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GLN - Third Quarter 2024 Production Report
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, 30 October 2024
Third Quarter 2024 Production Report
Glencore Chief Executive Officer, Gary Nagle:
"Our full-year 2024 production guidance has again been maintained and reflects the additional steelmaking coal volumes that
have contributed to our portfolio since closing of the EVR transaction on 11 July 2024.
"During the current quarter, key anticipated quarterly sequential production improvements have been achieved, notably at
African Copper +6kt (+13% Q3/Q2), Antapaccay +9kt (+35% Q3/Q2), Kazzinc +13kt (+27% Q3/Q2), Murrin Murrin +1kt (+7% Q3/Q2)
and Australian energy coal +3.6mt (+27% Q3/Q2).
"Basis Marketing's performance year to date, we continue to expect full year Marketing Adjusted EBIT in the $3.0-$3.5 billion
range, being around the top end of our long-term $2.2-3.2 billion p.a. guidance range."
Production from own sources – Total(1)
YTD YTD
2024 2023 Change %
Copper kt 705.2 735.8 (4)
Cobalt kt 26.5 32.5 (18)
Zinc kt 643.6 672.1 (4)
Lead kt 136.2 133.6 2
Nickel kt 62.3 68.4 (9)
Gold koz 543 544 –
Silver koz 13,965 14,510 (4)
Ferrochrome kt 894 873 2
Steelmaking coal mt 11.1 5.2 113
Energy coal mt 73.1 78.7 (7)
(1) Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated later in this report.
Production highlights
• On a like-for-like basis, removing 15,000 tonnes of Cobar (sold in June 2023) volumes from the prior period, own sourced copper
production of 705,200 tonnes was 2% below the comparable 2023 period. Sequential quarterly copper production increased by
19,700 tonnes (9%) to 242,600 tonnes, reflecting progressive recovery at Antapaccay following a geotechnical event in H1, higher
feed grades at Collahuasi and improved DRC production levels.
• Own sourced cobalt production of 26,500 tonnes was 6,000 tonnes (18%) lower than the comparable 2023 period, reflecting
planned lower run-rates at Mutanda in the current weak cobalt pricing environment and lower throughput and cobalt grades at
KCC.
• Own sourced overall zinc production of 643,600 tonnes was 28,500 tonnes (4%) below the comparable 2023 period, mainly
reflecting lower zinc tonnes from Antamina (56,500 tonnes), given its current year expected copper/zinc mine sequence, and the
McArthur River tropical cyclone impact in Q1 2024 (10,900 tonnes), partly offset by the ramp up of Zhairem (38,800 tonnes). Own
sourced zinc production from the zinc department itself (i.e. excluding Antamina) was 28,000 tonnes (5%) higher than the
comparable 2023 period. Sequential quarterly zinc production increased by 14,800 tonnes (7%) to 226,400 tonnes, mainly
reflecting Zhairem's ramp-up.
• Own sourced nickel production of 62,300 tonnes was 6,100 tonnes (9%) lower than the comparable 2023 period, reflecting
Koniambo's transition to care and maintenance (14,800 tonnes), partially offset by recovery from the INO supply chain constraints
seen in the base period (5,600 tonnes) and higher production from Murrin Murrin (3,100 tonnes). Excluding Koniambo (KNS), own
sourced nickel production of 57,300 tonnes was 8,700 tonnes (18%) higher than the comparable 2023 period.
• Attributable ferrochrome production of 894,000 tonnes was broadly in line with the comparable 2023 period.
• Steelmaking coal production of 11.1 million tonnes reflects Canadian steelmaking coal production of 5.7 million tonnes during the
quarter, accounting for 82 days of Glencore's ownership in Elk Valley Resources (EVR). Australian steelmaking coal production
was moderately ahead of the comparable 2023 period.
• Energy coal production of 73.1 million tonnes was down 7% on the comparable 2023 period, reflecting the progressive impact of
scheduled mine closures, longwall moves in Australia in 2024, export rail constraints in South Africa and permit delays at Cerrejón.
Production guidance
Actual Previous Guidance
FY guidance FY
2023 2024 2024
Copper kt 1,010 950-1,010 Unchanged
Cobalt kt 41.3 35-40 Unchanged
Zinc kt 919 900-950 Unchanged
Nickel kt 98 80-90 Unchanged (1)
Ferrochrome kt 1,162 1,100-1,200 Unchanged
Steelmaking coal mt 7.5 19-21 Unchanged (2)
Energy coal mt 107 98-106 Unchanged
(1) KNS transitioned to care and maintenance during February 2024. The nickel production guidance above is presented ex-KNS and therefore excludes the 5.0kt produced by KNS in Q1
2024 prior to its transition to care and maintenance.
(2) 2024 guidance includes circa 12mt (on a 100% basis) in H2 2024 from the EVR steelmaking coal business acquired on 11 July 2024. On an annualised basis, <2% of EVR's production is
non-steelmaking quality coal, ordinarily sold into energy coal markets. Given the de minimis size, these volumes are not disaggregated from Canadian steelmaking coal volumes.
To view the full report please click: https://www.glencore.com/.rest/api/v1/documents/static/8a36d23d-2f8a-4e81-8b8c-
c90145151684/GLEN_2024-Q3ProductionReport.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 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 support decarbonisation while meeting the energy needs of
today.
With over 150,000 employees and contractors and 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 50 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.
We will support the global effort to achieve the goals of the Paris Agreement through our efforts to decarbonise 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. For more information see our 2024-2026 Climate Action Transition Plan and the About our emissions calculation
and reporting section in our 2023 Annual Report, available on our website at glencore.com/publications.
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Sources
Certain statistical and other information included in this document is sourced from publicly available third-party sources. This
information has not been independently verified and presents the view of those third parties, and may not necessarily correspond to
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Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 30-10-2024 09:52:00
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