Post sponsored by NewzEngine.com

Source: Glencore

Production from own sources – Total1

H1 2020

H1 2019

Change %

Copper

                       kt

                  588.1

                 663.0

                       (11 )

Cobalt

                       kt

                    14.3

                     21.3

                      (33 )

Zinc

                       kt

                  550.1

                  535.9

                         3

Lead

                       kt

                  127.9

                  147.5

                      (13 )

Nickel

                       kt

                    55.2

                    55.4

                         –

Gold

                    koz

                    385

                    423

                        (9 )

Silver

                    koz

                 14,185

                15,490

                       (8 )

Ferrochrome

                       kt

                    466

                    799

                     (42 )

      Coal – coking

                     mt

                      3.7

                      4.3

                      (14 )

      Coal – semi-soft

                     mt

                      2.6

                      3.3

                      (21 )

      Coal – thermal

                     mt

                    51.8

                   60.6

                      (15 )

Coal

                     mt

                    58.1

                   68.2

                      (15 )

Oil (entitlement interest basis)

                   kbbl

                  2,612

                 2,240

                       17

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

Realised prices

Realised

LME (average 6 months) $/t

Difference
%

US$ million

¢/lb

$/t

Copper

                    239

                 5,269

                 5,502

                       (4 )

Zinc

                      94

                 2,072

                 2,049

                          1

Nickel

566

12,477

12,477

Realised prices differ from LME benchmarks, reflecting provisional pricing adjustments, commercial terms / qualities, etc.

  • The average spot Newcastle coal price for the period was $62/t. After applying a portfolio mix adjustment (component of our regular coal cash flow modelling guidance) of $1.70/t to reflect, amongst other factors, movements in pricing of non-NEWC quality coals, an average price of $60.30/t was realised across all coal sales volumes.

Covid-19 situation – update report

  • While the majority of our assets continued to operate through Q2 with minimal disruption, certain operations were temporarily suspended, on account of mandatory governmental lockdown provisions, or otherwise where a risk assessment determined such action appropriate. The curtailed operations have mostly restarted as follows:

Jurisdiction

Asset

Commodity

Date suspended

Date restarted

Comment

Canada (Quebec)

Raglan

Nickel

Late March

Late April

Expect to make up the majority of lost tonnes over the balance of 2020

Canada (Quebec)

Matagami

Zinc

Late March

Late April

Production restarted in line with historical levels

Chad

Oilfields

Oil

April

Currently on care and maintenance

See “Operational update” below

Colombia

Cerrejon JV

Coal

Late March

Early May

Limited restart in May. FY 2020 attributable production expected in the 6.5-7.0mt range (2019: 8.6mt)

Colombia

Prodeco

Coal

Late March

Currently on care and maintenance

See “Operational update” below

DRC

Katanga

Copper/cobalt

n.a

n.a.

No material production disruption; acid plant commissioning delayed to H2 2020

New Caledonia

Koniambo

Nickel

n.a.

n.a.

Delays to planned maintenance from restrictions impacting availability of key maintenance teams. Will be operated as a single-line operation for the balance of 2020

Peru

Antamina JV

Copper/zinc

Mid April

Late May

Operations restarted with a reduced workforce; expect a phased ramp-up through H2

South Africa

Ferroalloys

Chrome and vanadium

Late March

Early May

See “Operational update” below

South Africa

SA Coal

Coal

n.a.

n.a.

Major complexes operated relatively normally throughout the SA lockdown

South Africa

Astron Energy

Oil refining

Late March

Operations suspended

Post delayed turnaround, refinery restart disrupted by an incident requiring major repair and remediation. Fuel marketing and distribution operations unaffected throughout, although underlying demand has been weaker

Zambia

Mopani

Copper

n.a.

n.a.

See “Operational update” below

Marketing update

  • Marketing performance in H1 2020 was very strong, with full year EBIT expectations now raised to the top end of our long-term $2.2-$3.2 billion range. Contributing towards H1 2020’s EBIT performance was a sizeable increase in carried inventory (“Carry Trades”) transactions / quantities (although the overall dollar value of inventories was somewhat lower than December 2019, due to lower commodity prices) and also a build in non-RMI net working capital on account of the varying terms of trade in our respective business units. In particular, our oil department, which in recent years has managed its receivables portfolio days on hand to around 20 days and accounts payable around 45 days, saw a significant reduction in its net payables position (payables less receivables) via the sharp reduction in oil prices, as well as lower sales volumes due to weaker product demand in H1 2020. Together with the initial cash margining required to give effect to the additional Carry Trades, this has led to an increase in our Net Debt as at 30 June 2020.

Operational update

  • Mopani notified the Zambian government of its intention to place the mining operations on care and maintenance to preserve value and maintain the option to deliver its various growth projects when conditions further improve. Mopani was notified by the relevant authorities that its proposal was rejected. Mopani has appealed this decision. Mining operations will continue pending the outcome of the appeal and Mopani continues to engage with the relevant authorities.
  • The outlook for Prodeco’s business remains challenging due to ongoing weakness in the Atlantic coal market, exacerbated by the impact of Covid-19. Prodeco is in the process of optimising its mine plans to account for the current market environment. This process requires consultation and approval by a number of external parties. An application has been made to the authorities for Prodeco to remain on care and maintenance, which will help preserve the value of the assets and the option to implement the revised plans when the appropriate approvals have been obtained and market conditions have improved.
  • Due to Covid-19 related disruptions to international mobility, transportation and supply chains, the Chad oil fields were placed on care and maintenance in April. These disruptions and prevailing market conditions are being monitored to determine when some restart of operations would be appropriate.
  • The Ferroalloys business has for some time experienced a structurally worsening competitive environment across the South African ferrochrome industry, including via substantial electricity price increases. In January 2020, a consultation process was initiated on the future of the Rustenburg smelter, and in June 2020, a further process commenced across the entire business, to seek a more competitive operating cost structure. This is an ongoing process with all alternatives being considered.

Production guidance and updated cost outlook

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

Q1

Q2

Actual
H1

           ROY

Current guidance

Previous
guidance

2020

2020

2020

2020

2020

2020

Copper

            kt

             293

             295

588

    667 ± 35

1,255 ± 35

  1,255 ± 45

Cobalt

            kt

                  6

                 8

                14

          14 ± 2

         28 ± 2

         28 ± 2

Zinc

            kt

             296

              255

             550

     610 ± 30

  1,160 ± 30

1

  1,160 ± 30

Nickel

            kt

               28

               27

               55

         59 ± 4

        114 ± 4

        122 ± 5

Ferrochrome

            kt

             388

               78

            466

     534 ± 25

  1,000 ± 25

  1,000 ± 25

Coal

          mt

                32

               26

               58

         56 ± 3

        114 ± 3

        132 ± 3

1     Excludes Volcan

  • Industrial Assets unit cost guidance updated for changes to production and current producer currency levels, energy costs and by-product pricing, is as follows:

Actual
FY

Previous
guidance

Current guidance

FYE 2020 split

2019

2020

 

2020

H1

H2

Copper

c/lb

148

105

106

1

109

104

Zinc – excl. gold credit

c/lb

 

47

58

48

2

64

32

Zinc

c/lb

13

14

5

2

28

(20 )

Nickel – excl. Koniambo

c/lb

 

             277

             240

             257

             230

              281

Nickel

c/lb

             398

             382

              413

              395

             437

Coal

$/t

               45

               42

               46

               46

               47

1    Copper unit cost guidance excludes costs associated with non-operating or significantly curtailed assets, including those on care and maintenance. In this regard, an estimated combined approximately $350 million of net operating costs is expected to be incurred in relation to Mopani, Mutanda, Alumbrera and Polymet in 2020.
2    Excludes Volcan.

H1 production highlights

  • Own sourced copper production of 588,100 tonnes was 74,900 tonnes (11%) lower than H1 2019, mainly reflecting Mutanda being on care and maintenance in the current period, expected lower grades at Antapaccay and the short-term impact of Antamina’s Covid-19 related demobilisation/remobilisation, partly offset by stronger milling throughput at Collahuasi.
  • Own sourced zinc production of 550,100 tonnes was in line with H1 2019, reflecting stronger grades at the Canadian mines and the various temporary Covid-19 related suspensions at Antamina and other South American operations.
  • Own sourced nickel production of 55,200 tonnes was in line with H1 2019, reflecting a strong period of operations at Murrin offsetting the delayed delivery of matte from the Sudbury smelter to the Nikkelverk refinery.
  • Attributable ferrochrome production of 466,000 tonnes was 333,000 tonnes (42%) lower than H1 2019, mainly reflecting the South African Covid-19 national lockdown during March/April. Smelting operations partly resumed on 1 May, with further capacity expected to be restarted towards the end of Q3.
  • Coal production of 58.1 million tonnes was 10.1 million tonnes (15%) lower than H1 2019, mainly reflecting the Covid-19 related asset suspensions in Colombia.
  • Entitlement interest production of 2.6 million barrels was 0.4 million barrels (17%) higher than H1 2019, due to new wells drilled in Equatorial Guinea and Cameroon, which helped to offset the Covid-19 related suspension of the Chad assets.

To view the full report please click 
www.glencore.com/dam/jcr:73768468-8e04-4bcf-ae43-f16844720672/GLEN_2020-HY_ProductionReport.pdf

For further information please contact:

Investors

Martin Fewings
t: +41 41 709 2880
m: +41 79 737 5642
martin.fewings@glencore.com

Maartje Collignon
t: +41 41 709 32 69
m: +41 79 197 42 02
maartje.collignon@glencore.com

Media

Charles Watenphul
t: +41 41 709 2462
m: +41 79 904 3320
charles.watenphul@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 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 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 160,000 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.     

Important notice concerning this document including forward looking statements
This document contains statements that are, or may be deemed to be, “forward looking statements” which are prospective in nature. These forward looking statements may be identified by the use of forward looking terminology, or the negative thereof such as “outlook”, “plans”, “expects” or “does not expect”, “is expected”, “continues”, “assumes”, “is subject to”, “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-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of 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 guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause these uncertainties include, but are not limited to, those disclosed in the last published annual report and half-year report, both of which are freely available on Glencore’s website.
For example, our future revenues from our assets, projects or mines will 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) the ability to produce and transport products profitably, demand for our products, changes to the assumptions regarding the recoverable value of our tangible and intangible assets, the effect of foreign currency exchange rates on market prices and operating costs, and actions by governmental authorities, such as changes in taxation or regulation, and political uncertainty.
Neither Glencore nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. You are cautioned not to place undue reliance on these forward-looking statements which only speak as of the date of this document.
Except as required by applicable regulations or by law, Glencore is not under any obligation and Glencore and its affiliates expressly disclaim any intention, obligation or undertaking, to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. This document shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Glencore since the date of this document or that the information contained herein is correct as at any time subsequent to its date.
No statement in this document is intended as a profit forecast or a profit estimate and past performance cannot be relied on as a guide to future performance. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities.
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.

Source: Glencore

Production from own sources – Total1

H1 2020

H1 2019

Change %

Copper

                       kt

                  588.1

                 663.0

                       (11 )

Cobalt

                       kt

                    14.3

                     21.3

                      (33 )

Zinc

                       kt

                  550.1

                  535.9

                         3

Lead

                       kt

                  127.9

                  147.5

                      (13 )

Nickel

                       kt

                    55.2

                    55.4

                         –

Gold

                    koz

                    385

                    423

                        (9 )

Silver

                    koz

                 14,185

                15,490

                       (8 )

Ferrochrome

                       kt

                    466

                    799

                     (42 )

      Coal – coking

                     mt

                      3.7

                      4.3

                      (14 )

      Coal – semi-soft

                     mt

                      2.6

                      3.3

                      (21 )

      Coal – thermal

                     mt

                    51.8

                   60.6

                      (15 )

Coal

                     mt

                    58.1

                   68.2

                      (15 )

Oil (entitlement interest basis)

                   kbbl

                  2,612

                 2,240

                       17

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

Realised prices

Realised

LME (average 6 months) $/t

Difference
%

US$ million

¢/lb

$/t

Copper

                    239

                 5,269

                 5,502

                       (4 )

Zinc

                      94

                 2,072

                 2,049

                          1

Nickel

566

12,477

12,477

Realised prices differ from LME benchmarks, reflecting provisional pricing adjustments, commercial terms / qualities, etc.

  • The average spot Newcastle coal price for the period was $62/t. After applying a portfolio mix adjustment (component of our regular coal cash flow modelling guidance) of $1.70/t to reflect, amongst other factors, movements in pricing of non-NEWC quality coals, an average price of $60.30/t was realised across all coal sales volumes.

Covid-19 situation – update report

  • While the majority of our assets continued to operate through Q2 with minimal disruption, certain operations were temporarily suspended, on account of mandatory governmental lockdown provisions, or otherwise where a risk assessment determined such action appropriate. The curtailed operations have mostly restarted as follows:

Jurisdiction

Asset

Commodity

Date suspended

Date restarted

Comment

Canada (Quebec)

Raglan

Nickel

Late March

Late April

Expect to make up the majority of lost tonnes over the balance of 2020

Canada (Quebec)

Matagami

Zinc

Late March

Late April

Production restarted in line with historical levels

Chad

Oilfields

Oil

April

Currently on care and maintenance

See “Operational update” below

Colombia

Cerrejon JV

Coal

Late March

Early May

Limited restart in May. FY 2020 attributable production expected in the 6.5-7.0mt range (2019: 8.6mt)

Colombia

Prodeco

Coal

Late March

Currently on care and maintenance

See “Operational update” below

DRC

Katanga

Copper/cobalt

n.a

n.a.

No material production disruption; acid plant commissioning delayed to H2 2020

New Caledonia

Koniambo

Nickel

n.a.

n.a.

Delays to planned maintenance from restrictions impacting availability of key maintenance teams. Will be operated as a single-line operation for the balance of 2020

Peru

Antamina JV

Copper/zinc

Mid April

Late May

Operations restarted with a reduced workforce; expect a phased ramp-up through H2

South Africa

Ferroalloys

Chrome and vanadium

Late March

Early May

See “Operational update” below

South Africa

SA Coal

Coal

n.a.

n.a.

Major complexes operated relatively normally throughout the SA lockdown

South Africa

Astron Energy

Oil refining

Late March

Operations suspended

Post delayed turnaround, refinery restart disrupted by an incident requiring major repair and remediation. Fuel marketing and distribution operations unaffected throughout, although underlying demand has been weaker

Zambia

Mopani

Copper

n.a.

n.a.

See “Operational update” below

Marketing update

  • Marketing performance in H1 2020 was very strong, with full year EBIT expectations now raised to the top end of our long-term $2.2-$3.2 billion range. Contributing towards H1 2020’s EBIT performance was a sizeable increase in carried inventory (“Carry Trades”) transactions / quantities (although the overall dollar value of inventories was somewhat lower than December 2019, due to lower commodity prices) and also a build in non-RMI net working capital on account of the varying terms of trade in our respective business units. In particular, our oil department, which in recent years has managed its receivables portfolio days on hand to around 20 days and accounts payable around 45 days, saw a significant reduction in its net payables position (payables less receivables) via the sharp reduction in oil prices, as well as lower sales volumes due to weaker product demand in H1 2020. Together with the initial cash margining required to give effect to the additional Carry Trades, this has led to an increase in our Net Debt as at 30 June 2020.

Operational update

  • Mopani notified the Zambian government of its intention to place the mining operations on care and maintenance to preserve value and maintain the option to deliver its various growth projects when conditions further improve. Mopani was notified by the relevant authorities that its proposal was rejected. Mopani has appealed this decision. Mining operations will continue pending the outcome of the appeal and Mopani continues to engage with the relevant authorities.
  • The outlook for Prodeco’s business remains challenging due to ongoing weakness in the Atlantic coal market, exacerbated by the impact of Covid-19. Prodeco is in the process of optimising its mine plans to account for the current market environment. This process requires consultation and approval by a number of external parties. An application has been made to the authorities for Prodeco to remain on care and maintenance, which will help preserve the value of the assets and the option to implement the revised plans when the appropriate approvals have been obtained and market conditions have improved.
  • Due to Covid-19 related disruptions to international mobility, transportation and supply chains, the Chad oil fields were placed on care and maintenance in April. These disruptions and prevailing market conditions are being monitored to determine when some restart of operations would be appropriate.
  • The Ferroalloys business has for some time experienced a structurally worsening competitive environment across the South African ferrochrome industry, including via substantial electricity price increases. In January 2020, a consultation process was initiated on the future of the Rustenburg smelter, and in June 2020, a further process commenced across the entire business, to seek a more competitive operating cost structure. This is an ongoing process with all alternatives being considered.

Production guidance and updated cost outlook

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

Q1

Q2

Actual
H1

           ROY

Current guidance

Previous
guidance

2020

2020

2020

2020

2020

2020

Copper

            kt

             293

             295

588

    667 ± 35

1,255 ± 35

  1,255 ± 45

Cobalt

            kt

                  6

                 8

                14

          14 ± 2

         28 ± 2

         28 ± 2

Zinc

            kt

             296

              255

             550

     610 ± 30

  1,160 ± 30

1

  1,160 ± 30

Nickel

            kt

               28

               27

               55

         59 ± 4

        114 ± 4

        122 ± 5

Ferrochrome

            kt

             388

               78

            466

     534 ± 25

  1,000 ± 25

  1,000 ± 25

Coal

          mt

                32

               26

               58

         56 ± 3

        114 ± 3

        132 ± 3

1     Excludes Volcan

  • Industrial Assets unit cost guidance updated for changes to production and current producer currency levels, energy costs and by-product pricing, is as follows:

Actual
FY

Previous
guidance

Current guidance

FYE 2020 split

2019

2020

 

2020

H1

H2

Copper

c/lb

148

105

106

1

109

104

Zinc – excl. gold credit

c/lb

 

47

58

48

2

64

32

Zinc

c/lb

13

14

5

2

28

(20 )

Nickel – excl. Koniambo

c/lb

 

             277

             240

             257

             230

              281

Nickel

c/lb

             398

             382

              413

              395

             437

Coal

$/t

               45

               42

               46

               46

               47

1    Copper unit cost guidance excludes costs associated with non-operating or significantly curtailed assets, including those on care and maintenance. In this regard, an estimated combined approximately $350 million of net operating costs is expected to be incurred in relation to Mopani, Mutanda, Alumbrera and Polymet in 2020.
2    Excludes Volcan.

H1 production highlights

  • Own sourced copper production of 588,100 tonnes was 74,900 tonnes (11%) lower than H1 2019, mainly reflecting Mutanda being on care and maintenance in the current period, expected lower grades at Antapaccay and the short-term impact of Antamina’s Covid-19 related demobilisation/remobilisation, partly offset by stronger milling throughput at Collahuasi.
  • Own sourced zinc production of 550,100 tonnes was in line with H1 2019, reflecting stronger grades at the Canadian mines and the various temporary Covid-19 related suspensions at Antamina and other South American operations.
  • Own sourced nickel production of 55,200 tonnes was in line with H1 2019, reflecting a strong period of operations at Murrin offsetting the delayed delivery of matte from the Sudbury smelter to the Nikkelverk refinery.
  • Attributable ferrochrome production of 466,000 tonnes was 333,000 tonnes (42%) lower than H1 2019, mainly reflecting the South African Covid-19 national lockdown during March/April. Smelting operations partly resumed on 1 May, with further capacity expected to be restarted towards the end of Q3.
  • Coal production of 58.1 million tonnes was 10.1 million tonnes (15%) lower than H1 2019, mainly reflecting the Covid-19 related asset suspensions in Colombia.
  • Entitlement interest production of 2.6 million barrels was 0.4 million barrels (17%) higher than H1 2019, due to new wells drilled in Equatorial Guinea and Cameroon, which helped to offset the Covid-19 related suspension of the Chad assets.

To view the full report please click 
www.glencore.com/dam/jcr:73768468-8e04-4bcf-ae43-f16844720672/GLEN_2020-HY_ProductionReport.pdf

For further information please contact:

Investors

Martin Fewings
t: +41 41 709 2880
m: +41 79 737 5642
martin.fewings@glencore.com

Maartje Collignon
t: +41 41 709 32 69
m: +41 79 197 42 02
maartje.collignon@glencore.com

Media

Charles Watenphul
t: +41 41 709 2462
m: +41 79 904 3320
charles.watenphul@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 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 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 160,000 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.     

Important notice concerning this document including forward looking statements
This document contains statements that are, or may be deemed to be, “forward looking statements” which are prospective in nature. These forward looking statements may be identified by the use of forward looking terminology, or the negative thereof such as “outlook”, “plans”, “expects” or “does not expect”, “is expected”, “continues”, “assumes”, “is subject to”, “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-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of 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 guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause these uncertainties include, but are not limited to, those disclosed in the last published annual report and half-year report, both of which are freely available on Glencore’s website.
For example, our future revenues from our assets, projects or mines will 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) the ability to produce and transport products profitably, demand for our products, changes to the assumptions regarding the recoverable value of our tangible and intangible assets, the effect of foreign currency exchange rates on market prices and operating costs, and actions by governmental authorities, such as changes in taxation or regulation, and political uncertainty.
Neither Glencore nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. You are cautioned not to place undue reliance on these forward-looking statements which only speak as of the date of this document.
Except as required by applicable regulations or by law, Glencore is not under any obligation and Glencore and its affiliates expressly disclaim any intention, obligation or undertaking, to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. This document shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Glencore since the date of this document or that the information contained herein is correct as at any time subsequent to its date.
No statement in this document is intended as a profit forecast or a profit estimate and past performance cannot be relied on as a guide to future performance. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities.
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.

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