GLN - Full Year 2019 Production Report
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
HKSE Share Code: 805HK
4 February 2020
Full Year 2019 Production Report
Production from own sources – Total(1)
2019 2018 Change
Copper - excl. African Copper kt 1,001.3 1,043.0 (4)
Copper - African Copper, in development/optimisation kt 369.9 410.7 (10)
Copper kt 1,371.2 1,453.7 (6)
Cobalt kt 46.3 42.2 10
Zinc kt 1,077.5 1,068.1 1
Lead kt 280.0 273.3 2
Nickel kt 120.6 123.8 (3)
Gold koz 848 1,003 (15)
Silver koz 32,018 34,880 (8)
Ferrochrome kt 1,438 1,580 (9)
Coal - coking mt 9.2 7.5 23
Coal - semi-soft mt 6.4 3.9 64
Coal - thermal mt 123.9 118.0 5
Coal mt 139.5 129.4 8
Oil (entitlement interest basis) kbbl 5,518 4,626 19
(1) Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated.
Realised LME (average Difference
US$ million ¢/lb $/t 12 months) %
Copper 257 5,666 6,005 (6)
Zinc 111 2,457 2,548 (4)
Nickel 639 14,088 13,944 1
• The average spot Newcastle coal price for the period was $78/t. After applying a portfolio mix adjustment
(component of our regular coal cash flow modelling guidance) of $7/t to reflect, amongst other factors,
movements in pricing of non-NEWC quality coals, an average price of $71/t was realised across all coal sales
• Own sourced copper production of 1,371,200 tonnes was 82,500 tonnes (6%) lower than in 2018.
Approximately half of this (40,800 tonnes) related to the African Copper assets, with Katanga’s ramp-up
(+82,100 tonnes, meeting its full-year revised target) partially offsetting Mutanda scaling down and placement
into temporary care and maintenance and Mopani’s extensive smelter refurbishment shutdown. The remainder
primarily comprised relatively minor portfolio changes and maintenance.
• Own sourced cobalt production of 46,300 tonnes was 4,100 tonnes (10%) higher than the comparable prior
period, primarily reflecting Katanga’s ramp-up.
• Own sourced zinc production of 1,077,500 tonnes was in line with 2018, reflecting the effects of stronger
production (mine restarts) in Australia and Peru, largely offset by reduced own sourced production at Kazzinc
for safety reasons and expected lower zinc production from Antamina due to mine scheduling. Q4 2019
production was weaker than expected, primarily due to mechanical issues at the Ridder concentrator (Kazzinc),
resulting in ore being stockpiled, in advance of its processing in 2020.
• Own sourced nickel production of 120,600 tonnes was 3,200 tonnes (3%) lower than in 2018, mainly reflecting
a number of maintenance stoppages at Koniambo, including a crane failure in December 2019.
• Attributable ferrochrome production of 1,438,000 tonnes was 142,000 tonnes (9%) lower than in 2018, mainly
reflecting additional maintenance days taken opportunistically in Q3 2019 during a period of high energy costs
and low selling prices.
• Coal production of 139.5 million tonnes was 10.1 million tonnes (8%) higher than in 2018, mainly reflecting the
full-year effects of the acquisitions of HVO (acquired in May 2018) and Hail Creek (August 2018). Prodeco’s
year over year contribution refelcted a period of additional mine development in the base period, while
Cerrejon’s 2019 production was constrained by dust emissions control requirements.
• Entitlement interest oil production of 5.5 million barrels was 0.9 million barrels (19%) higher than in 2018,
reflecting the benefits of the drilling campaign in Chad and first oil from the Bolongo field in Cameroon.
• Full year 2020 production guidance, consistent with that presented in the investor update on 3 December 2019,
is set out on page 17.
• The Group’s Resources and Reserves report for 2019 is also released today and is available on the Glencore
To view the full report please click:
For further information please contact:
Martin Fewings t: +41 41 709 2880 m: +41 79 737 5642 firstname.lastname@example.org
Maartje Collignon t: +41 41 709 32 69 m: +41 79 197 42 02 email@example.com
Charles Watenphul t: +41 41 709 2462 m: +41 79 904 3320 firstname.lastname@example.org
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 60 commodities. The Group's operations comprise around 150 mining and metallurgical
sites and oil production assets.
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 offices located in over 35 countries.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery
manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers
of commodities. Glencore's companies employ around 158,000 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.
Absa Bank Limited (acting through its Corporate and Investment Banking Division)
Date: 04-02-2020 09:00:00
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