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GLN: Update On Covid-19
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
20 March, 2020
Update on COVID-19
Glencore operates more than 200 sites and offices in over 35 countries. The
scale and diversity of our operations means that the impact of COVID-19
varies by location. Accordingly, we continue to assess the risks and adapt
our plans and actions in consultation with our local stakeholders.
We have introduced a number of additional precautionary measures across our
offices and industrial assets. These include:
• Asking anyone who works for us to stay at home if they feel unwell
and to seek medical advice and self-quarantine if they have symptoms
consistent with those of COVID-19.
• Implementation of enhanced hygiene and cleaning measures.
• Restrictions on all non-essential travel.
• Flexible working, including rotational and remote working, where
necessary and possible.
• A Health Advisory channel for our people to seek advice and support.
Ivan Glasenberg, CEO, Glencore, commented:
“We continue to closely monitor and respond to events surrounding the COVID-
19 pandemic. Our first priority is the health and wellbeing of all of our
people and the broader community.
“We have formulated our response in partnership with our expert medical
advisors, taking into account advice from governments across the countries
where we operate, and global bodies such as the World Health Organisation.
“Through our business continuity planning, we aim to minimise disruption so
we can continue to source and deliver the products that our customers need.”
Industrial and Marketing update
To date, there have been no material disruptions at our operating assets or
within our supply chain and our marketing business is delivering annualised
EBIT performance within our through the cycle long-term guidance range of
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$2.2bn to $3.2bn p.a. In light of various restrictions being imposed by
Governments in different countries, we have to date seen some impact on
certain smaller operations.
Glencore also continues to review its industrial operations to ensure that
they are appropriately positioned to support the Group’s overall performance
during these uncertain times.
Liquidity and funding
Glencore had $10bn in available committed undrawn credit facilities and cash
at the end of 2019. This liquidity has increased since the start of the year
due to lower working capital funding requirements, in line with lower
commodity prices. In addition, the significant weakening of our key producer
currencies against the USD and lower oil prices and interest rates have
provided substantial cash offsets to the fall in commodity prices.
We have received strong support from our banking partners in the annual
refinancing of our Revolving Credit Facilities (RCF) and expect to announce
their completion in the next few weeks. The shorter-term facility has a one-
year extension, exercisable at Glencore’s discretion. The RCF has no
financial covenants, rating triggers, material adverse change clauses or
external factor clauses.
We recognise that the situation is evolving rapidly and we will continue to
provide updates as appropriate. We thank our employees, contractors,
customers, suppliers and other stakeholders for their support during this
challenging time.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 m: +41 79 737 martin.fewings@glencore.com
2880 5642
Maartje Collignon t: +41 41 709 m: +41 79 197 maartje.collignon@glencore.com
3269 4202
Media
Charles Watenphul t: +41 41 709 m: +41 79 904 33 charles.watenphul@glencore.com
24 62 20
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 60 commodities. The Group's operations
comprise around 150 mining and metallurgical sites and oil production assets.
With a strong footprint in over 35 countries in both established and emerging regions
for natural resources, Glencore's industrial activities are supported by its global
marketing network.
Glencore's customers are industrial consumers, such as those in the automotive, steel,
power generation, battery manufacturing and oil sectors. We also provide financing,
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logistics and other services to producers and consumers of commodities. Glencore's
companies employ around 160,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights
and the International Council on Mining and Metals. We are an active participant in the
Extractive Industries Transparency Initiative.
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Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and
distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for
convenience only where references are made to Glencore plc and its subsidiaries in general. These
collective expressions are used for ease of reference only and do not imply any other
relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to
refer collectively to members of the Group or to those who work for them. These expressions are
also used where no useful purpose is served by identifying the particular company or companies.
Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking Division)
Date: 20-03-2020 05:09:00
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