GLENCORE PLC - GLN - First quarter 2018 Production Report

Release Date: 03/05/2018 08:00
Code(s): GLN
 
Wrap Text
GLN - First quarter 2018 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
3 May 2018

First Quarter 2018 Production Report

Production highlights

-   Production was largely in line with expectations across all commodity groups. Full
    year guidance is unchanged from that presented in February (refer to page 18).

-   Own sourced copper production of 345,400 tonnes was 21,300 tonnes higher than Q1
    2017, reflecting the commissioning of phase 1 of Katanga’s whole ore leach project
    in December 2017, partly offset by the impact of maintenance at the Mount Isa
    smelter and Alumbrera’s expected decline as it moves towards end of mine life.

-   Own sourced zinc production of 242,700 tonnes was 36,500 tonnes (13%) below Q1
    2017, mainly reflecting the disposal of Rosh Pinah and Perkoa in August 2017.
    Adjusting for such, production was in line.

-   Own sourced nickel production of 30,100 tonnes was 5,100 tonnes (21%) higher than
    the comparable period, reflecting the continuing stabilisation and ramp-up of
    Koniambo’s processing plant, where both production lines are now operational, and
    stronger performances at Murrin and INO.

-   Attributable ferrochrome production of 409,000 tonnes was 31,000 tonnes (7%) below
    Q1 2017, mainly reflecting furnace downtime and challenges with the subsequent
    restart.

-   Coal production of 30.7 million tonnes was in line with Q1 2017, reflecting a
    stronger contribution from the Australian thermal portfolio (impacted by adverse
    weather in the base period), offset by weather-related reductions at Prodeco. Full
    year coal production guidance (unchanged) includes the largely offsetting impacts
    of the Hail Creek JV acquisition, expected in H2 2018, and lower production now
    expected from Prodeco in 2018, before returning to higher levels in 2019.

-   Glencore’s entitlement interest oil production of 1,156,000 barrels was 209,000
    barrels (15%) lower than Q1 2017. This was in line with Q4 2017 as natural field
    declines in Equatorial Guinea were offset by increasing production in Chad from the
    drilling campaign that started in H2 2017.

-   Full year 2018 Marketing EBIT expected to be within the top half of the $2.2
    billion to $3.2 billion long term guidance range.


                                                        Glencore Q1 2018 - Production Report - 1

For further information please contact:
Investors
Martin Fewings      t: +41 41 709 2882    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 146,000 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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                                                           Glencore Q1 2018 - Production Report - 2

Metals and minerals

Production from own sources – total(1)
                                                                   2018        2017    Change
                                                                     Q1          Q1         %

Copper                                                   kt       345.4       324.1         7
Zinc                                                     kt       242.7       279.2      (13)
Lead                                                     kt        57.4        68.9      (17)
Nickel                                                   kt        30.1        24.9        21
Gold                                                     koz        231         259      (11)
Silver                                                   koz      8,296       9,295      (11)
Cobalt                                                   kt         7.0         6.3        11
Ferrochrome                                              kt         409         439       (7)


Production from own sources – Copper assets(1)
                                                                   2018       2017     Change
                                                                     Q1         Q1          %
African Copper (Katanga, Mutanda, Mopani)
                         Copper metal                    kt        92.9       56.9         63
                         Cobalt(3)                       kt         6.1        5.7          7

Collahuasi(4)
                         Copper in concentrates          kt        60.6       57.6          5
                         Silver in concentrates          koz        812        774          5

Antamina(5)
                         Copper in concentrates          kt        36.5       30.3         20
                         Zinc in concentrates            kt        30.3       24.5         24
                         Silver in concentrates          koz      1,321      1,445        (9)

Other South America (Alumbrera, Lomas Bayas, Antapaccay,
Punitaqui)
                         Copper metal                    kt        17.1       20.3       (16)
                         Copper in concentrates          kt        56.5       59.4        (5)
                         Gold in concentrates and in     koz         73         82       (11)
                         doré
                         Silver in concentrates and in koz          417         463      (10)
                         doré


Australia (Mount Isa, Ernest Henry, Townsville, Cobar)
                         Copper metal                    kt        32.7       48.5       (33)
                         Copper in concentrates          kt        15.1       12.7         19
                         Gold                            koz         17         17          -
                         Silver                          koz        370        389        (5)

Total Copper
department
                         Copper                          kt       311.4      285.7          9
                         Cobalt                          kt         6.1        5.7          7
                         Zinc                            kt        30.3       24.5         24
                         Gold                            koz         90         99        (9)
                         Silver                          koz      2,920      3,071        (5)



                                                     Glencore Q1 2018 - Production Report - 3

Production from own sources – Zinc assets(1)
                                                                  2018       2017     Change
                                                                    Q1         Q1          %
Kazzinc
                          Zinc metal                   kt        49.8        48.1          4
                          Lead metal                   kt        14.0        11.3         24
                          Lead in concentrates         kt           -         2.3      (100)
                          Copper metal(2)              kt        12.0        12.7        (6)
                          Gold                         koz        133         150       (11)
                          Silver                       koz      1,388       1,152         20
                          Silver in concentrates       koz          -          55      (100)

Australia (Mount Isa, McArthur River)
                           Zinc in concentrates        kt       110.2       115.6        (5)
                           Lead in concentrates        kt        32.6        40.5       (20)
                           Silver in concentrates      koz      1,240       1,935       (36)

North America (Matagami, Kidd)
                           Zinc in concentrates        kt         26.1       35.0       (25)
                           Copper in concentrates      kt         10.4       12.3       (15)
                           Silver in concentrates      koz         601        663        (9)

Other Zinc: South America (Argentina, Bolivia,
Peru)(6)
                           Zinc in concentrates        kt        26.3        24.9          6
                           Lead metal                  kt         2.6         2.6          -
                           Lead in concentrates        kt         8.2        11.3       (27)
                           Copper in concentrates      kt         1.1         0.5        120
                           Silver metal                koz        158         108         46
                           Silver in concentrates      koz      1,879       2,081       (10)

Other Zinc: Africa (Rosh Pinah, Perkoa)
                           Zinc in concentrates        kt             -      31.1      (100)
                           Lead in concentrates        kt             -       0.9      (100)
                           Silver in concentrates      koz            -        47      (100)

Total Zinc department
                          Zinc                         kt       212.4       254.7       (17)
                          Lead                         kt        57.4        68.9       (17)
                          Copper                       kt        23.5        25.5        (8)
                          Gold                         koz        133         150       (11)
                          Silver                       koz      5,266       6,041       (13)



                                                    Glencore Q1 2018 - Production Report - 4

Production from own sources – Nickel assets(1)
                                                                2018         2017         Change
                                                                  Q1           Q1              %
Integrated Nickel Operations (“INO”) (Sudbury,
Raglan, Nikkelverk)
                           Nickel metal             kt          15.0         13.9              8
                           Nickel in concentrates   kt           0.1          0.2           (50)
                           Copper metal             kt           3.6          3.9            (8)
                           Copper in concentrates   kt           6.9          9.0           (23)
                           Cobalt metal             kt           0.2          0.1            100
                           Gold                     koz            8           10           (20)
                           Silver                   koz          110          183           (40)
                           Platinum                 koz           19           23           (17)
                           Palladium                koz           39           37              5
                           Rhodium                  koz            1            2           (50)

Murrin Murrin
                           Nickel metal             kt           8.4          6.2             35
                           Cobalt metal             kt           0.7          0.5             40

Koniambo                   Nickel in ferronickel    kt           6.6          4.6             43

Total Nickel department
                           Nickel                   kt          30.1         24.9             21
                           Copper                   kt          10.5         12.9           (19)
                           Cobalt                   kt           0.9          0.6             50
                           Gold                     koz            8           10           (20)
                           Silver                   koz          110          183           (40)
                           Platinum                 koz           19           23           (17)
                           Palladium                koz           39           37              5
                           Rhodium                  koz            1            2           (50)


Production from own sources – Ferroalloys assets(1)
                                                                      2018         2017     Change
                                                                        Q1           Q1          %
Ferrochrome(7)                                            kt           409          439        (7)

PGM(8)                    Platinum                        koz           16           14         14
                          Palladium                       koz           11            9         22
                          Rhodium                         koz            3            2         50
                          Gold                            koz            -            -       n.m.
                          4E                              koz           30           25         20

Vanadium Pentoxide                                        mlb          5.3          5.1          4



                                                    Glencore Q1 2018 - Production Report - 5

Total production – Custom metallurgical assets(1)
                                                                        2018       2017     Change
                                                                          Q1         Q1          %
Copper (Altonorte, Pasar, Horne, CCR)
                           Copper metal                      kt       117.0       128.2        (9)
                           Copper anode                      kt       126.5       139.7        (9)

Zinc (Portovesme,    San   Juan   de   Nieva,   Nordenham,
Northfleet)
                             Zinc metal                      kt       190.0       197.2        (4)
                             Lead metal                      kt        52.7        53.3        (1)
                             Silver                          koz      2,907       3,243       (10)

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    South American production excludes Volcan Compania Minera.
7    The Group’s attributable 79.5% share of the Glencore-Merafe Chrome Venture.
8    Consolidated 50% of Mototolo and 100% of the Group's PGM recovery plant.


Selected average commodity prices
                                                                        2018        2017      Change
                                                                          Q1          Q1           %
S&P GSCI Industrial Metals Index                                         384         324          19
LME (cash) copper price ($/t)                                          6,958       5,838          19
LME (cash) zinc price ($/t)                                            3,413       2,778          23
LME (cash) lead price ($/t)                                            2,518       2,278          11
LME (cash) nickel price ($/t)                                         13,273      10,265          29
Gold price ($/oz)                                                      1,330       1,219           9
Silver price ($/oz)                                                       17          18         (6)
Metal Bulletin cobalt price 99.3% ($/lb)                                  37          20          85
Metal Bulletin ferrochrome 6-8% C basis 60% Cr, max 1.5% Si              133         137         (3)
(¢/lb)
Iron ore (Platts 62% CFR North China) price ($/DMT)                       71          86        (17)


Operating highlights
Copper assets

Own sourced copper production of 345,400 tonnes was 21,300 tonnes higher than Q1
2017, reflecting the commissioning of phase 1 of Katanga’s whole ore leach project
in December 2017, partly offset by the impact of maintenance at the Mount Isa
smelter and Alumbrera’s expected decline as it moves towards end of mine life.

African copper

Own sourced copper production of 92,900 tonnes was 36,000 tonnes (63%) ahead of Q1
2017, mainly reflecting the commissioning of phase 1 of Katanga’s whole ore leach
project in December 2017 (production of 27,700 tonnes in Q1 2018).

Own sourced cobalt production of 6,100 tonnes was 7% over Q1 2017, reflecting a 500
tonnes contribution from Katanga, whose cobalt circuit delivered first metal in
March 2018 as scheduled.


                                                          Glencore Q1 2018 - Production Report - 6

Collahuasi

Glencore’s share of copper production at 60,600 tonnes was 3,000 tonnes (5%) higher
than Q1 2017, reflecting higher throughput.

Antamina

Glencore’s share of copper production was 36,500 tonnes and its share of zinc
production was 30,300 tonnes, up 20% and 24%, respectively, on Q1 2017. The base
period was impacted by flooding in the region, which led to the temporary closure
of the concentrates pipeline. Against the more comparable Q4 2017, copper
production was up 4% and zinc production was down 12%, within the normal range of
expectations for variations in ores processed.

Other South America

Copper production of 73,600 tonnes was down 6,100 tonnes (8%) on Q1 2017, mainly
relating to Alumbrera, as noted above.

Australia

Own sourced copper production of 47,800 tonnes was down 13,400 tonnes (23%) on Q1
2017, mainly due to timing of maintenance at the Mount Isa smelter, including a
periodic furnace rebricking.

Custom metallurgical assets

Copper cathode production of 117,000 tonnes was 11,200 tonnes (9%) lower than Q1
2017, mainly reflecting issues in Pasar’s acid plant, which are being addressed.

Copper anode production of 126,500 tonnes was 13,200 tonnes (10%) lower than Q1
2017, also relating to Pasar.

Zinc assets

Own sourced zinc production of 242,700 tonnes was 36,500 tonnes (13%) below Q1
2017, mainly reflecting the disposal of Rosh Pinah and Perkoa in August 2017.
Adjusting for such, production was in line.

Own sourced lead production of 57,400 tonnes was down 11,500 tonnes (17%) on Q1
2017, mainly reflecting expected changes in mine supply at Mount Isa, together with
expected lower head grades at Aguilar mine in Argentina.

Note that these totals exclude Volcan, a consolidated but otherwise standalone
entity where the Group has a 23% economic interest.

Kazzinc

Total production (own sourced plus third party material) was in line with or ahead
of Q1 2017 for all primary products.

Own sourced zinc production of 49,800 tonnes was 1,700 tonnes (4%) ahead of Q1
2017, reflecting certain efficiencies achieved in Kazzinc’s smelting operations.
Own sourced lead production of 14,000 tonnes was in line with the comparable
period. Own sourced copper production of 12,000 tonnes was 700 tonnes (6%) below Q1
2017, reflecting lower grades and a temporary furnace stoppage.

Australia

Zinc production of 110,200 tonnes was 5,600 tonnes (5%) below Q1 2017 and lead
production of 32,600 tonnes was down 7,900 tonnes (20%), reflecting expected mine
planning changes at both operations.

                                                    Glencore Q1 2018 - Production Report - 7

North America

Zinc production of 26,100 tonnes and copper production of 10,400 tonnes were down
25% and 15%, respectively, on Q1 2017, reflecting the expected transition of both
Kidd and Matagami towards lower grades and throughput.

South America

Zinc production of 26,300 tonnes was up 1,400 tonnes (6%) on Q1 2017, reflecting
stable operations. Lead production of 10,800 tonnes was down 3,100 tonnes (22%),
reflecting lower lead grades at Aguilar mine in Argentina.

European custom metallurgical assets

Zinc production of 190,000 tonnes was 7,200 tonnes (4%) below Q1 2017, reflecting
certain short-term interruptions, with production expected to be recovered in the
coming months. Lead production of 52,700 tonnes was in line with Q1 2017.

Nickel assets

Own sourced nickel production of 30,100 tonnes was 5,200 tonnes (21%) higher than
the comparable period, reflecting the continuing stabilisation and ramp-up of
Koniambo’s processing plant, where both production lines are now operational, and
stronger performances at Murrin and INO.

Integrated Nickel Operations (“INO“)

Own sourced nickel production of 15,100 tonnes was 1,000 tonnes (7%) higher than
the comparable period, reflecting the timing of processing own sourced and third
party feeds in the refinery. Total production including third party material of
21,600 tonnes was down 1,200 tonnes on the comparable period which is within the
range of normal expected variations.

Own sourced copper production of 10,500 tonnes was 2,400 tonnes (19%) down on the
comparable period, reflecting expected declining grades at the Sudbury complex.

Murrin Murrin

Own sourced nickel production of 8,400 tonnes was 2,200 tonnes (35%) higher than
the comparable period, which was impacted by a maintenance shutdown.

Koniambo

First metal was tapped from Line 2 in December 2017 and both production lines have
increased production progressively through the quarter. Accordingly, production of
6,600 tonnes was 2,000 tonnes (43%) higher than Q1 2017 and 1,400 tonnes (27%)
higher than Q4 2017.

Ferroalloys assets

Ferrochrome

Attributable ferrochrome production of 409,000 tonnes was 30,000 tonnes (7%) below
Q1 2017, mainly reflecting furnace downtime and challenges with the subsequent
restart.

Platinum Group Metals (“PGM”)

Production of 30,000 ounces was 5,000 ounces (20%) higher than Q1 2017, mainly
reflecting improved grades and milling rates at Mototolo.

Vanadium

Vanadium pentoxide production of 5.3 million pounds was 0.2 million pounds (4%)
higher than the comparable 2017 period.

                                                   Glencore Q1 2018 - Production Report - 8

Energy products

Production from own sources

Coal assets(1)
                                                                                2018       2017     Change
                                                                                  Q1         Q1          %
Australian coking coal                                               mt          1.6        1.7        (6)
Australian semi-soft coal                                            mt          0.6        1.0       (40)
Australian thermal coal (export)                                     mt         14.2       12.8         11
Australian thermal coal (domestic)                                   mt          2.4        1.6         50
South African thermal coal (export)                                  mt          4.0        4.2        (5)
South African thermal coal (domestic)                                mt          2.5        2.6        (4)
Prodeco                                                              mt          3.0        4.2       (29)
Cerrejón(2)                                                          mt          2.4        2.8       (14)
Total Coal department                                                mt         30.7       30.9        (1)

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
                                                                                2018        2017     Change
                                                                                  Q1          Q1          %
Glencore entitlement interest basis
Equatorial Guinea                                                   kbbl         517         691       (25)
Chad                                                                kbbl         639         674        (5)
Total Oil department                                                kbbl       1,156       1,365       (15)

Gross basis
Equatorial Guinea                                                   kbbl       2,395       3,249       (26)
Chad                                                                kbbl         873         921        (5)
Total Oil department                                                kbbl       3,268       4,170       (22)


Selected average commodity prices
                                                                                2018        2017     Change
                                                                                  Q1          Q1          %
S&P GSCI Energy Index                                                            214         179         20
Coal API4 ($/t)                                                                   93          83         12
Coal Newcastle (6,000 kcal/kg) ($/t)                                             101          82         23
Oil price – Brent ($/bbl)                                                         67          55         22

                                                                  Glencore Q1 2018 - Production Report - 9

Operating highlights

Coal assets

Coal production of 30.7 million tonnes was in line with Q1 2017, reflecting a
stronger contribution from the Australian thermal portfolio (impacted by adverse
weather in Q1 2017), offset by weather-related reductions in at Prodeco.

Australian coking

Production of 1.6 million tonnes was in line with Q1 2017.

Australian thermal and semi-soft

Production of 17.2 million tonnes was 1.8 million tonnes (11%) higher than Q1 2017,
which was affected by adverse weather in New South Wales.

South African thermal

Production of 6.5 million tonnes was 0.3 million tonnes (4%) lower than Q1 2017,
mainly reflecting the deconsolidation of Wonderfontein mine (Umcebo). Glencore
continues to benefit from its stake in this mine, which is now equity accounted.

Prodeco

Production of 3.0 million tonnes was 1.2 million tonnes (29%) lower than Q1 2017,
reflecting the impact on truck productivities during unusually heavy rainfall.
Quarterly production for the remainder of the year is expected to be at similar
levels, reflecting the requirement for additional overburden removal in order to
access planned levels of coal in future periods.

Cerrejón

Cerrejón’s attributable production decreased by 12% to 2.4 million tonnes as a
result of higher strip ratio areas being mined during the period.

Oil assets

Entitlement interest production of 1,156,000 barrels was 209,000 barrels (15%)
lower than Q1 2017. This was in line with Q4 2017 as natural field declines in
Equatorial Guinea were offset by increasing production in Chad from the drilling
campaign that started in H2 2017.

                                                   Glencore Q1 2018 - Production Report - 10

Appendix
Production by quarter – Q1 2017 to Q1 2018

Metals and minerals

Production from own sources – total(1)
                          Copper            Zinc       Lead             Nickel
                              kt              kt         kt                 kt
Q1 2017                    324.1           279.2       68.9               24.9
Q2 2017                    318.8           291.6       70.3               26.3
Q3 2017                    303.6           256.6       71.5               29.5
Q4 2017                    363.2           262.8       61.8               28.4
Q1 2018                    345.4           242.7       57.4               30.1
Change %                       7            (13)       (17)                 21
Q1 18 vs Q1 17
Change %                     (5)             (8)        (7)                  6
Q1 18 vs Q4 17

                            Gold          Silver     Cobalt        Ferrochrome
                             koz             koz         kt                 kt
Q1 2017                      259           9,295        6.3                439
Q2 2017                      265          10,215        6.4                397
Q3 2017                      247           9,298        7.1                271
Q4 2017                      262           8,935        7.6                424
Q1 2018                      231           8,296        7.0                409
Change %                    (11)            (11)         11                (7)
Q1 18 vs Q1 17
Change %                    (12)             (7)        (8)                (4)
Q1 18 vs Q4 17


Production from own sources – Copper assets(1)
                                                     Q1            Q2          Q3          Q4
                                                   2017          2017        2017        2017
African Copper (Katanga, Mutanda, Mopani)

Katanga          Copper metal               kt         -             -          -         2.2
                 Copper in concentrates     kt         -             -          -         2.7
                 Cobalt(3)                  kt         -             -          -           -
Mutanda          Copper metal               kt      48.8          47.7       44.1        51.5
                 Cobalt(3)                  kt       5.7           5.5        6.0         6.7
Mopani           Copper metal               kt       8.1           6.9       11.7        15.0

African Copper - total production including third party feed
Mopani           Copper metal               kt      21.9          12.5       23.7        40.8

                 Total Copper metal         kt      56.9          54.6       55.8        68.7
                 Total Copper in            kt         -             -          -         2.7
                 concentrates
                 Total Cobalt(3)            kt       5.7           5.5        6.0         6.7

Collahuasi(4)    Copper metal               kt         -             -          -           -
                 Copper in concentrates     kt      57.6          51.0       58.4        63.5
                 Silver in concentrates     koz      774           748        766         815

Antamina(5)      Copper in concentrates     kt      30.3          40.0       37.2        35.1
                 Zinc in concentrates       kt      24.5          34.5       34.5        34.6
                 Silver in concentrates     koz    1,445         1,882      1,772       1,480


                                                                         Glencore Q1 2018 - Production Report - 11


                                                      Q1         Change         Change
                                                    2018       Q1 18 vs       Q1 18 vs
                                                                  Q1 17          Q4 17
                                                                      %              %
African Copper (Katanga, Mutanda,
Mopani)
Katanga         Copper metal             kt         27.7           n.m.          1,159
                Copper in concentrates   kt            -           n.m.          (100)
                Cobalt(3)                kt          0.5           n.m.           n.m.
Mutanda         Copper metal             kt         50.8              4            (1)
                Cobalt(3)                kt          5.6            (2)           (16)
Mopani          Copper metal             kt         14.4             78            (4)

African Copper - total production including third party feed
Mopani         Copper metal               kt        33.0             51           (19)

                Total Copper metal       kt         92.9             63             35
                Total Copper in          kt            -           n.m.          (100)
                concentrates
                Total Cobalt(3)          kt          6.1              7            (9)

Collahuasi(4)   Copper metal             kt            -           n.m.           n.m.
                Copper in concentrates   kt         60.6              5            (5)
                Silver in concentrates   koz         812              5              -

Antamina(5)     Copper in concentrates   kt         36.5             20              4
                Zinc in concentrates     kt         30.3             24           (12)
                Silver in concentrates   koz       1,321            (9)           (11)


                                                                  Glencore Q1 2018 - Production Report - 12

                                                           Q1      Q2           Q3            Q4
                                                         2017    2017         2017          2017
Other South America (Alumbrera, Lomas Bayas, Antapaccay, Punitaqui)

Alumbrera       Copper in concentrates      kt           11.4     9.1          7.3           5.5
                Gold in concentrates and    koz            48      49           53            38
                in doréin concentrates
                Silver                      koz           119      79           64            44
Lomas Bayas     and in doré
                Copper metal                kt           20.3    20.7         19.9          17.2
Antapaccay      Copper in concentrates      kt           46.4    50.1         47.3          62.7
                Gold in concentrates        koz            29      26           34            50
                Silver in concentrates      koz           326     324          359           446
Punitaqui       Copper in concentrates      kt            1.6     1.2          1.4           1.3
                Gold in concentrates        koz             5       6            4             6
                Silver in concentrates      koz            18      17           14            11

                Total Copper metal          kt           20.3    20.7         19.9          17.2
                Total Copper in             kt           59.4    60.4         56.0          69.5
                concentrates
                Total Gold in               koz            82      81           91            94
                concentrates and in doré
                Total Silver in             koz          463      420          437           501
                concentrates and in doré

Australia (Mount Isa, Ernest Henry, Townsville, Cobar)

Mount Isa,      Copper metal                kt           48.5    42.5         27.0          46.6
Ernest Henry,   Copper in concentrates      kt              -       -          7.4           5.1
Townsville      Gold                        koz            17      21            9            20
                Silver                      koz           261     196          387           252
                Silver in concentrates      koz             -       -           38            23

Mount Isa, Ernest Henry, Townsville - total production including third party feed
                Copper metal                kt           54.8    62.8         49.2          60.6
                Copper in concentrates      kt              -       -          7.4           5.1
                Gold                        koz            46      43           33            39
                Silver                      koz           349     432          447           253
                Silver in concentrates      koz             -       -           38            23

Cobar           Copper in concentrates      kt           12.7    12.7         12.3          15.7
                Silver in concentrates      koz           128     156          134           146

                Total Copper                kt           48.5    42.5         27.0          46.6
                Total Copper in             kt           12.7    12.7         19.7          20.8
                concentrates
                Total Gold                  koz            17      21            9            20
                Total Silver                koz           389     352          559           421

Total Copper department
                Copper                      kt       285.7      281.9        274.0         324.1
                Cobalt                      kt         5.7        5.5          6.0           6.7
                Zinc                        kt        24.5       34.5         34.5          34.6
                Gold                        koz         99        102          100           114
                Silver                      koz      3,071      3,402        3,534         3,217


                                                                  Glencore Q1 2018 - Production Report - 13

                                                               Q1    Change        Change
                                                             2018  Q1 18 vs      Q1 18 vs
                                                                      Q1 17         Q4 17
                                                                          %             %
Other South America (Alumbrera, Lomas Bayas, Antapaccay, Punitaqui)

Alumbrera        Copper in concentrates             kt        6.5       (43)           18
                 Gold in concentrates and in        koz        39       (19)            3
                 doré
                 Silver in concentrates and in      koz        55       (54)           25
Lomas Bayas      doré
                 Copper metal                       kt       17.1       (16)          (1)
Antapaccay       Copper in concentrates             kt       48.9          5         (22)
                 Gold in concentrates               koz        33         14         (34)
                 Silver in concentrates             koz       348          7         (22)
Punitaqui        Copper in concentrates             kt        1.1       (31)         (15)
                 Gold in concentrates               koz         1       (80)         (83)
                 Silver in concentrates             koz        14       (22)           27

                 Total Copper metal                 kt       17.1       (16)          (1)
                 Total Copper in concentrates       kt       56.5        (5)         (19)
                 Total Gold in concentrates         koz        73       (11)         (22)
                 and in doré
                 Total Silver in concentrates       koz       417       (10)         (17)
                 and in doré

Australia (Mount Isa, Ernest Henry, Townsville, Cobar)

Mount Isa,       Copper metal                       kt       32.7       (33)         (30)
Ernest Henry,    Copper in concentrates             kt        1.9       n.m.         (63)
Townsville       Gold                               koz        17          -         (15)
                 Silver                             koz       235       (10)          (7)
                 Silver in concentrates             koz         2       n.m.        (100)

Mount Isa, Ernest Henry,   Townsville - total production including third party feed
                  Copper   metal                    kt       45.1       (18)         (26)
                  Copper   in concentrates          kt        1.9       n.m.         (63)
                  Gold                              koz        29       (37)         (26)
                  Silver                            koz       267       (23)            6
                  Silver   in concentrates          koz         2       n.m.         (91)

Cobar            Copper in concentrates             kt       13.2          4         (16)
                 Silver in concentrates             koz       133          4          (9)

                 Total   Copper                     kt       32.7       (33)         (30)
                 Total   Copper in concentrates     kt       15.1         19         (27)
                 Total   Gold                       koz        17          -         (15)
                 Total   Silver                     koz       370        (5)         (12)

Total Copper department
                  Copper                            kt      311.4          9          (4)
                  Cobalt                            kt        6.1          7          (9)
                  Zinc                              kt       30.3         24         (12)
                  Gold                              koz        90        (9)         (21)
                  Silver                            koz     2,920        (5)          (9)


                                                                    Glencore Q1 2018 - Production Report - 14

Production from own sources – Zinc assets(1)
                                                     Q1          Q2           Q3            Q4
                                                   2017        2017         2017          2017
Kazzinc
              Zinc metal                kt         48.1        54.1         54.9          53.4
              Lead metal                kt         11.3        13.8         16.1          11.7
              Lead in concentrates      kt          2.3         1.6          0.8             -
              Copper metal(2)           kt         12.7        15.2          6.3          15.5
              Gold                      koz         150         156          138           141
              Silver                    koz       1,152       1,702        1,591         1,335
              Silver in concentrates    koz          55          51           19             7

Kazzinc - total production including third party feed
              Zinc metal                 kt         75.3       77.2         81.9          82.4
              Lead metal                 kt         36.5       36.9         38.4          34.5
              Lead in concentrates       kt          2.3        1.6          0.8             -
              Copper metal               kt         15.2       18.9          7.8          20.8
              Gold                       koz         172        187          169           184
              Silver                     koz       5,572      6,396        5,201         5,483
              Silver in concentrates     koz          55         51           19             7

Australia (Mount Isa, McArthur River)
Mount Isa     Zinc in concentrates      kt         68.7        64.0         51.3          42.0
              Lead in concentrates      kt         31.8        30.1         27.2          22.5
              Silver in concentrates    koz       1,658       1,539        1,251         1,046
McArthur      Zinc in concentrates      kt         46.9        38.2         45.6          79.3
River         Lead in concentrates      kt          8.7         8.3         10.8          17.0
              Silver in concentrates    koz         277         269          400           674

              Total Zinc in             kt        115.6       102.2         96.9         121.3
              concentrates
              Total Lead in             kt         40.5        38.4         38.0          39.5
              concentrates
              Total Silver in           koz       1,935       1,808        1,651         1,720
              concentrates

North America (Matagami, Kidd, Brunswick, CEZ Refinery)
Matagami      Zinc in concentrates      kt         11.0        14.0         13.2          13.1
              Copper in concentrates    kt          2.0         2.1          1.3           2.0
Kidd          Zinc in concentrates      kt         24.0        22.2         11.4          14.8
              Copper in concentrates    kt         10.3         9.2          9.1          11.3
              Silver in concentrates    koz         663         842          379           387

              Total Zinc in             kt         35.0        36.2         24.6          27.9
              concentrates
              Total Copper in           kt         12.3        11.3         10.4          13.3
              concentrates
              Total Silver in           koz         663        842            379          387
              concentrates

North America - total production including third party feed
Brunswick     Lead metal                kt         15.7        16.5         17.6          12.7
Smelter       Silver metal              koz       4,232       3,480        5,025         3,689
CEZ           Zinc metal                kt         12.5        12.6          8.5          11.5
Refinery(6)


                                                                Glencore Q1 2018 - Production Report - 15

                                                       Q1       Change           Change
                                                     2018     Q1 18 vs         Q1 18 vs
                                                                 Q1 17            Q4 17
                                                                     %                %
Kazzinc
              Zinc metal                kt           49.8            4              (7)
              Lead metal                kt           14.0           24               20
              Lead in concentrates      kt              -        (100)             n.m.
              Copper metal(2)           kt           12.0          (6)             (23)
              Gold                      koz           133         (11)              (6)
              Silver                    koz         1,388           20                4
              Silver in concentrates    koz             -        (100)            (100)

Kazzinc - total production including third party feed
              Zinc metal                kt            80.1           6              (3)
              Lead metal                kt            38.8           6               12
              Lead in concentrates      kt               -       (100)             n.m.
              Copper metal              kt            15.3           1             (26)
              Gold                      koz            179           4              (3)
              Silver                    koz         5,007         (10)              (9)
              Silver in concentrates    koz              -       (100)            (100)

Australia (Mount Isa, McArthur River)
Mount Isa     Zinc in concentrates      kt           50.1         (27)               19
              Lead in concentrates      kt           21.1         (34)              (6)
              Silver in concentrates    koz           829         (50)             (21)
McArthur      Zinc in concentrates      kt           60.1           28             (24)
River         Lead in concentrates      kt           11.5           32             (32)
              Silver in concentrates    koz           411           48             (39)

              Total Zinc in             kt          110.2          (5)              (9)
              concentrates
              Total Lead in             kt           32.6         (20)             (17)
              concentrates
              Total Silver in           koz         1,240         (36)             (28)
              concentrates

North America (Matagami, Kidd, Brunswick, CEZ Refinery)
Matagami      Zinc in concentrates      kt            8.9         (19)             (32)
              Copper in concentrates    kt            1.5         (25)             (25)
Kidd          Zinc in concentrates      kt           17.2         (28)               16
              Copper in concentrates    kt            8.9         (14)             (21)
              Silver in concentrates    koz           601          (9)               55

              Total Zinc in             kt           26.1         (25)              (6)
              concentrates
              Total Copper in           kt           10.4         (15)             (22)
              concentrates
              Total Silver in           koz           601          (9)               55
              concentrates

North America - total production including third party feed

Brunswick     Lead metal                kt           16.5            5               30
Smelter       Silver metal              koz         3,668         (13)              (1)
CEZ           Zinc metal                kt           17.2           38               50
Refinery(6)


                                                                Glencore Q1 2018 - Production Report - 16

                                                      Q1        Q2           Q3             Q4
                                                    2017      2017         2017           2017
Other Zinc: South America (Argentina, Bolivia, Peru)(7)
             Zinc in concentrates       kt          24.9      26.3         23.0           25.6
             Lead metal                 kt           2.6       3.6          3.5            3.9
             Lead in concentrates       kt          11.3      11.4         11.8            6.7
             Copper in concentrates     kt           0.5       0.6          1.0            1.3
             Silver metal               koz          108       182          155            192
             Silver in concentrates     koz        2,081     2,011        1,764          1,919


Other Zinc: Africa (Rosh Pinah, Perkoa)
             Zinc in concentrates       kt         31.1       38.3         22.7               -
             Lead in concentrates       kt          0.9        1.5          1.3               -
             Silver in concentrates     koz          47         74           36               -

Total Zinc department
             Zinc                       kt        254.7      257.1        222.1          228.2
             Lead                       kt         68.9       70.3         71.5           61.8
             Copper                     kt         25.5       27.1         17.7           30.1
             Gold                       koz         150        156          138            141
             Silver                     koz       6,041      6,670        5,595          5,560


                                                      Q1     Change      Change
                                                    2018   Q1 18 vs    Q1 18 vs
                                                              Q1 17       Q4 17
                                                                  %           %
Other Zinc: South America (Argentina, Bolivia, Peru)(7)
             Zinc in concentrates       kt          26.3          6           3
             Lead metal                 kt           2.6          -        (33)
             Lead in concentrates       kt           8.2       (27)          22
             Copper in concentrates     kt           1.1        120        (15)
             Silver metal               koz          158         46        (18)
             Silver in concentrates     koz        1,879       (10)         (2)


Other Zinc: Africa (Rosh Pinah, Perkoa)
             Zinc in concentrates       kt             -      (100)        n.m.
             Lead in concentrates       kt             -      (100)        n.m.
             Silver in concentrates     koz            -      (100)        n.m.

Total Zinc department
             Zinc                       kt         212.4       (17)         (7)
             Lead                       kt          57.4       (17)         (7)
             Copper                     kt          23.5        (8)        (22)
             Gold                       koz          133       (11)         (6)
             Silver                     koz        5,266       (13)         (5)


                                                                Glencore Q1 2018 - Production Report - 17

Production from own sources – Nickel assets(1)
                                                         Q1      Q2        Q3            Q4
                                                       2017    2017      2017          2017
Integrated Nickel Operations (Sudbury, Raglan,   Nikkelverk)
              Nickel metal                 kt          13.9    15.5      14.0          13.6
              Nickel in concentrates       kt           0.2     0.1       0.1           0.1
              Copper metal                 kt           3.9     4.2       3.9           3.6
              Copper in concentrates       kt           9.0     5.6       8.0           5.4
              Cobalt metal                 kt           0.1     0.3       0.2           0.2
              Gold                         koz           10       7         8             7
              Silver                       koz          183     143       169           158
              Platinum                     koz           23      13        20            19
              Palladium                    koz           37      27        38            34
              Rhodium                      koz            2       1         1             2

Integrated Nickel Operations - total
              Nickel third
production including metal party feed      kt          22.6    21.2      21.4          21.3
              Nickel in concentrates       kt           0.2     0.1       0.1           0.2
              Copper metal                 kt           5.9     5.9       5.9           5.0
              Copper in concentrates       kt          10.2     6.5       9.6           6.7
              Cobalt metal                 kt           0.8     1.0       0.8           0.9
              Gold                         koz           13       9        11            10
              Silver                       koz          275     211       258           232
              Platinum                     koz           30      19        29            25
              Palladium                    koz           50      41        62            58
              Rhodium                      koz            2       2         1             2

Murrin
Murrin       Total Nickel metal            kt           6.2     7.3      11.1           9.5
             Total Cobalt metal            kt           0.5     0.6       0.9           0.7

Murrin Murrin - total production including third party feed
              Total Nickel metal           kt         8.2       9.5      13.0          11.3
              Total Cobalt metal           kt         0.5       0.8       0.9           0.8

Koniambo     Nickel in ferronickel         kt           4.6     3.4        4.3          5.2

Total Nickel department
              Nickel                       kt          24.9    26.3      29.5          28.4
              Copper                       kt          12.9     9.8      11.9           9.0
              Cobalt                       kt           0.6     0.9       1.1           0.9
              Gold                         koz           10       7         8             7
              Silver                       koz          183     143       169           158
              Platinum                     koz           23      13        20            19
              Palladium                    koz           37      27        38            34
              Rhodium                      koz            2       1         1             2


                                                                  Glencore Q1 2018 - Production Report - 18

                                                         Q1     Change     Change
                                                       2018   Q1 18 vs   Q1 18 vs
                                                                 Q1 17      Q4 17
                                                                     %          %
Integrated Nickel Operations (Sudbury, Raglan,   Nikkelverk)
              Nickel metal                 kt          15.0          8         10
              Nickel in concentrates       kt           0.1       (50)          -
              Copper metal                 kt           3.6        (8)          -
              Copper in concentrates       kt           6.9       (23)         28
              Cobalt metal                 kt           0.2        100          -
              Gold                         koz            8       (20)         14
              Silver                       koz          110       (40)       (30)
              Platinum                     koz           19       (17)          -
              Palladium                    koz           39          5         15
              Rhodium                      koz            1       (50)       (50)

Integrated Nickel Operations - total
              Nickel third
production including metal party feed     kt           21.4        (5)          -
              Nickel in concentrates      kt            0.2          -          -
              Copper metal                kt            5.1       (14)          2
              Copper in concentrates      kt            7.7       (25)         15
              Cobalt metal                kt            1.0         25         11
              Gold                        koz            10       (23)          -
              Silver                      koz           157       (43)       (32)
              Platinum                    koz            24       (20)        (4)
              Palladium                   koz            67         34         16
              Rhodium                     koz             2          -          -

Murrin
Murrin       Total Nickel metal           kt            8.4        35        (12)
             Total Cobalt metal           kt            0.7        40           -
 
Murrin Murrin - total production including
third party feed
              Total Nickel metal           kt           9.0        10        (20)
              Total Cobalt metal           kt           0.7        40        (13)

Koniambo     Nickel in ferronickel        kt            6.6        43          27

Total Nickel department
              Nickel                      kt           30.1         21          6
              Copper                      kt           10.5       (19)         17
              Cobalt                      kt            0.9         50          -
              Gold                        koz             8       (20)         14
              Silver                      koz           110       (40)       (30)
              Platinum                    koz            19       (17)          -
              Palladium                   koz            39          5         15
              Rhodium                     koz             1       (50)       (50)



                                                                   Glencore Q1 2018 - Production Report - 19

Production from own sources – Ferroalloys assets(1)
                                              Q1           Q2         Q3      Q4       Q1    Change    Change
                                            2017         2017       2017    2017     2018     Q1 18     Q1 18
                                                                                                 vs        vs
                                                                                              Q1 17     Q4 17
                                                                                                %         %
Ferrochrome(8)                  kt           439          397        271     424      409       (7)       (4)

PGM(9)           Platinum       koz           14           15          8       4       16        14       300
                 Palladium      koz            9            9          5       2       11        22       450
                 Rhodium        koz            2            3          1       1        3        50       200
                 Gold           koz            -            -          1       -        -      n.m.      n.m.
                 4E             koz           25           27         15       7       30        20       329

Vanadium Pentoxide              mlb          5.1          4.4        6.1     5.3      5.3         4         -


Total production – Custom metallurgical assets(1)
                                     Q1        Q2        Q3       Q4        Q1   Change    Change
                                   2017      2017      2017     2017      2018    Q1 18     Q1 18
                                                                                     vs        vs
                                                                                  Q1 17     Q4 17
                                                                                      %         %
Copper (Altonorte, Pasar, Horne, CCR)
        Copper metal    kt        128.2     131.3     132.1    135.2     117.0       (9)      (13)
        Copper anode    kt        139.7     124.6     139.5    131.9     126.5       (9)       (4)

Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
        Zinc metal      kt        197.2     198.0     196.6    196.2     190.0       (4)       (3)
        Lead metal      kt         53.3      46.5      44.1     49.9      52.7       (1)         6
        Silver          koz       3,243     4,222     2,890    3,301     2,907      (10)      (12)


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    South American production excludes Volcan Compania Minera.
8    The Group’s attributable 79.5% share of the Glencore-Merafe Chrome Venture.
9    Consolidated 50% of Mototolo and 100% of the Group's PGM recovery plant.


                                                                           Glencore Q1 2018 - Production Report - 20

Energy products

Production from own sources

Coal assets(1)
                                                           Q1         Q2         Q3          Q4
                                                         2017       2017       2017        2017
Australian coking coal                           mt       1.7        1.0        1.8         1.6
Australian semi-soft coal                        mt       1.0        1.2        1.0         0.8
Australian thermal coal (export)                 mt      12.8       13.4       11.2        11.7
Australian thermal coal (domestic)               mt       1.6        1.7        1.6         2.6
South African thermal coal (export)              mt       4.2        4.5        5.4         4.6
South African thermal coal (domestic)            mt       2.6        2.2        2.7         2.5
Prodeco                                          mt       4.2        3.8        3.7         2.9
Cerrejón(2)                                      mt       2.8        2.4        2.5         2.9
Total Coal department                            mt      30.9       30.2       29.9        29.6


                                                           Q1       Change       Change
                                                         2018     Q1 18 vs     Q1 18 vs
                                                                     Q1 17        Q4 17
                                                                         %            %
Australian coking coal                           mt       1.6          (6)            -
Australian semi-soft coal                        mt       0.6         (40)         (25)
Australian thermal coal (export)                 mt      14.2           11           21
Australian thermal coal (domestic)               mt       2.4           50          (8)
South African thermal coal (export)              mt       4.0          (5)         (13)
South African thermal coal (domestic)            mt       2.5          (4)            -
Prodeco                                          mt       3.0         (29)            3
Cerrejón(2)                                      mt       2.4         (14)         (17)
Total Coal department                            mt      30.7          (1)            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
                                                        Q1          Q2           Q3            Q4
                                                      2017        2017         2017          2017
Glencore entitlement interest basis
Equatorial Guinea                         kbbl          691         642         622           574
Chad                                      kbbl          674         633         624           593
Total Oil department                      kbbl        1,365       1,275       1,246         1,167

Gross basis
Equatorial Guinea                         kbbl        3,249       3,048       2,896         2,721
Chad                                      kbbl          921         866         853           810
Total Oil department                      kbbl        4,170       3,914       3,749         3,531


                                                                     Glencore Q1 2018 - Production Report - 21

                                               Q1      Change         Change
                                             2018    Q1 18 vs       Q1 18 vs
                                                        Q1 17          Q4 17
                                                            %              %
Glencore entitlement interest basis
Equatorial Guinea                     kbbl     517       (25)            (10)
Chad                                  kbbl     639        (5)               8
Total Oil department                  kbbl   1,156       (15)             (1)

Gross basis
Equatorial Guinea                     kbbl   2,395       (26)            (12)
Chad                                  kbbl     873        (5)               8
Total Oil department                  kbbl   3,268       (22)             (7)


                                                         Glencore Q1 2018 - Production Report - 22

Appendix
Full year 2018 production guidance

Full year 2018 production guidance
                          Actual        Actual       Actual           Guidance          2018
                              FY            FY           FY                 FY     Weighting
                            2015          2016         2017               2018            H1
                                                                                          H2
Copper         kt          1,502         1,426        1,310      1,465   ±  30    48%    52%      1
Cobalt         kt           23.0          28.3         27.4         39   ±   3    45%    55%      1
Zinc           kt          1,445         1,094        1,090      1,090   ±  30    45%    55%      2
Lead           kt            298           295          273        300   ±  10    40%    60%      2
Nickel         kt             96           115          109        132   ±   5    45%    55%
Ferrochrome    kt          1,462         1,523        1,531      1,600   ±  30    50%    50%
Coal           mt            132           125          121        134   ±   5    47%    53%      3
Oil            mbbl         10.6           7.5          5.1        4.9   ± 0.2    50%    50%


1.   2018 guidance (unchanged) includes ~150kt of copper and ~11kt of cobalt attributable to Katanga,
     upon commissioning of phase 1 of its whole ore leach project in December 2017 – see below
2.   Excludes Volcan
3.   Coal production guidance (total unchanged) includes the largely offsetting impacts of the Hail Creek
     JV acquisition (expected in H2 2018) and lower production now expected from Prodeco in 2018, before
     returning to higher levels in 2019


As previously announced, Katanga’s state-owned joint venture partner in the DRC, Gécamines, has commenced
legal proceedings in the DRC to dissolve KCC (Katanga’s main operating subsidiary) following KCC’s earlier
failure to address its stand-alone capital deficiency. Katanga believes it has several options to remedy
KCC’s capital deficiency.

Separately, as previously announced, a company affiliated with Mr Dan Gertler has served freezing orders
against Mutanda and KCC (Katanga), alleging breach of certain royalty agreements. Glencore is assessing
the impact of these orders and notes that they may materially adversely affect such operations, including
production. Full year production guidance above assumes ordinary course operations at both DRC mines.


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", "is
expected", "continues", "assumes", "is subject to", "budget", "scheduled", "estimates", "aims",
"forecasts", "risks", "intends", "positioned", "predicts", "anticipates" or "does not anticipate", or
"believes", or variations of such words or comparable terminology and phrases or statements that certain
actions, events or results "may", "could", "should", “shall”, "would", "might" or "will" be taken, occur
or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. Forward-looking statements are not based on historical facts, but rather
on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and
projections about future events, results of operations, prospects, financial condition and discussions of
strategy.

By their nature, forward looking statements involve known and unknown risks and uncertainties, many of
which are beyond Glencore’s control. Forward looking statements are not guarantees of future performance
and may and often do differ materially from actual results. Important factors that could cause these
uncertainties include, but are not limited to, those discussed in Glencore’s Annual Report 2017.
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 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.


                                                                      Glencore Q1 2018 - Production Report - 23

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.

Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank Division)


                                                                      Glencore Q1 2018 - Production Report - 24

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