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. longterm guidance range.”
Production from own sources – Total1
Q1 2023 Q1 2022 Change %
Copper kt 244.1 257.8 (5)
Cobalt kt 10.5 9.7 8
Zinc kt 205.3 241.5 (15)
Lead kt 39.3 46.8 (16)
Nickel kt 20.9 30.7 (32)
Gold koz 187 189 (1)
Silver koz 4,525 6,515 (31)
Ferrochrome kt 400 387 3
Coal mt 26.9 28.5 (6)
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
Actual
FY
Previous
guidance
Current
guidance 2023 weighting
2022 2023 2023 H1 H2
Copper kt 1,058 1,040 ± 30 1,040 ± 30 48% 52%
Cobalt kt 43.8 38 ± 5 38 ± 5 51% 49%
Zinc kt 939 950 ± 30 950 ± 30 1 45% 55%
Nickel kt 108 112 ± 5 112 ± 5 45% 55%
Ferrochrome kt 1,488 1,310 ± 30 1,310 ± 30 54% 46%
Coal mt 110 110 ± 5 110 ± 5 49% 51%
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. longterm guidance range.
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
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Please refer to the end of this document for disclaimers including on forward-looking statements.

see & read more on
https://www.glencore.com/publications