24.1 9
Australian thermal coal (domestic) mt 3.3 3.2 3
South African thermal coal (export) mt 8.7 8.4 4
South African thermal coal (domestic) mt 4.8 5.7 (16)
Prodeco mt 8.0 8.3 (4)
Cerrejón mt 5.2 4.9 6
Total Coal department mt 61.1 58.8 4
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
H1 2017 H1 2016 Change
%
Glencore entitlement interest basis
Equatorial Guinea kbbl 1,333 2,100 (37)
Chad kbbl 1,307 2,250 (42)
Total Oil department kbbl 2,640 4,350 (39)
Gross basis
Equatorial Guinea kbbl 6,297 9,641 (35)
Chad kbbl 1,787 3,076 (42)
Total Oil department kbbl 8,084 12,717 (36)
Selected average commodity prices
H1 2017 H1 2016 Change
%
S&P GSCI Energy Index 173 138 25
Coal API4 ($/t) 79 53 49
Coal Newcastle (6,000 kcal/kg) ($/t) 80 51 57
Oil price – Brent ($/bbl) 53 41 29
Glencore Half-Year Production Report 2017 - 10
Energy Products
OPERATING HIGHLIGHTS
Coal assets
Production of 61.1 million tonnes was 2.3 million tonnes (4%) higher than H1 2016, reflecting expected increases in the
Australian thermal portfolio and improved coking coal production.
Australian coking
Production of 2.7 million tonnes was 0.7 million tonnes (35%) higher than H1 2016, as the comparable period was
impacted by geological challenges at Oaky Creek.
Australian thermal and semi-soft
Production of 31.7 million tonnes was 2.2 million tonnes (7%) higher than H1 2016, reflecting productivity initiatives at
South Blakefield and Bulga, an expected increase at Ulan with the comparable period impacted by longwall moves, and
Glencore’s increased equity ownership of the Newlands and Collinsville mines.
South African thermal
Production of 13.5 million tonnes was in line with H1 2016, reflecting improved operating performances, particularly at
Tweefontein, offset by scheduled mine closures (Springlake and Hlagisa) in 2017.
Prodeco
Production of 8.0 million tonnes was 0.3 million tonnes (4%) down on H1 2016, reflecting disruption due to unusually
heavy rainfall in Q2 2017.
Cerrejón
Glencore’s share of production was 5.2 million tonnes, up 0.3 million tonnes (6%) on H1 2016, reflecting an easement of
dust emission restrictions.
Oil assets
Glencore’s oil entitlement production interest of 2.6 million barrels was 39% down on H1 2016, reflecting natural field
decline with no drilling activity. As previously noted, a single-rig drilling campaign has recommenced in Chad in H2 2017.
Glencore Half-Year Production Report 2017 - 11
Appendix:
Production by Quarter – Q2 2016 to Q2 2017
Metals and Minerals
Production from own sources – Total
Q2 Q3 Q4 Q1 Q2 H1 H1 Change Change
2016 2016 2016 2017 2017 2017 2016 H1 17 vs Q2 17 vs
H1 16 Q2 16
% %
Copper kt 368.0 358.2 364.6 324.1 318.8 642.9 703.0 (9) (13)
Zinc kt 249.4 282.7 304.9 279.2 291.6 570.8 506.5 13 17
Lead kt 74.3 74.3 74.6 68.9 70.3 139.2 145.3 (4) (5)
Nickel kt 29.5 25.3 32.7 24.9 26.3 51.2 57.1 (10) (11)
Gold koz 257 273 282 259 265 524 472 11 3
Silver koz 9,804 10,177 10,079 9,295 10,215 19,510 18,813 4 4
Cobalt kt 6.9 8.3 7.3 6.3 6.4 12.7 12.7 - (7)
Ferrochrome kt 362 344 417 439 397 836 762 10 10
Platinum koz 46 35 32 37 28 65 81 (20) (39)
Palladium koz 73 44 45 46 36 82 120 (32) (51)
Rhodium koz 4 5 3 4 4 8 8 - -
Vanadium Pentoxide mlb 4.5 5.5 5.5 5.1 4.4 9.5 10.1 (6) (2)
Production from own sources – Copper assets
Q2 Q3 Q4 Q1 Q2 H1 H1 Change Change
2016 2016 2016 2017 2017 2017 2016 H1 17 vs Q2 17 vs
H1 16 Q2 16
% %
African Copper (Katanga, Mutanda, Mopani)
Mutanda Copper metal kt 54.2 53.4 51.0 48.8 47.7 96.5 108.9 (11) (12)
Cobalt kt 6.0 7.3 6.3 5.7 5.5 11.2 10.9 3 (8)
Mopani Copper metal kt 10.6 9.3 10.5 8.1 6.9 15.0 21.3 (30) (35)
African Copper - total production including third party feed
Mutanda Copper metal kt 54.2 53.4 51.0 48.8 51.7 100.5 108.9 (8) (5)
Cobalt kt 6.0 7.3 6.3 5.7 5.5 11.2 10.9 3 (8)
Mopani Copper metal kt 27.8 27.1 28.4 21.9 12.5 34.4 54.5 (37) (55)
Total Copper metal kt 64.8 62.7 61.5 56.9 54.6 111.5 130.2 (14) (16)
Total Cobalt kt 6.0 7.3 6.3 5.7 5.5 11.2 10.9 3 (8)
Collahuasi4 Copper metal kt 0.7 0.3 0.3 - - - 1.5 (100) (100)
Copper in concentrates kt 55.5 56.7 58.3 57.6 51.0 108.6 105.8 3 (8)
Silver in concentrates koz 876 865 761 774 748 1,522 1,650 (8) (15)
Antamina5 Copper in concentrates kt 40.1 35.4 33.2 30.3 40.0 70.3 76.9 (9) -
Zinc in concentrates kt 7.7 18.3 26.7 24.5 34.5 59.0 21.8 171 348
Silver in concentrates koz 1,732 1,494 1,607 1,445 1,882 3,327 3,677 (10) 9
Other South America (Alumbrera, Lomas Bayas, Antapaccay, Punitaqui)
Alumbrera Copper in concentrates kt 17.2 20.1 24.5 11.4 9.1 20.5 37.3 (45) (47)
Gold in concentrates and in doré koz 53 64 71 48 49 97 121 (20) (8)
Silver in concentrates and in doré koz 154 165 268 119 79 198 315 (37) (49)
Lomas Bayas Copper metal kt 20.9 19.7 21.0 20.3 20.7 41.0 39.3 4 (1)
Antapaccay Copper in concentrates kt 57.3 59.0 55.6 46.4 50.1 96.5 105.3 (8) (13)
Gold in concentrates koz 27 32 37 29 26 55 46 20 (4)
Silver in concentrates koz 381 419 402 326 324 650 715 (9) (15)
Q2 Q3 Q4 Q1 Q2 H1 H1 Change Change
2016 2016 2016 2017 2017 2017 2016 H1 17 vs Q2 17 vs
H1 16 Q2 16
% %
Punitaqui Copper in concentrates kt 1.6 1.7 1.8 1.6 1.2 2.8 3.5 (20) (25)
Gold in concentrates koz 3 3 4 5 6 11 4 175 100
Glencore Half-Year Production Report 2017 - 12
Appendix: Production by Quarter – Q2 2016 to Q2 2017
Silver in concentrates koz 13 21 24 18 17 35 37 (5) 31
Punitaqui - total production including third party feed
Copper in concentrates kt 2.5 2.7 2.4 2.2 1.9 4.1 5.4 (24) (24)
Gold in concentrates koz 3 3 4 6 5 11 5 120 67
Silver in concentrates koz 23 29 32 24 25 49 57 (14) 9
Total Copper metal kt 20.9 19.7 21.0 20.3 20.7 41.0 39.3 4 (1)
Total Copper in concentrates kt 76.1 80.8 81.9 59.4 60.4 119.8 146.1 (18) (21)
Total Gold in concentrates and in doré koz 83 99 112 82 81 163 171 (5) (2)
Total Silver in concentrates and in doré koz 548 605 694 463 420 883 1,067 (17) (23)
Australia (Mount Isa, Ernest Henry, Townsville, Cobar)
Mount Isa, Ernest Copper metal kt 57.3 50.7 56.1 48.5 42.5 91.0 98.3 (7) (26)
Henry, Townsville Gold koz 19 25 25 17 21 38 36 6 11
Silver koz 309 418 343 261 196 457 490 (7) (37)
Mount Isa, Ernest Henry, Townsville - total production including third party feed
Copper metal kt 71.2 69.5 64.6 54.8 62.8 117.6 141.4 (17) (12)
Gold koz 31 42 34 46 43 89 59 51 39
Silver koz 657 533 525 349 432 781 1,213 (36) (34)
Cobar Copper in concentrates kt 14.4 12.2 15.4 12.7 12.7 25.4 26.3 (3) (12)
Silver in concentrates koz 145 130 154 128 156 284 259 10 8
Total Copper kt 57.3 50.7 56.1 48.5 42.5 91.0 98.3 (7) (26)
Total Copper in concentrates kt 14.4 12.2 15.4 12.7 12.7 25.4 26.3 (3) (12)
Total Gold koz 19 25 25 17 21 38 36 6 11
Total Silver koz 454 548 497 389 352 741 749 (1) (22)
Total Copper department
Copper kt 329.8 318.5 327.7 285.7 281.9 567.6 624.4 (9) (15)
Cobalt kt 6.0 7.3 6.3 5.7 5.5 11.2 10.9 3 (8)
Zinc kt 7.7 18.3 26.7 24.5 34.5 59.0 21.8 171 348
Gold koz 102 124 137 99 102 201 207 (3) -
Silver koz 3,610 3,512 3,559 3,071 3,402 6,473 7,143 (9) (6)
Glencore Half-Year Production Report 2017 - 13
Appendix: Production by Quarter – Q2 2016 to Q2 2017
Production from own sources – Zinc assets
Q2 Q3 Q4 Q1 Q2 H1 H1 Change Change
2016 2016 2016 2017 2017 2017 2016 H1 17 vs Q2 17 vs
H1 16 Q2 16
% %
Kazzinc
Zinc metal kt 46.3 47.4 51.0 48.1 54.1 102.2 89.2 15 17
Lead metal kt 11.9 8.1 11.8 11.3 13.8 25.1 24.1 4 16
Lead in concentrates kt 7.8 5.9 1.5 2.3 1.6 3.9 7.8 (50) (79)
2
Copper metal kt 12.4 16.4 12.4 12.7 15.2 27.9 25.1 11 23
Gold koz 142 141 137 150 156 306 243 26 10
Silver koz 1,212 1,135 1,277 1,152 1,702 2,854 2,098 36 40
Silver in concentrates koz 202 238 29 55 51 106 202 (48) (75)
Kazzinc - total production including third party feed
Zinc metal kt 76.1 76.0 77.4 75.3 77.2 152.5 152.1 - 1
Lead metal kt 35.0 33.2 32.3 36.5 36.9 73.4 68.1 8 5
Lead in concentrates kt 7.8 5.9 1.5 2.3 1.6 3.9 7.8 (50) (79)
Copper metal kt 16.9 19.3 15.3 15.2 18.9 34.1 33.6 1 12
Gold koz 178 181 175 172 187 359 302 19 5
Silver koz 8,495 6,507 6,346 5,572 6,396 11,968 14,555 (18) (25)
Silver in concentrates koz 202 238 29 55 51 106 202 (48) (75)
Australia (Mount Isa, McArthur River)
Mount Isa Zinc in concentrates kt 62.2 70.4 75.3 68.7 64.0 132.7 142.5 (7) 3
Lead in concentrates kt 30.9 37.0 39.5 31.8 30.1 61.9 66.8 (7) (3)
Silver in concentrates koz 1,643 1,891 2,038 1,658 1,539 3,197 3,403 (6) (6)
McArthur River Zinc in concentrates kt 45.5 48.1 62.9 46.9 38.2 85.1 89.2 (5) (16)
Lead in concentrates kt 10.5 9.7 10.8 8.7 8.3 17.0 21.6 (21) (21)
Silver in concentrates koz 374 347 293 277 269 546 769 (29) (28)
Total Zinc in concentrates kt 107.7 118.5 138.2 115.6 102.2 217.8 231.7 (6) (5)
Total Lead in concentrates kt 41.4 46.7 50.3 40.5 38.4 78.9 88.4 (11) (7)
Total Silver in concentrates koz 2,017 2,238 2,331 1,935 1,808 3,743 4,172 (10) (10)
North America (Matagami, Kidd, Brunswick, CEZ Refinery)
Matagami Zinc in concentrates kt 11.8 14.6 11.0 11.0 14.0 25.0 26.0 (4) 19
Copper in concentrates kt 2.4 2.5 1.8 2.0 2.1 4.1 5.4 (24) (13)
Kidd Zinc in concentrates kt 19.5 24.0 22.2 24.0 22.2 46.2 32.3 43 14
Copper in concentrates kt 8.4 9.8 9.9 10.3 9.2 19.5 18.6 5 10
Silver in concentrates koz 520 739 674 663 842 1,505 879 71 62
Total Zinc in concentrates kt 31.3 38.6 33.2 35.0 36.2 71.2 58.3 22 16
Total Copper in concentrates kt 10.8 12.3 11.7 12.3 11.3 23.6 24.0 (2) 5
Total Silver in concentrates koz 520 739 674 663 842 1,505 879 71 62
North America - total production including third party feed
Brunswick Smelter Lead metal kt 13.7 19.6 16.4 15.7 16.5 32.2 33.5 (4) 20
Silver metal koz 4,299 6,295 5,048 4,232 3,480 7,712 9,421 (18) (19)
CEZ Refinery6 Zinc metal kt 17.3 17.0 18.1 12.5 12.6 25.1 34.2 (27) (27)
Glencore Half-Year Production Report 2017 - 14
Appendix: Production by Quarter – Q2 2016 to Q2 2017
Q2 Q3 Q4 Q1 Q2 H1 H1 Change Change
2016 2016 2016 2017 2017 2017 2016 H1 17 vs Q2 17 vs
H1 16 Q2 16
% %
Other Zinc: South America (Aguilar, Los Quenuales, Sinchi Wayra)
Zinc in concentrates kt 26.2 27.1 22.5 24.9 26.3 51.2 49.4 4 -
Lead metal kt 3.3 3.1 3.5 2.6 3.6 6.2 6.1 2 9
Lead in concentrates kt 8.2 8.0 6.1 11.3 11.4 22.7 15.6 46 39
Copper in concentrates kt 0.5 0.7 0.5 0.5 0.6 1.1 0.9 22 20
Silver metal koz 186 154 206 108 182 290 306 (5) (2)
Silver in concentrates koz 1,783 1,939 1,852 2,081 2,011 4,092 3,480 18 13
Other Zinc: Africa (Rosh Pinah, Perkoa)
Zinc in concentrates kt 30.2 32.8 33.3 31.1 38.3 69.4 56.1 24 27
Lead in concentrates kt 1.7 2.5 1.4 0.9 1.5 2.4 3.3 (27) (12)
Silver in concentrates koz 78 102 53 47 74 121 127 (5) (5)
Total Zinc department
Zinc kt 241.7 264.4 278.2 254.7 257.1 511.8 484.7 6 6
Lead kt 74.3 74.3 74.6 68.9 70.3 139.2 145.3 (4) (5)
Copper kt 23.7 29.4 24.6 25.5 27.1 52.6 50.0 5 14
Gold koz 142 141 137 150 156 306 243 26 10
Silver koz 5,998 6,545 6,422 6,041 6,670 12,711 11,264 13 11
Glencore Half-Year Production Report 2017 - 15
Appendix: Production by Quarter – Q2 2016 to Q2 2017
Production from own sources – Nickel assets
Q2 Q3 Q4 Q1 Q2 H1 H1 Change Change
2016 2016 2016 2017 2017 2017 2016 H1 17 vs Q2 17 vs
H1 16 Q2 16
% %
Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)
Nickel metal kt 17.8 13.8 18.3 13.9 15.5 29.4 33.5 (12) (13)
Nickel in concentrates kt 0.1 0.1 0.2 0.2 0.1 0.3 0.3 - -
Copper metal kt 3.6 3.6 4.6 3.9 4.2 8.1 8.4 (4) 17
Copper in concentrates kt 10.9 6.7 7.7 9.0 5.6 14.6 20.2 (28) (49)
Cobalt metal kt 0.3 0.2 0.3 0.1 0.3 0.4 0.5 (20) -
Gold koz 12 8 8 10 7 17 21 (19) (42)
Silver koz 196 120 98 183 143 326 406 (20) (27)
Platinum koz 30 21 19 23 13 36 50 (28) (57)
Palladium koz 63 36 36 37 27 64 101 (37) (57)
Rhodium koz 2 2 1 2 1 3 3 - (50)
Integrated Nickel Operations - total production including third party feed
Nickel metal kt 22.8 23.3 23.3 22.6 21.2 43.8 46.1 (5) (7)
Nickel in concentrates kt 0.2 0.1 0.2 0.2 0.1 0.3 0.4 (25) (50)
Copper metal kt 6.5 7.1 6.9 5.9 5.9 11.8 14.1 (16) (9)
Copper in concentrates kt 13.0 7.8 9.1 10.2 6.5 16.7 23.7 (30) (50)
Cobalt metal kt 0.9 0.7 1.0 0.8 1.0 1.8 1.8 - 11
Gold koz 17 10 11 13 9 22 29 (24) (47)
Silver koz 322 195 141 275 211 486 658 (26) (34)
Platinum koz 43 28 25 30 19 49 70 (30) (56)
Palladium koz 95 52 52 50 41 91 150 (39) (57)
Rhodium koz 2 2 2 2 2 4 4 - -
Murrin Murrin
Total Nickel metal kt 8.4 7.5 10.1 6.2 7.3 13.5 17.7 (24) (13)
Total Cobalt metal kt 0.6 0.8 0.7 0.5 0.6 1.1 1.3 (15) -
Murrin Murrin - total production including third party feed
Total Nickel metal kt 10.9 9.9 13.2 8.2 9.5 17.7 22.9 (23) (13)
Total Cobalt metal kt 0.7 0.9 0.8 0.5 0.8 1.3 1.5 (13) 14
Koniambo Nickel in ferronickel kt 3.2 3.9 4.1 4.6 3.4 8.0 5.6 43 6
Total Nickel department
Nickel kt 29.5 25.3 32.7 24.9 26.3 51.2 57.1 (10) (11)
Copper kt 14.5 10.3 12.3 12.9 9.8 22.7 28.6 (21) (32)
Cobalt kt 0.9 1.0 1.0 0.6 0.9 1.5 1.8 (17) -
Gold koz 12 8 8 10 7 17 21 (19) (42)
Silver koz 196 120 98 183 143 326 406 (20) (27)
Platinum koz 30 21 19 23 13 36 50 (28) (57)
Palladium koz 63 36 36 37 27 64 101 (37) (57)
Rhodium koz 2 2 1 2 1 3 3 - (50)
Glencore Half-Year Production Report 2017 - 16
Appendix: Production by Quarter – Q2 2016 to Q2 2017
Production from own sources – Ferroalloys assets
Q2 Q3 Q4 Q1 Q2 H1 H1 Change Change
2016 2016 2016 2017 2017 2017 2016 H1 17 vs Q2 17 vs
H1 16 Q2 16
% %
Ferrochrome kt 362 344 417 439 397 836 762 10 10
PGM Platinum koz 16 14 13 14 15 29 31 (6) (6)
Palladium koz 10 8 9 9 9 18 19 (5) (10)
Rhodium koz 2 3 2 2 3 5 5 - 50
Gold koz 1 - - - - - 1 (100) (100)
4E koz 29 25 24 25 27 52 56 (7) (7)
Vanadium Pentoxide mlb 4.5 5.5 5.5 5.1 4.4 9.5 10.1 (6) (2)
Total production – Custom metallurgical assets
Q2 Q3 Q4 Q1 Q2 H1 H1 Change Change
2016 2016 2016 2017 2017 2017 2016 H1 17 vs Q2 17 vs
H1 16 Q2 16
% %
Copper (Altonorte, Pasar, Horne, CCR)
Copper metal kt 127.7 122.5 125.0 128.2 131.3 259.5 241.6 7 3
Copper anode kt 129.0 98.9 158.5 139.7 124.6 264.3 265.1 - (3)
Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
Zinc metal kt 197.3 199.4 195.5 197.2 198.0 395.2 394.9 - -
Lead metal kt 54.8 56.4 49.9 53.3 46.5 99.8 110.3 (10) (15)
Silver koz 4,247 3,270 4,270 3,243 4,222 7,465 7,305 2 (1)
Ferroalloys
Ferromanganese kt 28 30 33 32 40 72 73 (1) 43
Silicon Manganese kt 25 23 15 15 11 26 44 (41) (56)
1.Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated.
2.Copper metal includes copper contained in copper concentrates and blister.
3.Cobalt contained in concentrates and hydroxides.
4.The Group’s pro-rata share of Collahuasi production (44%).
5.The Group’s pro-rata share of Antamina production (33.75%).
6.The Group’s pro-rata share of CEZ production (25%).
7.The Group’s attributable 79.5% share of the Glencore-Merafe Chrome Venture.
8.Consolidated 50% of Mototolo.
Glencore Half-Year Production Report 2017 - 17
Appendix: Production by Quarter – Q2 2016 to Q2 2017
Energy Products
Production from own sources
Coal assets
Q2 Q3 Q4 Q1 Q2 H1 H1 Change Change
2016 2016 2016 2017 2017 2017 2016 H1 17 vs Q2 17 vs
H1 16 Q2 16
% %
Australian coking coal mt 0.8 1.6 1.7 1.7 1.0 2.7 2.0 35 25
Australian semi-soft coal mt 1.2 0.9 1.1 1.0 1.2 2.2 2.2 - -
Australian thermal coal (export) mt 12.5 13.7 14.7 12.8 13.4 26.2 24.1 9 7
Australian thermal coal (domestic) mt 1.5 1.4 1.0 1.6 1.7 3.3 3.2 3 13
South African thermal coal (export) mt 4.3 4.5 4.3 4.2 4.5 8.7 8.4 4 5
South African thermal coal (domestic) mt 2.5 3.3 3.1 2.6 2.2 4.8 5.7 (16) (12)
Prodeco mt 4.0 4.7 4.3 4.2 3.8 8.0 8.3 (4) (5)
Cerrejón mt 2.3 3.0 2.8 2.8 2.4 5.2 4.9 6 4
Total Coal department mt 29.1 33.1 33.0 30.9 30.2 61.1 58.8 4 4
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
Q2 Q3 Q4 Q1 Q2 H1 H1 Change Change
2016 2016 2016 2017 2017 2017 2016 H1 17 vs Q2 17 vs
H1 16 Q2 16
% %
Glencore entitlement interest basis
Equatorial Guinea kbbl 953 821 708 691 642 1,333 2,100 (37) (33)
Chad kbbl 997 855 777 674 633 1,307 2,250 (42) (37)
Total Oil department kbbl 1,950 1,676 1,485 1,365 1,275 2,640 4,350 (39) (35)
Gross basis
Equatorial Guinea kbbl 4,464 3,959 3,309 3,249 3,048 6,297 9,641 (35) (32)
Chad kbbl 1,363 1,169 1,063 921 866 1,787 3,076 (42) (36)
Total Oil department kbbl 5,827 5,128 4,372 4,170 3,914 8,084 12,717 (36) (33)
Glencore Half-Year Production Report 2017 - 18
Appendix:
Full year 2017 production guidance
Full year 2017 production guidance
Actual Actual Actual Guidance
FY FY H1 FY
2015 2016 2017 2017
Copper kt 1,502 1,426 643 1,330 ± 25
Zinc kt 1,445 1,094 571 1,130 ± 25
Lead kt 298 295 139 285 ± 10
Nickel kt 96 115 51 115 ± 4
Ferrochrome kt 1,462 1,523 836 1,585 ± 25
Coal mt 132 125 61 132 ± 3
Changes to production guidance reflect:
Copper: down 25kt (2%) to 1,330kt (± 25kt) – primarily Alumbrera related
Zinc: previous full year guidance of 1,190kt (± 25kt) less expected production from Rosh Pinah and Perkoa for the period August-December 2017
(~60kt), assuming the transaction with Trevali Mining completes early August. The transaction is subject to customary conditions, still pending at the
date of this report.
Lead: down 15kt (5%) to 285kt (± 10kt) – mine plan changes in Australia
Nickel: down 5kt (4%) to 115kt (± 4kt) – various maintenance delays in the first half
Ferrochrome: down 65kt (4%) to 1,585kt (± 25kt) – additional market driven maintenance days
Coal: down 3mt (2%) to 132mt (± 3mt) – reflecting the rain impact in Colombia and various other minor revisions
Important notice concerning this document including 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 “outlook”, "plans", "expects" or "does not expect",
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events or results "may", "could", "should", “shall”, "would", "might" or "will" be taken, occur or be achieved. Such statements are qualified in their entirety by
the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are not based on historical facts, but rather on current
predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects,
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By their nature, forward looking statements involve known and unknown risks and uncertainties, many of which are beyond Glencore’s control. Forward
looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause
these uncertainties include, but are not limited to, those discussed in Glencore’s Annual Report 2016.
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.
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.
Glencore Half-Year Production Report 2017 - 19
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