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GLENCORE PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
LEI: 2138002658CPO9NBH955
NEWS RELEASE
Baar, 21 April 2023
First Quarter Production Report 2023
Glencore Chief Executive Officer, Gary Nagle:
“First quarter production was broadly in line with our expectations, accounting for portfolio changes and operational
conditions, including the disposals / closures of some zinc and lead mines in the Americas during 2022. Full year production
guidance is unchanged from that presented at Glencore’s investor presentation in December 2022.
“Our Marketing segment continued to perform well through Q1 2023, particularly within energy products, such that
extrapolating Q1’s Marketing Adjusted EBIT has us, once again, on track to exceed the top end of our $2.2-3.2 billion p.a. long-
term guidance range.”
Production from own sources – Total(1)
Q1 2023 Q1 2022 Change %
Copper kt 244.1 257.8 (5)
Cobalt kt 10.5 9.7 8
Zinc kt 205.3 241.5 (15)
Lead kt 39.3 46.8 (16)
Nickel kt 20.9 30.7 (32)
Gold koz 187 189 (1)
Silver koz 4,525 6,515 (31)
Ferrochrome kt 400 387 3
Coal mt 26.9 28.5 (6)
1. Controlled industrial assets and joint ventures only (excludes Volcan). Production is on a 100% basis, except as stated later in this report.
Q1 production highlights
• Own sourced copper production of 244,100 tonnes was 13,700 tonnes (5%) lower than Q1 2022, largely due to planned lower
grades in line with the phasing of the pit at Collahuasi and delays associated with adverse weather conditions at Antamina.
• Own sourced zinc production of 205,300 tonnes was 36,200 tonnes (15%) lower than Q1 2022, reflecting the disposal of South
American zinc operations (14,400 tonnes) and the closure of Matagami (8,900 tonnes) in 2022, temporary suspension of
operations due to wet weather at Antamina (5,900 tonnes) and McArthur River temporarily processing lower-grade feedstocks
in accordance with its mine plan (4,700 tonnes).
• Own sourced nickel production of 20,900 tonnes was 9,800 tonnes (32%) lower than Q1 2022, primarily reflecting INO
prioritising third party feed.
• Attributable ferrochrome production of 400,000 tonnes was 13,000 tonnes (3%) above Q1 2022.
• Coal production of 26.9 million tonnes was 1.6 million tonnes (6%) lower than Q1 2022, mainly reflecting the short-term impact
of a community blockade at Cerrejón and mining around geological anomalies in South Africa.
Glencore Q1 2023 Production Report 1
HIGHLIGHTS
CONTINUED
Production guidance
Actual Previous Current
FY guidance guidance 2023 weighting
2022 2023 2023 H1 H2
Copper kt 1,058 1,040 ± 30 1,040 ± 30 48% 52%
Cobalt kt 43.8 38 ± 5 38 ± 5 51% 49%
Zinc kt 939 950 ± 30 950 ± 30 (1)
45% 55%
Nickel kt 108 112 ± 5 112 ± 5 45% 55%
Ferrochrome kt 1,488 1,310 ± 30 1,310 ± 30 54% 46%
Coal mt 110 110 ± 5 110 ± 5 49% 51%
1 Excludes Volcan
Production guidance is unchanged from that presented in Glencore’s December 2022 investor update.
Glencore Q1 2023 Production Report 2
HIGHLIGHTS
CONTINUED
Other highlights
• The full acquisition of CEZ zinc refinery in Canada completed in March 2023; prior Glencore ownership was 25%.
• The Newlands coal mine in Queensland ceased production in February 2023. The Liddell coal mine (NSW) is scheduled to
cease production later in 2023.
• Our Marketing segment continued to perform well through Q1 2023, particularly within energy products, such that
extrapolating Q1’s Marketing Adjusted EBIT has us, once again, on track to exceed the top end of our $2.2-3.2 billion p.a. long-
term guidance range.
To view the full report please click here: https://www.glencore.com/dam/jcr:b0c0eef2-4e56-4236-b88f-91707e05ea6f/GLEN_2023-
Q1_ProductionReport.pdf
To view the full report on the Johannesburg Stock Exchange portal please click here:
https://senspdf.jse.co.za/documents/2023/JSE/ISSE/GLN/Q1Rep2023.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
Please refer to the end of this document for disclaimers including on forward-looking statements.
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 responsibly-sourced commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the
globe, we produce, process, recycle, source, market and distribute the commodities that enable decarbonisation while meeting the
energy needs of today.
Glencore companies employ around 140,000 people, including contractors. With a strong footprint in over 35 countries in both
established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of
more than 40 offices.
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 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.
Glencore recognises our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement. Our ambition is
to be a net zero total emissions company by 2050. In August 2021, we increased our medium-term emission reduction target to a 50%
reduction by 2035 on 2019 levels and introduced a new short-term target of a 15% reduction by 2026 on 2019 levels
.
Glencore Q1 2023 Production Report 3
HIGHLIGHTS
CONTINUED
Important notice concerning this report including forward-looking statements
Given the focus of this document, it is necessarily oriented towards future events and therefore contains statements that are, or may
be deemed to be, “forward-looking statements” which are prospective in nature. Such statements may include (without
limitation)statements in respect of trends in commodity prices and currency exchange rates; demand for commodities; reserves and
resources and production forecasts; expectations, plans, strategies and objectives of management; climate scenarios; sustainability
performance (including, without limitation, environmental, social and governance) related goals, ambitions, targets, intentions,
visions, milestones and aspirations; approval of certain projects and consummation of certain transactions (including, without
limitation, acquisitions and disposals); closures or divestments of certain assets, operations or facilities (including, without limitation,
associated costs); capital costs and scheduling; operating costs and supply of materials and skilled employees; financings;
anticipated productive lives of projects, mines and facilities; provisions and contingent liabilities; and tax, legal and regulatory
developments.
These forward-looking statements may be identified by the use of forward-looking terminology, or the negative thereof including,
without limitation, “outlook”, “guidance”, “trend”, “plans”, “expects”, “continues”, “assumes”, “is subject to”, “budget”, “scheduled”,
“estimates”, “aims”, “forecasts”, “risks”, “intends”, “positioned”, “predicts”, “projects”, “anticipates”, “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. The information in this document provides an insight into how we currently intend to
direct the management of our businesses and assets and to deploy our capital to help us implement our strategy. The matters
disclosed in this document are a ‘point in time’ disclosure only. 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 conditions and discussions of strategy, and reflect judgments, assumptions, estimates and
other information available as at the date of this document or the date of the corresponding planning or scenario analysis process.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
actual results, performance or achievements to differ materially from any future event, results, performance, achievements or other
outcomes expressed or implied by such forward-looking statements. Important factors that could impact these uncertainties include
(without limitation) those disclosed in the risk management section of our latest Annual Report and Half-Year Report (which
can each be found on our website). These risks and uncertainties may materially affect the timing and feasibility of particular
developments. Other factors which impact risks and uncertainties include, without limitation: the ability to produce and transport
products profitably; demand for our products; changes to the assumptions regarding the recoverable value of our tangible and
intangible assets; changes in environmental scenarios and related regulations, including (without limitation) transition risks and the
evolution and development of the global transition to a low carbon economy; recovery rates and other operational capabilities; health,
safety, environmental or social performance incidents; natural catastrophes or adverse geological conditions, including (without
limitation) the physical risks associated with climate change; the outcome of litigation or enforcement or regulatory proceedings; the
effect of foreign currency exchange rates on market prices and operating costs; actions by governmental
authorities, such as changes in taxation or regulation or changes in the decarbonisation plans of other countries; and political
uncertainty.
Readers, including (without limitation) investors and prospective investors, should review and take into account these risks and
uncertainties (as well as the other risks identified in this document) when considering the information contained in this document.
Readers should also note that the high degree of uncertainty around the nature, timing and magnitude of climate-related risks, and
the uncertainty as to how the energy transition will evolve, makes it difficult to determine and disclose the risks and their potential
impacts with precision. Neither Glencore nor any of its affiliates, associates, employees, directors, officers or advisers, provides any
representation, warranty, assurance or guarantee that the occurrence of the events, results, performance, achievements or other
outcomes expressed or implied in any forward-looking statements in this document will actually occur. Glencore cautions readers
against reliance on any forward-looking statements contained in this document, particularly in light of the long-term time
horizon which this report discusses and the inherent uncertainty in possible policy, market and technological developments in future.
No statement in this document is intended as any kind of forecast (including, without limitation, a profit forecast or a profit estimate),
guarantees or predictions of future events or performance and past performance cannot be relied on as a guide to future
performance. Neither Glencore nor any of its affiliates, associates, employees, directors, officers or advisers, provides any
representation, warranty, assurance or guarantee as to the accuracy, completeness or correctness, likelihood of achievement or
reasonableness of any forward-looking information contained in this document.
Glencore operates in a dynamic and uncertain market and external environment. Plans and strategies can and must adapt in
response to dynamic market conditions, joint venture decisions, new opportunities that might arise or other changing circumstances.
Investors should not assume that our strategy on climate change will not evolve and be updated as time passes. Additionally, a
number of aspects of our strategy involve developments or workstreams that are complex and may be delayed, more costly than
anticipated or unsuccessful for many reasons, including (without limitation) reasons that are outside of Glencore’s control.
There are inherent limitations to scenario analysis and it is difficult to predict which, if any, of the scenarios might eventuate. Scenario
analysis relies on assumptions that may or may not be, or prove to be, correct and that may or may not eventuate and scenarios may
also be impacted by additional factors to the assumptions disclosed. Given these limitations we treat these scenarios as one of several
inputs that we consider in our climate strategy.
Glencore Q1 2023 Production Report 4
Due to the inherent uncertainty and limitations in measuring greenhouse gas (GHG) emissions and operational energy consumption
under the calculation methodologies used in the preparation of such data, all CO2e emissions and operational energy consumption
data or volume references (including, without limitation, ratios and/or percentages) in this document are estimates. There may also
be differences in the manner that third parties calculate or report such data compared to Glencore, which means that third-party
data may not be comparable to Glencore’s data. For information on how we calculate our emissions and operational energy
consumption data, see our latest Basis of Reporting, Climate Report and Extended ESG Data, which can be found on our website.
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.
Except as required by applicable regulations or by law, 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. Certain statistical and other information about Glencore included in this document is sourced from
publicly available third-party sources. As such it has not been independently verified and presents the view of those third parties, but
may not necessarily correspond to the views held by Glencore and Glencore expressly disclaims any responsibility for, or liability in
respect of, and makes no representation or guarantee in relation to, such information (including, without limitation, as to its accuracy,
completeness or whether it is current). Glencore cautions readers against reliance on any of the industry,
market or other third-party data or information contained in this report.
Subject to any terms implied by law which cannot be excluded, Glencore accepts no responsibility for any loss, damage, cost or
expense (whether direct or indirect) incurred by any person as a result of any error, omission or misrepresentation in information in
this report.
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 Corporate and Investment Bank, a division of Absa Bank Limited
Glencore Q1 2022 Production Report 5
