TIDMGLEN
RNS Number : 4692O
Glencore PLC
01 February 2023
NEWS RELEASE
Baar, 1 February 2023
Full Year 2022 Production Report
Glencore Chief Executive Officer, Gary Nagle:
"Overall, 2022 production volumes were in line with our revised
guidance from October 2022, with final quarter sequential
production increases delivered across most of our key commodities,
including copper, zinc, nickel and coal. During the year, however,
we saw a mixed overall production performance. Copper and zinc
volumes reflect the base effect of asset sales (notably Ernest
Henry and Bolivia), Katanga's geotechnical constraints and supply
chain headwinds in Kazakhstan. Nickel volumes benefitted from
operating two lines at Koniambo for the majority of the year,
partially offset by Canadian industrial action. Overall coal
volumes rose during the year with the acquisition, in January 2022,
of the balance of Cerrejón that we did not already own, however, on
a like for like basis, Group production actually declined by almost
9 million tonnes (7%), primarily due to abnormally wet
weather."
Production from own sources - Total(1)
Change
2022 2021 %
---------------------------------------- ----------- ----------- -----------
(12
Copper kt 1,058.1 1,195.7 )
Cobalt kt 43.8 31.3 40
(16
Zinc kt 938.5 1,117.8 )
(14
Lead kt 191.6 222.3 )
Nickel kt 107.5 102.3 5
Gold koz 661 809 (18)
Silver koz 23,750 31,519 (25)
Ferrochrome kt 1,488 1,468 1
Coal mt 110.0 103.3 6
Oil (entitlement interest basis) kboe 6,131 5,274 16
1 Controlled industrial assets and joint ventures only.
Production is on a 100% basis, except as stated.
Production guidance (unchanged from our December 2022 Investor
Update)
Actual Actual Actual Guidance
FY FY FY FY
2020 2021 2022 2023
------------ --------- -------- -------- -------- -------- ---
1,040
+/-
Copper kt 1,258 1,196 1,058 30
------------ ----------- -------- -------- -------- -------- ---
38
+/-
Cobalt kt 27.4 31.3 43.8 5
------------ ----------- -------- -------- -------- -------- ---
950
+/-
Zinc kt 1,170 1,118 939 30 (1)
------------ ----------- -------- -------- -------- -------- ---
112
+/-
Nickel kt 110 102 108 5
------------ ----------- -------- -------- -------- -------- ---
1,310
+/-
Ferrochrome kt 1,029 1,468 1,488 30
------------ ----------- -------- -------- -------- -------- ---
110
+/-
Coal mt 106 103 110 5
1 Excludes Volcan.
Coal realised pricing
The average Newcastle coal (NEWC) settlement prices for 2022 was
$360/t. After applying a portfolio mix adjustment (component of our
regular coal cash flow modelling guidance) of $115/t to reflect
e.g. movements in the pricing of non-NEWC quality coals, coking
coal margins and the lag effect of 2021's JPU fixed-price
contracts, an average thermal-equivalent realised price of c.
$245/t can be applied across all coal sales volumes.
Production highlights
-- Own sourced copper production of 1,058,100 tonnes was 137,600
tonnes (12%) lower than 2021, due to the basis change arising from
the sale of Ernest Henry in January 2022 (44,800 tonnes), the
ongoing geotechnical constraints at Katanga (44,300 tonnes),
Collahuasi planned mining sequence changes (26,100 tonnes) and a
lower contribution from Mount Isa (21,000 tonnes).
-- Own sourced cobalt production of 43,800 tonnes was 12,500
tonnes (40%) higher than 2021 following Mutanda's restart in Q4
2021.
-- Own sourced zinc production of 938,500 tonnes was 179,300
tonnes (16%) lower than 2021, reflecting the disposal / cessation
of South America operations (83,400 tonnes), closure of Matagami
(30,100 tonnes) and lower volumes from Mount Isa (39,600 tonnes),
as Lady Loretta approaches end of mine life.
-- Own sourced nickel production of 107,500 tonnes was 5,200
tonnes (5%) higher than 2021, reflecting Murrin Murrin's scheduled
major maintenance shut in the prior year and Koniambo running two
production lines for the majority of 2022, partially offset by
lower production at INO due to strike action in Canada and
Norway.
-- Attributable ferrochrome production of 1,488,000 tonnes was in line with 2021.
-- Coal production of 110.0 million tonnes was 6.7 million
tonnes (6%) higher than 2021, reflecting higher attributable
production from Cerrejón, following the acquisition in January 2022
of the remaining two-thirds interest that Glencore did not already
own, less declines elsewhere in the portfolio. On a like for like
basis, overall Group production declined by 8.9 million tonnes
(7%), primarily due to wet weather challenges and an extended
community blockade in Colombia.
-- Entitlement interest oil production of 6.1 million barrels of
oil equivalent was 0.9 million barrels (16%) higher than 2021, due
to a full year of production from the Alen gas project in
Equatorial Guinea, following its commencement in March 2021.
Other matters
-- The Group's mineral resources and ore reserves report for
2022 is published today on our website.
To view the full report please click here:
https://www.glencore.com/dam/jcr:e43e5f94-6484-4332-9f09-e3601aafb44f/GLEN_2022-FY_ProductionReport.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 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
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Notes for Editors
Glencore is one of the world's largest global diversified
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more than 60 responsibly-sourced commodities that advance everyday
life. Through a network of assets, customers and suppliers that
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Glencore companies employ around 135,000 people, including
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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.
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