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GLENCORE PLC - GLN - Production Report for the 12 months ended 31 December 2017

Release Date: 01/02/2018 09:00
Code(s): GLN     PDF:  
Wrap Text
GLN - Production Report for the 12 months ended 31 December 2017

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
1 February 2018

Production Report for the 12 months ended 31 December 2017
Production highlights

-   Own sourced copper production of 1,309,700 tonnes was 116,100 tonnes (8%) lower than in 2016,
    reflecting the Ernest Henry minority sale in Q4 2016, end of life production declines at Alumbrera and
    various temporary effects including lower throughput at Mutanda (due to constrained supply of
    sulphuric acid) and smelter maintenance at Mount Isa. Q4 production of 363,200 tonnes was 59,600
    tonnes (20%) higher than in Q3, reflecting the resolution of such temporary impacts.

-   Own sourced zinc production of 1,090,200 tonnes was in line with 2016, as the step-up in Antamina
    zinc production was offset by the disposals of the African mines to Trevali Mining, and lower
    production, as expected, at Mount Isa. The above excludes Volcan (voting share majority position
    acquired in Q4 2017), which currently provides a more consistent comparative analysis.

-   Own sourced nickel production of 109,100 tonnes was 6,000 tonnes (5%) down on 2016, owing to
    changes in the use of third party versus own sourced feeds in the INO circuit, partly offset by a
    strengthening operational performance at Koniambo.

-   Attributable ferrochrome production of 1,531,000 tonnes was in line with 2016.

-   Coal production of 121 million tonnes was 3% down on 2016, as reductions associated with industrial
    action and adverse weather events, were mostly offset by productivity improvements and Glencore’s
    higher equity share in certain mines.

-   Glencore’s oil entitlement interest of 5.1 million barrels was 1.4 million barrels (19%) lower than in
    2016, reflecting expected reductions in a period of inactive field development in a low price
    environment. Drilling in Chad recommenced in H2 2017 with a single-rig campaign, which is expected
    to offset natural field declines in Equatorial Guinea.

-   Glencore’s resources and reserves report, published today, discloses meaningful proved and
    probable reserves increases including:
        -   Sudbury mines (INO) increased nickel reserves by 14 million tonnes of ore (48%), mainly
            reflecting the addition of the Onaping Depth deposit;
        -   Kazzinc added 8 million tonnes (9%) zinc ore, including conversion of the Dolinnoe mine from
            resource;
        -   Katanga added 13 million tonnes (10%) of copper ore, mainly reflecting the KITD project,
            currently reclaiming metal previously discharged to tailings.

To view the full report please click here:
http://www.glencore.com/assets/investors/doc/reports_and_results/2017/GLEN-2017-Q4-
Production-Report-.pdf

For further information please contact:

Investors
Martin Fewings             t: +41 41 709 2880 m: +41 79 737 5642       martin.fewings@glencore.com
Ash Lazenby                t: +41 41 709 2714 m: +41 79 543 3804       ash.lazenby@glencore.com

Media
Charles Watenphul            t: +41 41 709 2462 m: +41 79 904 3320      charles.watenphul@glencore.com

www.glencore.com

Glencore LEI: 2138002658CPO9NBH955

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 143,000 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.

Follow us on social media:

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        www.slideshare.net/glencore
        www.twitter.com/glencore
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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 Bank Division)

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