Glencore : First Quarter 2020 Production Report

NEWS RELEASE

Baar, 30 April 2020

First Quarter 2020 Production Report

and General Update

Glencore Chief Executive Officer, Ivan Glasenberg:

"The global impact of the COVID-19pandemic is an unprecedented challenge for individuals, governments and companiesalike. Disruptionsto our business have, to date, been manageable and the majority of our assets areoperating relatively normally, a credit to our peoplethat have stepped up to the challenge of a changed working environment, especially those who continue to carry out their work on site at our industrial assets - Glencore's frontline. Some industrial assets have been temporarily suspended, generally in line with national and regional lockdowns. Our updated full year production guidance reflects these impacts.

"A rigorous focus on optimising our asset portfolio has helped to preserve solid levels of overall Industrial Asset free cash flow generation in thecurrent operating environment. Focussed costcontrol,lower energy costs, favourablemovementsin producer currencies and higherpreciousmetals' by-product credits, have underpinned reductionsin forecast full year unit cash costsfor our key commodity departments. Copper unit costs are now guided lower to 105c/lb, zinc unit costs 39% lower at 14c/lb and thermal coal guided unitcash costs are $3/t lower at $42/t.We also expect a c$1.0 to $1.5 billion reduction in 2020 capex compared to our original 2020 guidance of $5.5 billion.

"Furthermore, notwithstanding global macroeconomic / demand headwinds , the volatile and complex commodity trading environment has provided opportunities for our Marketing business, such that,to date, we have generated annualised earnings within our $2.2 to $3.2 billion p.a.long-term guidancerange.

"Given our strong liquidity position and resilient businessmodel, we are well positioned to navigate the currentchallenges. We recognise theuncertainty caused by thecurrent environment and endeavour to supportour stakeholders,as appropriate."

Production from own sources - Total1

			Q1 2020	Q1 2019	Change %
Copper	- excl. African Copper	kt	226.0	225.4	-
Copper	- African Copper, in development/optimisation phases	kt	67.3	95.3	(29)
Copper		kt	293.3	320.7	(9)
Cobalt		kt	6.1	10.9	(44)
Zinc		kt	295.6	262.3	13
Lead		kt	61.7	73.9	(17)
Nickel		kt	28.2	27.1	4
Gold		koz	199	202	(1)
Silver		koz	7,778	7,620	2
Ferrochrome	kt	388	402	(3)
Coal - coking	mt	1.8	2.6	(31)
Coal - semi-soft	mt	1.6	1.0	60
Coal - thermal	mt	28.5	29.6	(4)
Coal		mt	31.9	33.2	(4)
Oil (entitlement interest basis)	kbbl	1,806	1,145	58

1 Controlled industrial assets andjoint ventures only. Productionis ona 100% basis, except as statedlater in this report.

GlencoreQ1 2020 ProductionReportand General Update

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Highlights

continued

COVID-19 situation report and outlook

• The COVID-19 pandemic is an unprecedented challenge for all of us, including our colleagues, families, local communities and society at large. As a responsibleoperator, our top priority is to protectthe safety and health of our people and the communities that host our businesses.
• Glencore operates morethan 180 sites and officesin over 35 countries. The scale and diversity of our operationsmeans thatthe impact of the virus varies by location. In addition, many of our operationsare located in remote areas with limited public health care systems. Our teams areworking closely with governments, health agencies and otherskey responders to provide effective local solutions.
• We have introduced a number of precautionary measuresacross our officesand industrial assets in response to COVID-19.This includesthe implementation of enhanced hygiene and cleaning measures,application of social distancing and identification of higher risk groups. Our goal is to operate only when we can keep our people safe and healthy, while safeguarding jobs and providing support to our local communities. A near-total restriction on non-essential travel has been implemented as well as remote working,where possible.
• The majority of our industrial assets continueto operaterelatively normally, accountingfor the various changed practices noted above. Various operations have been temporarily suspended, where national/regional lockdowns or other circumstances have dictated such.
• The assets thathave been principally impacted are noted below:

Jurisdiction	Asset	Commodity	Expected impact in 2020
Canada	Raglan	Nickel	Operations stopped late March.Now recommenced and in process of being
(Quebec)			ramped up. Impact isless than one month of output
Canada	Matagami	Zinc	Operations stopped late March.Now recommenced and in process of being
(Quebec)			ramped up. Directimpact islessthan one month of output
Chad	Oilfields	Oil	On care and maintenancesince mid-April
Colombia	Cerrejon JV	Coal	Mining operationsramped down from late March. See below
Colombia	Prodeco	Coal	On care and maintenancesince late March. Seebelow
DRC	Katanga	Copper / cobalt	Acid plant project commissioningdelayed from H1 2020 to H2 2020. No
			impact on 2020 production
Kazakhstan	Kazzinc	Zinc	Zhairem mine developmentto be completed, butdelivery to market of
			expected zinc production beingintentionally delayed to 2021
New CaledoniaKoniambo	Nickel	The planned maintenance shutdown on one production line(of two) was
			extended, with restart delayed by approximately two months
Peru	Antamina JV	Copper and zinc Operations were initially halted for a two-week period from 13 April.This has
			now been extended, with restarttiming subjectto Antamina beingable to
			ensure the workforce's ongoing health and wellbeing
South Africa	Ferroalloys	Chrome and	All mining and smelting operations were suspended for the duration of the
	production	vanadium	lockdown, a staggered start-up is currently in progress
South Africa	SA Coal	Coal	Major complexes supplyingdomestic power and exports continued to
			operate. A smaller complex was temporarily closed
South Africa	Astron Energy	Oil refining	The planned Q1 refinery maintenance turnaround has been extended
Zambia	Mopani	Copper	Operating scenariosunder discussion with the Zambian government.

• Colombian coal - given the continued pressure on European coal pricing, production volumesare at risk of further reduction.
• Volcan - excluded from Glencore's production statistics due to our relatively small equity interest (c.23%). Operations were suspended on 19 March due to national governmentrestrictions in Peru, and will restart when such restrictions are lifted.

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Production guidance and updated financial outlook

• Full year 2020 production guidance, including accounting for latest expected business interruptions due to COVID-19 noted above, is set out below, with further remarks on page 19.

		Actual	Previous	Current
		FY	guidance	guidance	2020 weighting
		2019	2020	2020		H1	H2
Copper - excl. African Copper	kt	1,001	975 ± 25	975 ± 20		47%	53%
Copper - African Copper	kt	370	325	± 25	280 ± 25		50%	50%
Copper	kt	1,371	1,300	± 50	1,255 ± 45		48%	52%
Cobalt	kt	46	29 ± 4	28 ± 2		48%	52%
Zinc	kt	1,078	1,265	± 30	1,160 ± 30	1	50%	50%
Nickel	kt	121	125 ± 5	122 ± 5		46%	54%
Ferrochrome	kt	1,438	1,340 ± 25	1,000 ± 25		47%	53%
Coal	mt	140	135 ± 4	132 ± 3		47%	53%
Oil	mbbl	5.5	6.5 ± 0.2	See below	2	n.a.	n.a.

1. Excludes Volcan
2. Oil updated guidance under review, butwill be materiallylower as the fieldoperations in Chad have beensuspended, relating to COVID-19 disruptionin internationalmobility, transportation and supplychains

• Industrial Assets unit costguidanceupdated for changesto production and currentproducer currency levels, energy costsand by-product pricing, isas follows:

		Actual	Previous	Current	FYE 2020 split
		FY	guidance	guidance
		2019	2020	2020		H1	H2
Copper - excl. African Copper	c/lb	81	82	83	1	90	78
Copper	c/lb	148	120	105	1	116	94
Zinc - excl. gold credit	c/lb	47	58	58	2	65.1	50
Zinc	c/lb	13	23	14	2	27	1
Nickel - excl. Koniambo	c/lb	277	227	240		220	257
Nickel	c/lb	398	351	382		391	372
Coal	$/t	45	45	42		44	40

1. Copper unit costguidance excludes costs associated with non-operating or significantlycurtailedassets, including those on care and maintenance. Inthis regard, anestimated combinedapproximately$400million of netoperating costs is expected to be incurred in relation to Mopani, Mutanda, Alumbrera and Polymetin 2020. Comparable to previous guidance, the 120c/lb cost would have been 106c/lb, plus approximately $300 million of net operatingcosts associated with the non-operatingorsignificantly curtailed assets
2. Excludes Volcan.

• Industrial Assets capex for 2020 now expected to be in the $4.0-4.5 billion range (previous guidance: $5.5 billion) reflecting some assets curtailing production levels (with associated capex savings), various deferrals and lower equivalent USD costs due to generally weaker producercurrencies and lower input costs, particularly through oil price changes.
• Our Marketing businessis delivering annualised Adjusted EBIT performance within our through the cycle long-term guidance range of $2.2 to $3.2 billion p.a.
• As previously announced, Glencore's revolvingcreditfacilities have been refinanced and extended,effective 22 May 2020, on the same commercial terms as our2019 facilities. These comprise:
• • a $9.975 billion 12-month facility, with a 12-monthterm-out option at Glencore's discretion; and
  • a $4.65 billion 5-yearrevolving credit facility.

Q1 production highlights

• For the most part, the disruptions noted above took effect close to or after 31 March. Q1 production was therefore largely unaffected by them.
• Own sourced copper production of 293,300 tonnes was 27,400 tonnes (9%) lower than Q1 2019. No production was reported in the quarter for Mutanda (on care and maintenance) and Mopani (Q1 smelter restart processed 5.0kt (of 10.6kt) of copper contained concentrates produced and reported in H2 2019, while the smelter underwent a majormulti-month rebuild).

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• Own sourced zinc production of 295,600 tonnes was 33,300 tonnes (13%) higher than Q1 2019, mainly relating to the Antamina joint venture, theIscaycruz mine in Peru that restarted in Q3 2019 and higher grades from Canada.
• Own sourced nickel production of 28,200 tonnes was 1,100 tonnes (4%) higher than Q1 2019, reflecting the offsetting effects of disruptions in the base period at INO and Koniambo, and maintenance in thecurrent period at Murrin Murrin.
• Attributable ferrochrome production of 388,000 tonnes was 14,000 tonnes (3%) lowerthan Q1 2019.
• Coal production of 31.9 million tonnes was 1.3 million tonnes (4%) lower than Q1 2019, mainly reflecting operating challenges in South Africa and mining sequencing in the Australian coking portfolio, partly offset by higher Australian thermal coal production.
• Entitlement interest oil production of 1.8 million barrels was 0.7 million barrels (58%) higher than in Q1 2019, primarily reflecting the drilling campaign in Chad and,from Q3 2019, the Bolongo field in Cameroon.

For further information please contact:

Investors
Martin Fewings	t: +41	41 709 2880	m: +41	79 737 5642	[e-mail]
Maartje Collignon	t: +41	41 709 32 69	m: +41	79 197 42 02	[e-mail]
Media
Charles Watenphul	t: +41	41 709 2462	m: +41	79 904 3320	[e-mail]

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 marketerof more than

60 responsibly-sourced commodities that advance everyday life. 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 a global networkof more than 30 marketingoffices.

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 otherservices to producers and consumers of commodities. Glencore'scompanies employ around 160,000 people, including contractors.

Glencore isproud to bea member of theVoluntary Principleson Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive IndustriesTransparency Initiative.

GlencoreQ1 2020 ProductionReportand General Update

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Metals and minerals

Production data

Production from own sources - Copper assets1

		Q1 2020	Q1 2019	Change %
Collahuasi2
Copper in concentrates	kt	66.5	57.3	16
Silver in concentrates	koz	1,063	699	52
Antamina3
Copper in concentrates	kt	33.1	35.9	(8)
Zinc in concentrates	kt	36.9	24.7	49
Silver in concentrates	koz	1,316	1,180	12
Other South America (Antapaccay, Lomas Bayas)
Copper metal	kt	18.4	19.9	(8)
Copper in concentrates	kt	38.0	47.0	(19)
Gold in concentrates and in doré	koz	22	18	22
Silver in concentrates and in doré	koz	270	381	(29)
Australia (Mount Isa, Ernest Henry, Townsville, Cobar)
Copper metal	kt	31.8	23.8	34
Copper in concentrates	kt	11.8	10.4	13
Gold	koz	22	27	(19)
Silver	koz	273	390	(30)
Copper - excl. African Copper		199.6
Copper	kt	194.3	3
Zinc	kt	36.9	24.7	49
Gold	koz	44	45	(2)
Silver	koz	2,922	2,650	10
African Copper (Katanga, Mutanda, Mopani)
Copper metal	kt	67.3	95.3	(29)
Cobalt4	kt	5.3	9.9	(46)
Total Copper department		266.9
Copper	kt	289.6	(8)
Cobalt	kt	5.3	9.9	(46)
Zinc	kt	36.9	24.7	49
Gold	koz	44	45	(2)
Silver	koz	2,922	2,650	10

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Metals and minerals

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Production from own sources - Zinc assets1

		Q1 2020	Q1 2019	Change %
Kazzinc
Zinc metal	kt	43.3	40.3	7
Lead metal	kt	5.5	7.9	(30)
Lead in concentrates	kt	-	2.8	(100)
Copper metal5	kt	8.7	11.1	(22)
Gold	koz	150	150	-
Silver	koz	844	959	(12)
Silver in concentrates	koz	-	88	(100)
Australia (Mount Isa, McArthur River)
Zinc in concentrates	kt	153.7	150.9	2
Lead in concentrates	kt	52.7	55.1	(4)
Silver in concentrates	koz	1,813	1,949	(7)
North America (Matagami, Kidd)
Zinc in concentrates	kt	33.8	24.8	36
Copper in concentrates	kt	9.9	9.3	6
Silver in concentrates	koz	517	258	100
Other Zinc: South America (Argentina, Bolivia, Peru)6
Zinc in concentrates	kt	27.9	21.6	29
Lead in concentrates	kt	3.5	8.1	(57)
Copper in concentrates	kt	0.4	1.0	(60)
Silver in concentrates	koz	1,574	1,592	(1)
Total Zinc department	kt	258.7	237.6	9
Zinc
Lead	kt	61.7	73.9	(17)
Copper	kt	19.0	21.4	(11)
Gold	koz	150	150	-
Silver	koz	4,748	4,846	(2)

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Production from own sources - Nickel assets1

		Q1 2020	Q1 2019	Change %
Integrated Nickel Operations (INO) (Sudbury, Raglan, Nikkelverk)
Nickel metal	kt	14.5	13.3	9
Nickel in concentrates	kt	0.1	0.1	-
Copper metal	kt	3.4	3.9	(13)
Copper in concentrates	kt	4.0	5.8	(31)
Cobalt metal	kt	0.1	0.2	(50)
Gold	koz	5	7	(29)
Silver	koz	108	124	(13)
Platinum	koz	12	17	(29)
Palladium	koz	28	26	8
Rhodium	koz	1	1	-
Murrin Murrin
Nickel metal	kt	7.6	8.7	(13)
Cobalt metal	kt	0.7	0.8	(13)
Koniambo
Nickel in ferronickel	kt	6.0	5.0	20
Total Nickel department	kt	28.2	27.1	4
Nickel
Copper	kt	7.4	9.7	(24)
Cobalt	kt	0.8	1.0	(20)
Gold	koz	5	7	(29)
Silver	koz	108	124	(13)
Platinum	koz	12	17	(29)
Palladium	koz	28	26	8
Rhodium	koz	1	1	-

Production from own sources - Ferroalloys assets1

		Q1 2020	Q1 2019	Change %
Ferrochrome7	kt	388	402	(3)
Vanadium Pentoxide	mlb	4.2	5.1	(18)

Total production - Custom metallurgical assets1

		Q1 2020	Q1 2019	Change %
Copper (Altonorte, Pasar, Horne, CCR)
Copper metal	kt	123.0	113.3	9
Copper anode	kt	127.4	123.4	3
Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
Zinc metal	kt	195.9	203.3	(4)
Lead metal	kt	44.6	45.7	(2)

1. Controlledindustrial assets and joint ventures only.Production is on a100%basis, exceptfor jointventures, wheretheGroup's attributable share of production is included.
2. The Group's pro-ratashare of Collahuasi production(44%).
3. The Group's pro-ratashare of Antamina production (33.75%).
4. Cobalt containedinconcentrates and hydroxides.
5. Coppermetal includes copper containedincopperconcentrates and blister.
6. South Americanproductionexcludes Volcan CompaniaMinera.
7. The Group's attributable 79.5% shareoftheGlencore-MerafeChromeVenture.

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Metals and minerals

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Operating highlights

Copper assets

Own sourced copper production of 293,300 tonnes was 27,400 tonnes (9%) lower than Q1 2019. No production wasreported in the quarter for Mutanda(on care and maintenance) and Mopani (Q1 smelter restart processed 5.0kt (of 10.6kt) of coppercontained concentrates produced and reported in H2 2019, while the smelter underwent a majormulti-month rebuild).

Collahuasi

Attributable copperproduction of 66,500 tonneswas 9,200 tonnes (16%) higherthan Q1 2019, reflectinghighermilling throughput.

Antamina

Attributable copperproduction of 33,100 tonnes was 2,800 tonnes (8%) lowerthan Q1 2019,but attributable zinc production of 36,900

tonnes was 12,200 tonnes(49%) higher, in each case reflecting expected variationsin copper/zinc output as the mine plan progresses.

Other South America

Copper production of 56,400 tonneswas10,500 tonnes(16%) lower than Q1 2019, mainly reflecting lower grades processed at Antapaccay as a result of adverse weather and resulting pit sequencing.

Australia

Own sourced copper production of 43,600 tonneswas9,400 tonnes(27%) higher than Q1 2019, reflecting severe floodingin Queensland in thebaseperiod which impacted logisticsto smeltingand refining operations.

Custom metallurgical assets

Copper cathode production of 123,000 tonneswas9,700 tonnes (9%) higher than Q1 2019, reflecting stronger operations at CCR.

Copper anode production of 127,400 tonneswasin linewith Q1 2019.

African Copper - in development/optimisation phases

Own sourced copper production of 67,300 tonneswas 28,000 tonnes(29%) lower than Q1 2019. No production wasreported in the

quarter for Mutandaand Mopani, as discussed above. On a standalone basis, Katanga'scopper production of 67,300 tonnes was 10,100 tonnes(18%) higherthan Q1 2019, reflectingits anticipated ramp-up.

Own sourced cobaltproduction of 5,300 tonneswas4,600 tonnes(46%) lower than Q1 2019, reflecting Mutanda's care and maintenance. On a standalone basis,Katanga's cobalt production of 5,300 tonnes was1,800 tonnes(51%) higher than Q1 2019.

Zinc assets

Own sourced zinc production of 295,600 tonneswas33,300 tonnes(13%) higher than Q1 2019, mainly relating to the Antamina joint venture noted above, the Iscaycruz mine in Peru that restarted in Q3 2019 and higher grades from Canada.

Kazzinc

Own sourced zinc production of 43,300 tonnes was 3,000 tonnes (7%) higher than Q1 2019, asthe base period wasimpacted by a safety incident.

Own sourced lead production of 5,500 tonnes was 5,200 tonnes(49%) lower than Q1 2019, reflectingmaintenance during the period.

Own sourced copper production of 8,700 tonneswas 2,400 tonnes (22%) lowerthan Q1 2019due to lower ore milled from the Maleevsky mine.

Own sourced gold production of 150,000 ounceswasin linewith Q1 2019.

Australia

Zinc production of 153,700 tonnesand lead production of 52,700 tonnes were broadly in linewith Q1 2019.

North America

Zinc production of 33,800 tonnes was 9,000 tonnes (36%) higherthan Q1 2019, reflectingstrong zinc grades at both operations. Copper production of 9,900 tonneswas600 tonnes (6%) higherthan Q1 2019.

South America

Zinc production of 27,900 tonnes was 6,300 tonnes (29%) higherthan Q1 2019,mainly reflectingthe contribution of the Iscaycruz mine in Peru, whereoperations restarted in Q3 2019.

Lead production of 3,500 tonneswas 4,600 tonnes(57%) lower than Q1 2019, reflecting that miningat Aguilar in Argentina has been curtailed for safety reasons.

European custom metallurgical assets

Zinc metal production of 195,900 tonnes and lead metal production of 44,600 tonneswere broadly comparable with Q1 2019.

Nickel assets

Own sourced nickel production of 28,200 tonnes was 1,100 tonnes(4%) higherthan Q1 2019, reflectingthe offsettingeffectsof disruptions in the base period at INO and Koniambo, and maintenance in thecurrent period at Murrin Murrin.

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Metals and minerals

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Integrated Nickel Operations (INO)

Own sourced nickel production of 14,600 tonneswas 1,200 tonnes (9%) higherthan Q1 2019,reflectingthe impactof severe weather on transport and logisticsin the base period.Againstthe more comparable Q4 2019, production was broadly in line.

Murrin Murrin

Own sourced nickel production of 7,600 tonneswas 1,100 tonnes (13%) lower than Q1 2019, mainly reflecting a maintenance shutdown in February.

Koniambo

Nickel production of 6,000 tonnes was 1,000 tonnes (20%) higher than Q1 2019, reflecting variousdisruptions in thebaseperiod.

Ferroalloys assets

Attributable ferrochrome production of 388,000 tonnes was 14,000 tonnes (3%) lowerthan Q1 2019.

Vanadium pentoxide production of 4.2 million pounds was 0.9million pounds (18%) lowerthan Q1 2019,due to planned maintenancein February.

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Energy products

Coal assets1

		Q1 2020	Q1 2019	Change %
Australian coking coal	mt	1.8	2.6	(31)
Australian semi-soft coal	mt	1.6	1.0	60
Australian thermal coal (export)	mt	14.5	14.9	(3)
Australian thermal coal (domestic)	mt	2.0	1.8	11
South African thermal coal (export)	mt	3.7	3.8	(3)
South African thermal coal (domestic)	mt	2.5	3.3	(24)
Prodeco	mt	3.8	3.6	6
Cerrejón2	mt	2.0	2.2	(9)
Total Coal department	mt	31.9	33.2	(4)

Oil assets

		Q1 2020	Q1 2019	Change %
Glencore entitlement interest basis
Equatorial Guinea	kbbl	522	436	20
Chad	kbbl	1,083	709	53
Cameroon	kbbl	201	-	n.m.
Total Oil department	kbbl	1,806	1,145	58
Gross basis
Equatorial Guinea	kbbl	3,080	2,051	50
Chad	kbbl	1,481	969	53
Cameroon	kbbl	582	-	n.m.
Total Oil department	kbbl	5,143	3,020	70

1. Controlledindustrial assets and joint ventures only.Production is on a100%basis, exceptfor jointventures, wheretheGroup's attributable share of production is included.
2. The Group's pro-ratashare of Cerrejón production (33.3%).

Operating highlights

Coal assets

Coal production of 31.9 million tonnes was1.3 million tonnes (4%) lower than Q1 2019, mainly reflecting operating challengesin South Africa and mining sequencing in the Australian cokingportfolio, partly offset by higherAustralian thermal coal production.

Australian coking

Production of 1.8 million tonnes was 0.8 million tonnes(31%) lower than Q1 2019, mainly reflecting the timing of cokingcoal extraction at Hail Creek(expected to be made up later in the year).

Australian thermal and semi-soft

Production of 18.1 million tonneswas0.4 million tonnes (2%) higher than Q1 2019.

South African thermal

Production of 6.2 million tonnes was 0.9 million tonnes (13%) lower than Q1 2019, reflectingcertain maintenance issues and wet- weather impacts in Jan/Feb 2020.

Prodeco

Production of 3.8 million tonnes was 0.2 million tonnes (6%) higher than Q1 2019, as improved mining changeswere realised.

Cerrejón

Attributable production of 2.0 million tonnes was0.2 million tonnes (9%) lowerthan Q1 2019, reflectingimposed dust restrictions.

Oil assets

Exploration and production

Entitlement interest oil production of 1.8 million barrels was0.7million barrels(58%) higherthan in Q1 2019, primarily reflecting the drillingcampaign in Chad and, from Q3 2019, the Bolongo field in Cameroon.

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Select average commodity prices

Market conditions

Select average commodity prices

	Q1 2020	Q1 2019	Change %
S&P GSCI Industrial Metals Index	301	334	(10)
S&P GSCI Energy Index	158	196	(19)
LME (cash) copper price ($/t)	5,632	6,221	(9)
LME (cash) zinc price ($/t)	2,124	2,707	(22)
LME (cash) lead price ($/t)	1,843	2,034	(9)
LME (cash) nickel price ($/t)	12,689	12,393	2
Gold price ($/oz)	1,582	1,303	21
Silver price ($/oz)	17	16	6
Metal Bulletin cobalt standard grade, in-warehouse Rotterdam ($/lb)	16	18	(11)
Ferro-chrome 50% Cr import, CIF main Chinese ports, contained Cr (¢/lb)	69	83	(17)
Iron ore (Platts 62% CFR North China) price ($/DMT)	84	79	6
Coal API4 ($/t)	73	83	(12)
Coal Newcastle (6,000) ($/t)	70	96	(27)
Oil price - Brent ($/bbl)	51	64	(20)

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Production by quarter - Q1 2019 to Q1 2020

Metals and minerals

Production from own sources - Total1

						Q1	Change	Change
		Q1	Q2	Q3	Q4	Q1 20 vs	Q1 20 vs
		2019	2019	2019	2019	2020	Q1 19	Q4 19
							%	%
Copper	kt	320.7	342.3	352.8	355.4	293.3	(9)	(17)
Cobalt	kt	10.9	10.4	13.1	11.9	6.1	(44)	(49)
Zinc	kt	262.3	273.6	273.3	268.3	295.6	13	10
Lead	kt	73.9	73.6	72.3	60.2	61.7	(17)	2
Nickel	kt	27.1	28.3	34.0	31.2	28.2	4	(10)
Gold	koz	202	221	199	226	199	(1)	(12)
Silver	koz	7,620	7,870	8,243	8,285	7,778	2	(6)
Ferrochrome	kt	402	397	231	408	388	(3)	(5)
Coal	mt	33.2	35.0	35.8	35.5	31.9	(4)	(10)
Oil (entitlement interest basis)	kbbl	1,145	1,095	1,398	1,880	1,806	58	(4)

Production from own sources - Copper assets1

							Q1	Change	Change
			Q1	Q2	Q3	Q4	Q1 20 vs	Q1 20 vs
			2019	2019	2019	2019	2020	Q1 19	Q4 19
								%	%
Collahuasi2	Copper in concentrates	kt	57.3	54.7	64.5	72.3	66.5	16	(8)
	Silver in concentrates	koz	699	538	731	910	1,063	52	17
Antamina3	Copper in concentrates	kt	35.9	38.8	39.1	37.6	33.1	(8)	(12)
	Zinc in concentrates	kt	24.7	26.7	24.3	26.7	36.9	49	38
	Silver in concentrates	koz	1,180	1,343	1,224	1,304	1,316	12	1
Other South America (Antapaccay, Lomas Bayas)
Antapaccay	Copper in concentrates	kt	47.0	53.5	49.6	47.5	38.0	(19)	(20)
	Gold in concentrates	koz	18	26	18	23	22	22	(4)
	Silver in concentrates	koz	381	455	402	338	270	(29)	(20)
Lomas Bayas	Copper metal	kt	19.9	20.1	19.7	19.2	18.4	(8)	(4)
	Total Copper metal	kt	19.9	20.1	19.7	19.2	18.4	(8)	(4)
	Total Copper in concentrates	kt	47.0	53.5	49.6	47.5	38.0	(19)	(20)
	Total Gold in concentrates	koz	18	26	18	23	22		(4)
	and in doré	22
	Total Silver in concentrates	koz	381	455	402	338	270		(20)
	and in doré	(29)

GlencoreQ1 2020 ProductionReportand General Update

12

Production by quarter - Q1 2019 to Q1 2020

continued

Metals and minerals

Production from own sources - Copper assets1 continued

							Q1	Change	Change
			Q1	Q2	Q3	Q4	Q1 20 vs	Q1 20 vs
			2019	2019	2019	2019	2020	Q1 19	Q4 19
								%	%
Australia (Mount Isa, Ernest Henry, Townsville, Cobar)
Mount Isa, Ernest Henry, Townsville, Cobar
	Copper metal	kt	23.8	40.2	41.3	45.8	31.8	34	(31)
	Gold	koz	27	27	28	18	22	(19)	22
	Silver	koz	284	321	304	245	156	(45)	(36)
Mount Isa, Ernest Henry, Townsville - total production including third party feed
	Copper metal	kt	38.1	60.3	60.9	61.2	53.2	40	(13)
	Gold	koz	34	34	36	36	33	(3)	(8)
	Silver	koz	296	335	363	395	331	12	(16)
Cobar	Copper in concentrates	kt	10.4	11.6	10.4	11.1	11.8	13	6
	Silver in concentrates	koz	106	120	116	119	117	10	(2)
	Total Copper metal	kt	23.8	40.2	41.3	45.8	31.8	34	(31)
	Total Copper in concentrates	kt	10.4	11.6	10.4	11.1	11.8	13	6
	Total Gold	koz	27	27	28	18	22	(19)	22
	Total Silver	koz	390	441	420	364	273	(30)	(25)
Total Copper department - excl. African Copper
	Copper	kt	194.3	218.9	224.6	233.5	199.6	3	(15)
	Zinc	kt	24.7	26.7	24.3	26.7	36.9	49	38
	Gold	koz	45	53	46	41	44	(2)	7
	Silver	koz	2,650	2,777	2,777	2,916	2,922	10	-
African Copper (Katanga, Mutanda, Mopani)
Katanga	Copper metal	kt	57.2	52.5	59.4	65.4	67.3	18	3
	Cobalt4	kt	3.5	2.6	4.8	6.2	5.3	51	(15)
Mutanda	Copper metal	kt	28.0	25.7	31.5	18.0	-	(100)	(100)
	Cobalt4	kt	6.4	7.0	7.2	4.5	-	(100)	(100)
Mopani	Copper metal	kt	10.1	10.3	1.2	-	-	(100)	n.m.
	Copper in concentrates	kt	-	4.0	3.3	3.3	-	n.m.	(100)
African Copper - total production including third party feed
Mopani	Copper metal	kt	21.3	27.5	2.5	-	5.6	(74)	n.m.
	Copper in concentrates	kt	-	4.0	3.3	3.3	-	n.m.	(100)
	Total Copper metal	kt	95.3	88.5	92.1	83.4	67.3	(29)	(19)
	Total Copper in concentrates	kt	-	4.0	3.3	3.3	-	n.m.	(100)
	Total Cobalt4	kt	9.9	9.6	12.0	10.7	5.3	(46)	(50)
Total Copper department
	Copper	kt	289.6	311.4	320.0	320.2	266.9	(8)	(17)
	Cobalt	kt	9.9	9.6	12.0	10.7	5.3	(46)	(50)
	Zinc	kt	24.7	26.7	24.3	26.7	36.9	49	38
	Gold	koz	45	53	46	41	44	(2)	7
	Silver	koz	2,650	2,777	2,777	2,916	2,922	10	-

GlencoreQ1 2020 ProductionReportand General Update

13

Production by quarter - Q1 2019 to Q1 2020

continued

Metals and minerals

Production from own sources - Zinc assets1

							Q1	Change	Change
			Q1	Q2	Q3	Q4	Q1 20 vs	Q1 20 vs
			2019	2019	2019	2019	2020	Q1 19	Q4 19
								%	%
Kazzinc
	Zinc metal	kt	40.3	48.7	45.0	38.5	43.3	7	12
	Lead metal	kt	7.9	11.3	8.2	4.2	5.5	(30)	31
	Lead in concentrates	kt	2.8	-	-	-	-	(100)	n.m.
	Copper metal5	kt	11.1	8.1	12.1	12.7	8.7	(22)	(31)
	Gold	koz	150	161	146	177	150	-	(15)
	Silver	koz	959	1,019	1,354	1,214	844	(12)	(30)
	Silver in concentrates	koz	88	4	-	-	-	(100)	n.m.
Kazzinc - total production including third party feed
	Zinc metal	kt	74.5	76.3	66.2	76.3	75.0	1	(2)
	Lead metal	kt	32.4	35.5	31.3	29.8	29.8	(8)	-
	Lead in concentrates	kt	2.8	-	-	-	-	(100)	n.m.
	Copper metal	kt	16.5	11.6	17.1	19.9	14.9	(10)	(25)
	Gold	koz	206	233	260	263	197	(4)	(25)
	Silver	koz	4,946	5,533	6,594	6,056	4,704	(5)	(22)
	Silver in concentrates	koz	88	4	-	-	-	(100)	n.m.
Australia (Mount Isa, McArthur River)
Mount Isa	Zinc in concentrates	kt	81.8	80.7	88.6	75.3	85.2	4	13
	Lead in concentrates	kt	41.0	40.6	42.6	33.8	38.1	(7)	13
	Silver in concentrates	koz	1,525	1,422	1,463	1,108	1,341	(12)	21
McArthur River Zinc in concentrates	kt	69.1	70.0	61.7	70.4	68.5	(1)	(3)
	Lead in concentrates	kt	14.1	13.3	11.9	16.0	14.6	4	(9)
	Silver in concentrates	koz	424	403	323	525	472	11	(10)
	Total Zinc in concentrates	kt	150.9	150.7	150.3	145.7	153.7	2	5
	Total Lead in concentrates	kt	55.1	53.9	54.5	49.8	52.7	(4)	6
	Total Silver in concentrates	koz	1,949	1,825	1,786	1,633	1,813	(7)	11
North America (Matagami, Kidd)
Matagami	Zinc in concentrates	kt	11.2	10.1	11.9	10.6	14.5	29	37
	Copper in concentrates	kt	1.3	1.6	1.4	1.3	1.8	38	38
Kidd	Zinc in concentrates	kt	13.6	17.6	20.6	15.8	19.3	42	22
	Copper in concentrates	kt	8.0	8.0	7.9	9.6	8.1	1	(16)
	Silver in concentrates	koz	258	435	400	561	517	100	(8)
	Total Zinc in concentrates	kt	24.8	27.7	32.5	26.4	33.8	36	28
	Total Copper in concentrates	kt	9.3	9.6	9.3	10.9	9.9	6	(9)
	Total Silver in concentrates	koz	258	435	400	561	517	100	(8)

GlencoreQ1 2020 ProductionReportand General Update

14

Production by quarter - Q1 2019 to Q1 2020

continued

Metals and minerals

Production from own sources - Zinc assets1 continued

						Q1	Change	Change
		Q1	Q2	Q3	Q4	Q1 20 vs	Q1 20 vs
		2019	2019	2019	2019	2020	Q1 19	Q4 19
							%	%
Other Zinc: South America (Argentina, Bolivia, Peru)6
Zinc in concentrates	kt	21.6	19.8	21.2	31.0	27.9	29	(10)
Lead in concentrates	kt	8.1	8.4	9.6	6.2	3.5	(57)	(44)
Copper in concentrates	kt	1.0	0.8	0.5	0.4	0.4	(60)	-
Silver in concentrates	koz	1,592	1,655	1,808	1,851	1,574	(1)	(15)
Total Zinc department
Zinc	kt	237.6	246.9	249.0	241.6	258.7	9	7
Lead	kt	73.9	73.6	72.3	60.2	61.7	(17)	2
Copper	kt	21.4	18.5	21.9	24.0	19.0	(11)	(21)
Gold	koz	150	161	146	177	150	-	(15)
Silver	koz	4,846	4,938	5,348	5,259	4,748	(2)	(10)

GlencoreQ1 2020 ProductionReportand General Update

15

Production by quarter - Q1 2019 to Q1 2020

continued

Metals and minerals

Production from own sources - Nickelassets1

							Q1	Change	Change
			Q1	Q2	Q3	Q4	Q1 20 vs	Q1 20 vs
			2019	2019	2019	2019	2020	Q1 19	Q4 19
								%	%
Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)
	Nickel metal	kt	13.3	15.5	16.1	14.9	14.5	9	(3)
	Nickel in concentrates	kt	0.1	0.2	0.1	0.1	0.1	-	-
	Copper metal	kt	3.9	3.1	4.1	4.7	3.4	(13)	(28)
	Copper in concentrates	kt	5.8	9.3	6.8	6.5	4.0	(31)	(38)
	Cobalt metal	kt	0.2	0.2	0.2	0.1	0.1	(50)	-
	Gold	koz	7	7	7	8	5	(29)	(38)
	Silver	koz	124	155	118	110	108	(13)	(2)
	Platinum	koz	17	16	15	3	12	(29)	300
	Palladium	koz	26	32	29	25	28	8	12
	Rhodium	koz	1	1	1	1	1	-	-
Integrated Nickel Operations - total production including third party feed
	Nickel metal	kt	22.6	23.0	23.1	23.4	22.4	(1)	(4)
	Nickel in concentrates	kt	0.1	0.2	0.1	0.2	0.1	-	(50)
	Copper metal	kt	5.4	4.5	5.8	6.3	5.1	(6)	(19)
	Copper in concentrates	kt	6.7	9.8	8.6	7.7	4.9	(27)	(36)
	Cobalt metal	kt	1.0	1.0	1.2	1.2	0.9	(10)	(25)
	Gold	koz	10	12	10	11	9	(10)	(18)
	Silver	koz	187	211	189	162	174	(7)	7
	Platinum	koz	21	23	21	19	21	-	11
	Palladium	koz	49	65	61	53	69	41	30
	Rhodium	koz	1	1	2	1	1	-	-
Murrin Murrin
	Total Nickel metal	kt	8.7	7.4	10.8	9.7	7.6	(13)	(22)
	Total Cobalt metal	kt	0.8	0.6	0.9	1.1	0.7	(13)	(36)
Murrin Murrin - total production including third party feed
	Total Nickel metal	kt	9.8	8.6	11.7	10.6	8.6	(12)	(19)
	Total Cobalt metal	kt	0.8	0.9	0.9	1.1	0.8	-	(27)
Koniambo	Nickel in ferronickel	kt	5.0	5.2	7.0	6.5	6.0	20	(8)
Total Nickel department
	Nickel	kt	27.1	28.3	34.0	31.2	28.2	4	(10)
	Copper	kt	9.7	12.4	10.9	11.2	7.4	(24)	(34)
	Cobalt	kt	1.0	0.8	1.1	1.2	0.8	(20)	(33)
	Gold	koz	7	7	7	8	5	(29)	(38)
	Silver	koz	124	155	118	110	108	(13)	(2)
	Platinum	koz	17	16	15	3	12	(29)	300
	Palladium	koz	26	32	29	25	28	8	12
	Rhodium	koz	1	1	1	1	1	-	-

GlencoreQ1 2020 ProductionReportand General Update

16

Production by quarter - Q1 2019 to Q1 2020

continued

Metals and minerals

Production from own sources - Ferroalloys assets1

						Q1	Change	Change
		Q1	Q2	Q3	Q4	Q1 20 vs	Q1 20 vs
		2019	2019	2019	2019	2020	Q1 19	Q4 19
							%	%
Ferrochrome7	kt	402	397	231	408	388	(3)	(5)
Vanadium pentoxide	mlb	5.1	5.1	5.6	4.4	4.2	(18)	(5)

Total production- Custom metallurgical assets1

						Q1	Change	Change
		Q1	Q2	Q3	Q4	Q1 20 vs	Q1 20 vs
		2019	2019	2019	2019	2020	Q1 19	Q4 19
							%	%
Copper (Altonorte, Pasar, Horne, CCR)
Copper metal	kt	113.3	109.8	100.8	109.0	123.0	9	13
Copper anode	kt	123.4	137.3	117.7	132.3	127.4	3	(4)
Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
Zinc metal	kt	203.3	200.5	197.3	204.6	195.9	(4)	(4)
Lead metal	kt	45.7	50.3	43.9	50.6	44.6	(2)	(12)

1. Controlledindustrial assets and joint ventures only.Production is on a100%basis, except for jointventures, wheretheGroup's attributable share of production is included.
2. The Group's pro-ratashare of Collahuasi production(44%).
3. The Group's pro-ratashare of Antamina production (33.75%).
4. Cobalt containedinconcentrates and hydroxides.
5. Coppermetal includes copper containedincopperconcentrates and blister.
6. South Americanproductionexcludes Volcan CompaniaMinera.
7. The Group's attributable 79.5% shareoftheGlencore-MerafeChromeVenture.

GlencoreQ1 2020 ProductionReportand General Update

17

Production by quarter - Q1 2019 to Q1 2020

continued

Energy products

Production from own sources - Coal assets1

						Q1	Change	Change
		Q1	Q2	Q3	Q4	Q1 20 vs	Q1 20 vs
		2019	2019	2019	2019	2020	Q1 19	Q4 19
							%	%
Australian coking coal	mt	2.6	1.7	1.8	3.1	1.8	(31)	(42)
Australian semi-soft coal	mt	1.0	2.3	1.8	1.3	1.6	60	23
Australian thermal coal (export)	mt	14.9	16.1	16.8	16.4	14.5	(3)	(12)
Australian thermal coal (domestic)	mt	1.8	2.2	2.2	2.4	2.0	11	(17)
South African thermal coal (export)	mt	3.8	2.9	3.4	2.9	3.7	(3)	28
South African thermal coal (domestic)	mt	3.3	4.1	3.7	2.8	2.5	(24)	(11)
Prodeco	mt	3.6	3.7	4.0	4.3	3.8	6	(12)
Cerrejón2	mt	2.2	2.0	2.1	2.3	2.0	(9)	(13)
Total Coal department	mt	33.2	35.0	35.8	35.5	31.9	(4)	(10)

1. Controlledindustrial assets and joint ventures only.Production is on a100%basis, except for jointventures, wheretheGroup's attributable share of production is included.
2. The Group's pro-ratashare of Cerrejón production (33.3%).

Oil assets

						Q1	Change	Change
		Q1	Q2	Q3	Q4	Q1 20 vs	Q1 20 vs
		2019	2019	2019	2019	2020	Q1 19	Q4 19
							%	%
Glencore entitlement interest basis
Equatorial Guinea	kbbl	436	423	439	597	522	20	(13)
Chad	kbbl	709	672	884	1,106	1,083	53	(2)
Cameroon	kbbl	-	-	75	177	201	n.m.	14
Total Oil department	kbbl	1,145	1,095	1,398	1,880	1,806	58	(4)
Gross basis
Equatorial Guinea	kbbl	2,051	2,113	2,166	2,906	3,080	50	6
Chad	kbbl	969	919	1,209	1,511	1,481	53	(2)
Cameroon	kbbl	-	-	216	514	582	n.m.	13
Total Oil department	kbbl	3,020	3,032	3,591	4,931	5,143	70	4

GlencoreQ1 2020 ProductionReportand General Update

18

Full year 2020 production guidance

		Actual	Actual	Actual	Previous	Current
		FY	FY	FY	guidance	guidance	2020 weighting
		2017	2018	2019	2020	2020		H1	H2
Copper - excl. African Copper	kt	1,071	1,043	1,001	975 ± 25	975 ± 20		47%	53%
Copper - African Copper	kt	239	411	370	325	± 25	280 ± 25		50%	50%
Copper	kt	1,310	1,454	1,371	1,300	± 50	1,255 ± 45		48%	52%
Cobalt	kt	27.4	42.2	46	29 ± 4	28 ± 2		48%	52%
Zinc	kt	1,090	1,068	1,078	1,265	± 30	1,160 ± 30	1	50%	50%
Nickel	kt	109	124	121	125 ± 5	122 ± 5		46%	54%
Ferrochrome	kt	1,531	1,580	1,438	1,340 ± 25	1,000 ± 25		47%	53%
Coal	mt	121	129	140	135 ± 4	132 ± 3		47%	53%
Oil	mbbl	5.1	4.6	5.5	6.5 ± 0.2	See below		n.a.	n.a.

1 Excludes Volcan.

Production guidance reflects the known conditions at the time of preparation. Such conditionsmay change, in particular, in relation to any further government and/or Glencoremeasures to control the spread of COVID-19and/or production adjustmentsin response to prevailing market conditions.

Changes in guidance reflect:

• Copper overall 1,255kt, down 3%: currently no changesin excl African Copperguidance, subject to further review upon restart at Antamina.
• African Copperdown 45kt (14%) due to slower ramp-up of the Mopani smelter in Q1,postan extensive rebuild during H2 2019 and potential placement of mining activitiesinto care and maintenanceduringH2 2020.
• Cobalt: modest 1kt reduction.
• Zinc: 1,160kt own sourced zinc, down 105kt (8%) - primarily reflects continuing to develop the new Zhairem mine in Kazakhstan as planned, however latest scheduling is to rather deliver the previously expected zinc production units to market on a delayed (2021) basis, owing to the currentperiod of heightened uncertainty. Thelatest estimate also accounts for the COVID-19 related production curtailments in Canada, Peru, Argentina and Bolivia.
• Nickel: 122kt own sourced nickel, down 3kt (2%) - primarily reflects the mandatory temporary suspension atRaglan (Quebec).
• Ferrochrome: 1,000kt attributable production, down 340kt (25%) - suspension of operations from 26 March 2020, in accordance with South Africa's national lockdown, with a staggered restart occurringfrom 1 May.
• Coal: 132 million tonnes equity production, down 3mt (2%) - temporary suspensions of Prodeco and Cerrejon in Colombia. Given the continued pressure on European coal pricing, Colombian volume levelsare at risk of further reductions.
• Oil: Updated guidance under review, but will be materially lower as the field operations in Chad have been suspended, relating to COVID-19 disruption in international mobility, transportation and supply chains.

GlencoreQ1 2020 ProductionReportand General Update

19

Important notice concerning this documentincluding forward lookingstatements

This documentcontains statements that are,or may be deemed to be, "forward lookingstatements" which areprospective in nature. Theseforward lookingstatements may be identified by the useof forward looking terminology, or the negative thereof such

as "outlook", "plans", "expects" or "does not expect", "isexpected", "continues", "assumes", "is subjectto", "budget", "scheduled", "estimates", "aims", "forecasts", "risks", "intends", "positioned", "predicts", "anticipates" or "does not anticipate",or "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. Forward-lookingstatements are not based on historical

facts, but ratheron current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, resultsof operations, prospects, financial condition and discussions of strategy.

By their nature,forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond Glencore's control. Forward looking statements are not guaranteesof future performance and may and often do differ materially

from actual results. Importantfactorsthatcould cause these uncertaintiesinclude, but are not limited to, those disclosed in the last published annual report and half-year report, both of which are freely availableon Glencore'swebsite.

For example, our future revenues from our assets, projects or mineswill be based, in part, on the market price of the commodity

products produced,which may vary significantly from current levels.These may materially affect the timing and feasibility of particular developments. Other factors include (without limitation) theability to produceand transportproducts profitably, demand

for our products, changesto the assumptionsregardingthe recoverable value of our tangibleand intangible assets, theeffect of foreign currency exchange rates on market prices and operating costs, and actionsby governmental authorities, such as changesin taxation or regulation, and political uncertainty.

Neither Glencore nor any of its associates or directors, officers or advisers, providesany representation, assurance or guaranteethat

the occurrence of the events expressed or implied in any forward-looking statementsin thisdocument will actually occur.You are cautioned notto place undue reliance on these forward-looking statementswhich only speak as of the date of thisdocument.

Except as required by applicable regulationsor by law, Glencore is not under any obligation and Glencore and itsaffiliates expressly disclaim any intention, obligation or undertaking, to update or revise any forward looking statements, whether as a result of new

information, futureeventsor otherwise. This document shall not, under any circumstances, create any implication that there has been no changein the businessor affairsof Glencore sincethe date of thisdocument or that theinformation contained herein is correct as at any time subsequentto its date.

No statement in this document isintended asa profitforecast or a profit estimate and past performance cannot be relied on as a

guide to future performance. Thisdocument does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchaseor subscribe for any securities.

The companiesin which Glencore plc directly and indirectly hasan interest areseparateand distinctlegal entities. In this document,

"Glencore", "Glencoregroup" and "Group" are used for convenience only where references aremade to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of referenceonly and do not imply any other relationship

between the companies. Likewise,the words "we", "us" and "our" are also used to refercollectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifyingthe particular company or companies.

GlencoreQ1 2020 ProductionReportand General Update

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