TIDMGLEN
RNS Number : 6112R
Glencore PLC
30 October 2023
NEWS RELEASE
Baar, 30 October 2023
Third Quarter 2023 Production Report
Glencore Chief Executive Officer, Gary Nagle:
"We are pleased to report a solid production performance from
our underlying base business over the first nine months of the
year, where our key copper, coal and zinc assets performed in line
with expectations and previously communicated guidance.
"Full year 2023 production guidance for copper, zinc, coal and
cobalt remains in line with previous guidance, however nickel has
been reduced to reflect, within the INO business, maintenance
outages at the Sudbury smelter and a longer than expected recovery
from 2022 strike action, together with a lower full-year revision
for Koniambo. Ferrochrome production has also been marked lower,
due to additional smelter off-line days on account of electricity
pricing and load curtailments in South Africa, however chrome ore
mining production is expected to only be modestly below 2022
levels.
"In our Marketing segment, we continue to expect a full year
2023 Adjusted EBIT outcome above the top end of our $2.2-3.2
billion p.a. long-term guidance range, with a likely outcome within
the previously communicated $3.5-4.0 billion range."
Production from own sources - Total(1)
YTD YTD Change
2023 2022 %
------------ ------------ ----------- ----------- -----------
Copper kt 735.8 770.5 (5 )
Cobalt kt 32.5 33.1 (2)
Zinc kt 672.1 699.6 (4)
Lead kt 133.6 136.9 (2)
Nickel kt 68.4 81.6 (16)
Gold koz 544 504 8
Silver koz 14,510 17,878 (19)
Ferrochrome kt 873 1,110 (21)
Coal mt 83.9 81.9 2
1 Controlled industrial assets and joint ventures only.
Production is on a 100% basis, except as stated.
Production highlights
-- Own sourced copper production of 735,800 tonnes was 34,700
tonnes (5%) lower than the comparable 2022 period, reflecting the
sale of Cobar in June 2023 and lower copper by-product production
outside the Copper department.
-- Own sourced cobalt production of 32,500 tonnes was in line
with the comparable 2022 period.
-- Own sourced zinc production of 672,100 tonnes was 27,500
tonnes (4%) lower than the comparable 2022 period, mainly
reflecting the 2022 disposals of South American zinc operations
(23,600 tonnes) and the closure of Matagami (17,300 tonnes), offset
by stronger production from Kazzinc (Zhairem) and Antamina.
-- Own sourced nickel production of 68,400 tonnes was 13,200
tonnes (16%) lower than the comparable 2022 period, primarily
reflecting higher INO third party production (versus own sourced),
in large part necessitated by the strike at Raglan mine in
2022.
-- Attributable ferrochrome production of 873,000 tonnes was
237,000 tonnes (21%) lower than the comparable 2022 period, mainly
due to planned additional smelter offline days during the 3-month
high electricity demand winter season, a period of elevated power
prices.
-- Coal production of 83.9 million tonnes was broadly in line
with the comparable 2022 period.
Production guidance
Actual Actual Actual Previous Guidance
FY FY FY guidance FY
2020 2021 2022 2023 2023
------------ --------- -------- -------- -------- ------------- -------------
Copper kt 1,258 1,196 1,058 1,040 +/- 30 1,040 +/- 30
------------ ---------- -------- -------- -------- ------------- -------------
Cobalt kt 27.4 31.3 43.8 38 +/- 5 38 +/- 4
------------ ---------- -------- -------- -------- ------------- -------------
Zinc kt 1,170 1,118 939 950 +/- 30 950 +/- 30 (1)
------------ ---------- -------- -------- -------- ------------- -------------
Nickel kt 110 102 108 112 +/- 5 102 +/- 4
------------ ---------- -------- -------- -------- ------------- -------------
Ferrochrome kt 1,029 1,468 1,488 1,310 +/- 30 1,200 +/- 30
------------ ---------- -------- -------- -------- ------------- -------------
Coal mt 106 103 110 110 +/- 5 110 +/- 4
1 Excludes Volcan.
Changes in guidance mainly reflect:
-- Nickel down 10kt (9%) - combination of a longer than expected
recovery period following the extended Raglan strike action in
2022, maintenance outages at the Sudbury smelter and a lower
full-year revision for Koniambo
-- Ferrochrome down 110kt (8%) - lower production in H2 2023,
reflecting additional smelter offline days and further curtailments
in response to ferrochrome market conditions. Full year chrome ore
production is expected to only be modestly below 2022 levels.
To view the full report please click:
https://www.glencore.com/.rest/api/v1/documents/static/a69c4068-eef7-4db1-9042-ed53166c287c/GLEN_2023-Q3_ProductionReport.pdf
For further information please contact:
Investors
Martin Fewings t: +41 41 709 2880 m: +41 79 737 5642 martin.fewings@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
Please refer to the end of this document for disclaimers
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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 that advance everyday life. Through a
network of assets, customers and suppliers that spans the globe, we
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needs of today.
With around 140,000 employees and contractors and a strong
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effort to achieve the goals of the Paris Agreement by decarbonising
our own operational footprint. We believe that we should take a
holistic approach and have considered our commitment through the
lens of our global industrial emissions. Against a 2019 baseline,
we are committed to reducing our Scope 1, 2 and 3 industrial
emissions by 15% by the end of 2026, 50% by the end of 2035 and we
have an ambition to achieve net zero industrial emissions by the
end of 2050. For more detail see our 2022 Climate Report on the
publication page of our website at glencore.com/publications.
Important notice concerning this document including forward
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