First Quarter Production Report 2023

Baar, Switzerland
21 April 2023

Glencore Chief Executive Officer, Gary Nagle:
“First quarter production was broadly in line with our expectations, accounting for portfolio changes and operational conditions, including the disposals / closures of some zinc and lead mines in the Americas during 2022. Full year production guidance is unchanged from that presented at Glencore’s investor presentation in December 2022.
“Our Marketing segment continued to perform well through Q1 2023, particularly within energy products, such that extrapolating Q1’s Marketing Adjusted EBIT has us, once again, on track to exceed the top end of our $2.2-3.2 billion p.a. long-term guidance range.”

Production from own sources – Total¹

^{1 Controlled industrial assets and joint ventures only (excludes Volcan). Production is on a 100% basis, except as stated later in this report.}

Q1 production highlights

• Own sourced copper production of 244,100 tonnes was 13,700 tonnes (5%) lower than Q1 2022, largely due to planned lower grades in line with the phasing of the pit at Collahuasi and delays associated with adverse weather conditions at Antamina.
• Own sourced zinc production of 205,300 tonnes was 36,200 tonnes (15%) lower than Q1 2022, reflecting the disposal of South American zinc operations (14,400 tonnes) and the closure of Matagami (8,900 tonnes) in 2022, temporary suspension of operations due to wet weather at Antamina (5,900 tonnes) and McArthur River temporarily processing lower-grade feedstocks in accordance with its mine plan (4,700 tonnes).
• Own sourced nickel production of 20,900 tonnes was 9,800 tonnes (32%) lower than Q1 2022, primarily reflecting INO prioritising third party feed.
• Attributable ferrochrome production of 400,000 tonnes was 13,000 tonnes (3%) above Q1 2022.
• Coal production of 26.9 million tonnes was 1.6 million tonnes (6%) lower than Q1 2022, mainly reflecting the short-term impact of a community blockade at Cerrejón and mining around geological anomalies in South Africa.

Production guidance

^{1 Excludes Volcan}
Production guidance is unchanged from that presented in Glencore’s December 2022 investor update.

Other highlights

• The full acquisition of CEZ zinc refinery in Canada completed in March 2023; prior Glencore ownership was 25%.
• The Newlands coal mine in Queensland ceased production in February 2023. The Liddell coal mine (NSW) is scheduled to cease production later in 2023.

• Our Marketing segment continued to perform well through Q1 2023, particularly within energy products, such that extrapolating Q1’s Marketing Adjusted EBIT has us, once again, on track to exceed the top end of our $2.2-3.2 billion p.a. long-term guidance range.

To view the full report please click here: https://www.glencore.com/dam/jcr:b0c0eef2-4e56-4236-b88f-91707e05ea6f/GLEN_2023-Q1_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 2462    
m: +41 79 904 3320    
charles.watenphul@glencore.com

Glencore LEI: 2138002658CPO9NBH955

Please refer to the end of this document for disclaimers including on forward-looking statements.

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. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that enable decarbonisation while meeting the energy needs of today.

Glencore companies employ around 140,000 people, including contractors. With a strong footprint in over 35 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 40 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 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.

Glencore recognises our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement. Our ambition is to be a net zero total emissions company by 2050. In August 2021, we increased our medium-term emission reduction target 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.

Important notice concerning this report including forward-looking statements
Given the focus of this document, it is necessarily oriented towards future events and therefore contains statements that are, or may be deemed to be, “forward-looking statements” which are prospective in nature. Such statements may include (without limitation)statements in respect of trends in commodity prices and currency exchange rates; demand for commodities; reserves and resources and production forecasts; expectations, plans, strategies and objectives of management; climate scenarios; sustainability performance (including, without limitation, environmental, social and governance) related goals, ambitions, targets, intentions, visions, milestones and aspirations; approval of certain projects and consummation of certain transactions (including, without limitation, acquisitions and disposals); closures or divestments of certain assets, operations or facilities (including, without limitation, associated costs); capital costs and scheduling; operating costs and supply of materials and skilled employees; financings;
anticipated productive lives of projects, mines and facilities; provisions and contingent liabilities; and tax, legal and regulatory developments.

These forward-looking statements may be identified by the use of forward-looking terminology, or the negative thereof including, without limitation, “outlook”, “guidance”, “trend”, “plans”, “expects”, “continues”, “assumes”, “is subject to”, “budget”, “scheduled”, “estimates”, “aims”, “forecasts”, “risks”, “intends”, “positioned”, “predicts”, “projects”, “anticipates”, “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. The information in this document provides an insight into how we currently intend to direct the management of our businesses and assets and to deploy our capital to help us implement our strategy. The matters disclosed in this document are a ‘point in time’ disclosure only. 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 conditions and discussions of strategy, and reflect judgments, assumptions, estimates and other information available as at the date of this document or the date of the corresponding planning or scenario analysis process.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from any future event, results, performance, achievements or other outcomes expressed or implied by such forward-looking statements. Important factors that could impact these uncertainties include (without limitation) those disclosed in the risk management section of our latest Annual Report and Half-Year Report (which can each be found on our website). These risks and uncertainties may materially affect the timing and feasibility of particular developments. Other factors which impact risks and uncertainties 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; changes in environmental scenarios and related regulations, including (without limitation) transition risks and the
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Readers, including (without limitation) investors and prospective investors, should review and take into account these risks and uncertainties (as well as the other risks identified in this document) when considering the information contained in this document. Readers should also note that the high degree of uncertainty around the nature, timing and magnitude of climate-related risks, and the uncertainty as to how the energy transition will evolve, makes it difficult to determine and disclose the risks and their potential impacts with precision. Neither Glencore nor any of its affiliates, associates, employees, directors, officers or advisers, provides any representation, warranty, assurance or guarantee that the occurrence of the events, results, performance, achievements or other outcomes expressed or implied in any forward-looking statements in this document will actually occur. Glencore cautions readers against reliance on any forward-looking statements contained in this document, particularly in light of the long-term time horizon which this report discusses and the inherent uncertainty in possible policy, market and technological developments in future.

No statement in this document is intended as any kind of forecast (including, without limitation, a profit forecast or a profit estimate), guarantees or predictions of future events or performance and past performance cannot be relied on as a guide to future performance. Neither Glencore nor any of its affiliates, associates, employees, directors, officers or advisers, provides any representation, warranty, assurance or guarantee as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forward-looking information contained in this document.

Glencore operates in a dynamic and uncertain market and external environment. Plans and strategies can and must adapt in response to dynamic market conditions, joint venture decisions, new opportunities that might arise or other changing circumstances. Investors should not assume that our strategy on climate change will not evolve and be updated as time passes. Additionally, a number of aspects of our strategy involve developments or workstreams that are complex and may be delayed, more costly than anticipated or unsuccessful for many reasons, including (without limitation) reasons that are outside of Glencore’s control.

There are inherent limitations to scenario analysis and it is difficult to predict which, if any, of the scenarios might eventuate. Scenario analysis relies on assumptions that may or may not be, or prove to be, correct and that may or may not eventuate and scenarios may also be impacted by additional factors to the assumptions disclosed. Given these limitations we treat these scenarios as one of several inputs that we consider in our climate strategy.

Due to the inherent uncertainty and limitations in measuring greenhouse gas (GHG) emissions and operational energy consumption under the calculation methodologies used in the preparation of such data, all CO2e emissions and operational energy consumption data or volume references (including, without limitation, ratios and/or percentages) in this document are estimates. There may also be differences in the manner that third parties calculate or report such data compared to Glencore, which means that third-party data may not be comparable to Glencore’s data. For information on how we calculate our emissions and operational energy consumption data, see our latest Basis of Reporting, Climate Report and Extended ESG Data, which can be found on our website.

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