Glencore: 2014 Half-Year Production Report Mittwoch, 13. August 2014 - 08:16

Baar, 13 August 2014

2014 Half-Year Production Report


Link to full Production Report:
http://www.glencore.com/assets/Uploads/reports_and_results/glencore/2014/GLEN_2014-Q2-ProductionReport.pdf


Following completion of the Glencore Xstrata merger on 2 May 2013,
production information for all periods covered in this report has been
presented on a combined basis.

Key Highlights:


– Own sourced copper production up 13% to 741,000 tonnes, primarily driven
by Mutanda ramp-up and improved production at Collahuasi. Sequential
half-yearly production was down 12%, reflecting lower head grades on
account of mine sequencing (Collahuasi and Antamina) and planned
maintenance shuts (Collahuasi, Mount Isa and Mopani).

– Own sourced zinc production was 650,400 tonnes, down 11%, primarily due
to Perseverance and Brunswick mines having depleted their reserves in
June 2013. Sequential half-yearly production was broadly in line,
reflecting Perkoa ramp-up, largely offsetting mine sequencing lower
grades at Antamina and some opportunistic favouring of 3rd party feed at
Kazzinc.

– Own sourced nickel production was 49,100 tonnes, down 8%, reflecting the
XNA (Sinclair and Cosmos) and Falcondo mines now all being placed on
care and maintenance. Sequential half-yearly production was up 8%, due
to higher production at INO (increased Raglan volumes) and the continued
start-up / ramp-up at Koniambo.

– Own sourced ferrochrome production was 652,000 tonnes, up 16%,
reflecting increased capacity due to the prior period Eskom power
buy-back programme and a ramp-up in production relating to the Lion 2
expansion project.

– Own sourced coal production was up 5% to 71.2 million tonnes, mainly due
to productivity improvements and ongoing expansion projects in
Australian thermal coal, and a 32 day strike at Cerrejón which impacted
Q1 2013.

– Gross oil E&P production was 14.0 million barrels, up 41%, relating to
full period operations at Alen (EG) and Badila (Chad) which came on line
during 2013.

– On 31 July 2014, the sale of Las Bambas completed, whereby Glencore
received proceeds, net of tax, of approximately $6.5 billion, including
the reimbursement of capital expenditure and other project costs
incurred since 1 January 2014.

– On 8 July 2014, Glencore completed the acquisition of Caracal Energy
Inc., an oil exploration and development company with operations in the
Republic of Chad for consideration of approximately $1.6 billion.





For further information please contact:

Investors Media 

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charles.watenphul@glencore.co 
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Investors Investors Finsbury (Media) 

Martin Fewings Elisa Morniroli Guy Lamming 
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e: e: 
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