Glencore : First Quarter Production Report 2021

NEWS RELEASE

Baar, 29 April 2021

First Quarter 2021 Production Report

Glencore Chief Executive Officer, Ivan Glasenberg:

"The Group's overall production was broadly in line with our expectations for the first quarter. Production in Q1 2021 reflects that many of our operations continue to maintain thorough Covid-safe working practices, as appropriate for each specific country and region. Coal production was down 7.4 million tonnes, reflecting Prodeco's care and maintenance status and the market- related production cuts in Australia, actioned in H2 2020. Full year production guidance has been maintained for our key commodities.

"Basis Q1 2021's marketing performance, we expect full year Marketing EBIT to be within the top half of our long-term$2.2-3.2 billion p.a. guidance range."

Production from own sources - Total1

		Q1 2021	Q1 2020	Change %
Copper	kt	301.2	293.3	3
Cobalt	kt	6.8	6.1	11
Zinc	kt	282.6	295.6	(4)
Lead	kt	55.3	61.7	(10)
Nickel	kt	25.2	28.2	(11)
Gold	koz	224	211	6
Silver	koz	7,761	7,778	-
Ferrochrome	kt	399	388	3
Coal - coking	mt	2.4	1.8	33
Coal - semi-soft	mt	1.2	1.6	(25)
Coal - thermal	mt	20.9	28.5	(27)
Coal	mt	24.5	31.9	(23)
Oil (entitlement interest basis)	kboe	1,071	1,806	(41)

• Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated later in this report.

Production guidance

• No changes versus previous guidance.

		Actual	Previous	Current
		FY	guidance	guidance	2021 weighting
		2020		2021		2021		H1	H2
Copper	kt	1,258	1,220	± 30	1,220	± 30		50%	50%
Cobalt	kt	27.4	35 ± 2	35 ± 2		45%	55%
Zinc	kt	1,170	1,250	± 30	1,250	± 30	1	45%	55%
Nickel	kt	110	117 ± 5	117 ± 5		45%	55%
Ferrochrome	kt	1,029	1,400	± 30	1,400	± 30		52%	48%
Coal	mt	106	113 ± 4	113 ± 4		45%	55%

• Excludes Volcan

Q1 production highlights

• Own sourced copper production of 301,200 tonnes was 3% higher than in Q1 2020, mainly relating to productivity improvements and mine plan sequencing at our South American operations including Collahuasi, Antamina and Antapaccay.
• Own sourced zinc production of 282,600 tonnes was 13,000 tonnes (4%) lower than Q1 2020, mainly relating to lower grades at Kazzinc's Maleevsky mine and mine sequencing at Kidd..
• Own sourced nickel production of 25,200 tonnes was 3,000 tonnes (11%) lower than Q1 2020, primarily reflecting maintenance at Koniambo.

Glencore Q1 2021 Production Report

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HIGHLIGHTS

CONTINUED

• Attributable ferrochrome production of 399,000 tonnes was 3% up on Q1 2020, reflecting the impact of the South African national lockdown on the base period, having commenced late March 2020.
• Coal production of 24.5 million tonnes was 7.4 million tonnes (23%) lower than Q1 2020, mainly reflecting cessation of mining at Prodeco (3.8 million tonnes) and various changes in the Australian portfolio (2.9 million tonnes).
• Entitlement interest oil production of 1.1 million barrels of oil equivalent (boe) was 0.7 million boe (41%) lower than in Q1 2020, reflecting the Chad oil fields placed on care and maintenance in April 2020. Partly offsetting, the gas phase of the Equatorial Guinea project commenced in February 2021, resulting in an overall 83% quarterly sequential increase in entitlement interest production.

For further information please contact:

Investors
Martin Fewings	t: +41	41 709 2880	m: [phone]	[e-mail]
Media
Charles Watenphul	t: +41	41 709 2462	m: [phone]	[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 marketer of more than 60 responsibly-sourced commodities that advance everyday life. The Group's operations comprise around 150 mining, metallurgical 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 network of more than 30 marketing 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's companies employ around 135,000 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. Our ambition is to be a net zero total emissions company by 2050.

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.

Glencore Q1 2021 Production Report

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METALS AND MINERALS

PRODUCTION DATA

Production from own sources - Copper assets1

		Q1 2021	Q1 2020	Change %
African Copper (Katanga, Mutanda, Mopani)
Copper metal	kt	70.8	67.3	5
Cobalt2	kt	5.8	5.3	9
Collahuasi3
Copper in concentrates	kt	71.7	66.5	8
Silver in concentrates	koz	1,081	1,063	2
Gold in concentrates	koz	10	12	(17)
Antamina4
Copper in concentrates	kt	35.8	33.1	8
Zinc in concentrates	kt	38.0	36.9	3
Silver in concentrates	koz	1,577	1,316	20
Other South America (Antapaccay, Lomas Bayas)
Copper metal	kt	15.8	18.4	(14)
Copper in concentrates	kt	43.5	38.0	14
Gold in concentrates and in doré	koz	28	22	27
Silver in concentrates and in doré	koz	327	270	21
Australia (Mount Isa, Ernest Henry, Townsville, Cobar)
Copper metal	kt	30.9	31.8	(3)
Copper in concentrates	kt	8.9	11.8	(25)
Gold	koz	18	22	(18)
Silver	koz	264	273	(3)
Total Copper department
Copper	kt	277.4	266.9	4
Cobalt	kt	5.8	5.3	9
Zinc	kt	38.0	36.9	3
Gold	koz	56	56	-
Silver	koz	3,249	2,922	11

Glencore Q1 2021 Production Report

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METALS AND MINERALS

continued

Production from own sources - Zinc assets1

		Q1 2021	Q1 2020	Change %
Kazzinc
Zinc metal	kt	37.8	43.3	(13)
Lead metal	kt	4.3	5.5	(22)
Copper metal5	kt	8.7	8.7	-
Gold	koz	164	150	9
Silver	koz	816	844	(3)
Australia (Mount Isa, McArthur River)
Zinc in concentrates	kt	148.5	153.7	(3)
Lead in concentrates	kt	47.1	52.7	(11)
Silver in concentrates	koz	1,446	1,813	(20)
North America (Matagami, Kidd)
Zinc in concentrates	kt	26.4	33.8	(22)
Copper in concentrates	kt	9.2	9.9	(7)
Silver in concentrates	koz	362	517	(30)
Other Zinc: South America (Argentina, Bolivia, Peru)6
Zinc in concentrates	kt	31.9	27.9	14
Lead in concentrates	kt	3.9	3.5	11
Copper in concentrates	kt	0.5	0.4	25
Silver in concentrates	koz	1,809	1,574	15
Total Zinc department	kt	244.6	258.7	(5)
Zinc
Lead	kt	55.3	61.7	(10)
Copper	kt	18.4	19.0	(3)
Gold	koz	164	150	9
Silver	koz	4,433	4,748	(7)

Glencore Q1 2021 Production Report

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METALS AND MINERALS

continued

Production from own sources - Nickel assets1

		Q1 2021	Q1 2020	Change %
Integrated Nickel Operations (INO) (Sudbury, Raglan, Nikkelverk)
Nickel metal	kt	14.2	14.5	(2)
Nickel in concentrates	kt	0.1	0.1	-
Copper metal	kt	3.4	3.4	-
Copper in concentrates	kt	2.0	4.0	(50)
Cobalt metal	kt	0.4	0.1	300
Gold	koz	4	5	(20)
Silver	koz	79	108	(27)
Platinum	koz	10	12	(17)
Palladium	koz	21	28	(25)
Rhodium	koz	1	1	-
Murrin Murrin
Nickel metal	kt	7.5	7.6	(1)
Cobalt metal	kt	0.6	0.7	(14)
Koniambo
Nickel in ferronickel	kt	3.4	6.0	(43)
Total Nickel department
Nickel	kt	25.2	28.2	(11)
Copper	kt	5.4	7.4	(27)
Cobalt	kt	1.0	0.8	25
Gold	koz	4	5	(20)
Silver	koz	79	108	(27)
Platinum	koz	10	12	(17)
Palladium	koz	21	28	(25)
Rhodium	koz	1	1	-

Production from own sources - Ferroalloys assets1

		Q1 2021	Q1 2020	Change %
Ferrochrome7	kt	399	388	3
Vanadium Pentoxide	mlb	5.5	4.2	31

Total production - Custom metallurgical assets1

		Q1 2021	Q1 2020	Change %
Copper (Altonorte, Pasar, Horne, CCR)
Copper metal	kt	127.2	123.0	3
Copper anode	kt	126.7	127.4	(1)
Zinc (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
Zinc metal	kt	202.6	195.9	3
Lead metal	kt	49.9	44.6	12

• Controlled industrial assets and joint ventures only. Production is on a 100% basis, except for joint ventures, where the Group's attributable share of production is included.
  2 Cobalt contained in concentrates and hydroxides.
  3 The Group's pro-rata share of Collahuasi production (44%).
  4 The Group's pro-rata share of Antamina production (33.75%).
  5 Copper metal includes copper contained in copper concentrates and blister.
  6 South American production excludes Volcan Compania Minera.
  7 The Group's attributable 79.5% share of the Glencore-Merafe Chrome Venture.

Glencore Q1 2021 Production Report

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