IMS & First Quarter 2013 Production Report

NEWS RELEASE

 

Baar, 13 May 2013

 

IMS & First Quarter 2013 Production Report

 

 

Key Highlights

 

•  Following the successful completion of the Glencore Xstrata merger on 2 May 2013, production information for Q1 2013, Q1 2012 and Q4 2012 has been presented on a combined basis.

•  Total own sourced copper production up 18% over the prior year.

•  African copper own sourced production up 44% over the comparable period to 83,600 tonnes, with strong sequential quarter on quarter growth at Katanga and Mutanda.

•  Strong ramp up in own sourced copper production at Antapaccay and Mount Margaret (Ernest Henry) following commissioning in H2 2012.

•  Strong growth in own sourced zinc production from the Australian operations, up 11% to 147,700 tonnes, driven by higher -volumes from Mount Isa, including the commissioning of the new Lady Loretta mine and the expansion project at McArthur River.

•  Koniambo generated first commercial grade ferronickel during April 2013, following line 1 furnace heat up during February 2013.

•  Prodeco coal production up 19% to 5.0 million tonnes, reflecting the current expansion plan.

•  Alen oil field development project in Block O Equatorial Guinea is nearing completion and remains on track for expected first production in Q3 2013.

•  Overall, Marketing performance during the quarter was broadly in line with our expectations. Metals and Minerals delivered solid results despite some softening in prices towards the end of the quarter. Energy (coal and oil) saw markedly improved profitability during Q1 2013, while Agricultural Products has made a slow start to the year, in what is often a seasonally weaker quarter.

 

For further information please contact:

 

Investors                                                                 Media

Paul Smith                                                                Charles Watenphul

t: +41 (0)41 709 24 87                                             t: +41 (0)41 709 24 62

m: +41 (0)79 947 13 48                                           m:+41 (0)79 904 33 20

e: [email protected]                                   m: [email protected]

 

Investors                                                                  Investors                                                               RLM Finsbury (Media)

Martin Fewings                                                        Elisa Morniroli                                                         Guy Lamming

t: +41 (0)41 709 28 80                                             t: +41 (0)41 709 28 18                                           Dorothy Burwell

m: +41 (0)79 737 56 42                                           m: +41 (0)79 833 05 08                                          t: +44 (0)20 7251 3801      

e: [email protected]                           e: [email protected]

 

 

website: www.glencorexstrataplc.com

 

 

Metals and Minerals

 

 

Production data

 

thousand ¹		Using feed from own sources	Using feed from third party sources	Q1 2013 Total	Using feed from own sources	Using feed from third party sources	Q1 2012 Total	Own feed change
Total Copper contained	MT	321.8	215.5	537.3	273.2	194.8	468.0	18%
Total Zinc contained	MT	386.9	222.8	609.7	388.2	216.4	604.6	0%
Total Lead contained	MT	80.0	78.1	158.1	72.8	77.2	150.0	10%
Total Nickel contained	MT	25.5	25.8	51.3	24.6	24.5	49.1	4%
Total Gold (incl. Gold equivalents) 2	toz	410	168	578	355	176	531	15%
Total Alumina	MT	-	384	384	-	304	304	n.m.
Total Ferro manganese	MT	-	29.1	29.1	-	-	-	n.m.
Total Silicon manganese	MT	-	20.5	20.5	-	-	-	n.m.
Total Cobalt	MT	4.0	0.9	4.9	3.1	1.1	4.2	29%
Total Ferrochrome	MT	260	-	260	252	-	252	3%
Total Platinum	toz	21	-	21	18	-	18	17%
Total Palladium	toz	12	-	12	10	-	10	20%
Total Rhodium	toz	4	-	4	3	-	3	33%
Total Tin contained	MT	-	-	-	0.7	-	0.7	- 100%

 

 

 

COPPER ASSETS

 

thousand ¹		Using feed from own sources	Using feed from third party sources	Q1 2013 Total	Using feed from own sources	Using feed from third party sources	Q1 2012 Total	Own feed change
African copper (Katanga, Mutanda, Mopani, Sable)
Katanga
Copper metal 3	MT	28.6	-	28.6	18.7	-	18.7	53%
Cobalt	MT	0.3	-	0.3	0.6	-	0.6	- 50%
Mutanda
Copper metal 3	MT	29.8	-	29.8	16.6	-	16.6	80%
Cobalt4	MT	2.8	-	2.8	1.7	-	1.7	65%
Mopani
Copper metal	MT	25.2	23.7	48.9	22.7	25.8	48.5	11%
Cobalt	MT	-	-	-	-	0.1	0.1	n.m.
Other
Copper metal	MT	-	3.5	3.5	-	2.1	2.1	n.m.
Cobalt 4	MT	-	-	-	-	0.2	0.2	n.m.
Total Copper metal 3	MT	83.6	27.2	110.8	58.0	27.9	85.9	44%
Total Cobalt 4	MT	3.1	-	3.1	2.3	0.3	2.6	35%
Collahuasi (Chile) 5
Copper metal	MT	3.4	-	3.4	4.3	-	4.3	- 21%
Copper in concentrates	MT	26.0	-	26.0	29.4	-	29.4	- 12%
Silver in concentrates	toz	327	-	327	404	-	404	- 19%
Antamina (Peru) 6
Copper in concentrates	MT	26.1	-	26.1	32.0	-	32.0	- 18%
Silver in concentrates	toz	936	-	936	1 170	-	1 170	- 20%
Other South America (Alumbrera, Lomas Bayas, Altonorte, Tintaya, Antapaccay, Punitaqui)
Alumbrera (Argentina)
Copper in concentrates	MT	22.8	-	22.8	29.2	-	29.2	- 22%
Gold in concentrates and in doré	toz	66	-	66	74	-	74	- 11%
Silver in concentrates and in doré	toz	209	-	209	290	-	290	- 28%
Lomas Bayas (Chile)
Copper metal	MT	18.8	-	18.8	18.3	-	18.3	3%
Altonorte (Chile)
Copper anode 7	MT	-	78.2	78.2	-	71.2	71.2	n.m.
Tintaya/Antapaccay (Peru)
Copper metal	MT	3.6	-	3.6	1.7	-	1.7	112%
Copper in concentrates	MT	34.2	-	34.2	9.8	-	9.8	249%
Gold in concentrates	toz	19	-	19	4	-	4	375%
Silver in concentrates	toz	236	-	236	107	-	107	121%
Other
Copper in concentrates	MT	2.8	-	2.8	2.9	-	2.9	- 3%
Silver in concentrates	toz	30	-	30	57	-	57	- 47%
Total Copper metal	MT	22.4	-	22.4	20.0	-	20.0	12%
Total Copper anode 7	MT	-	29.5	29.5	-	38.8	38.8	n.m.
Total Copper in concentrates	MT	59.8	-	59.8	41.9	-	41.9	43%
Total Gold in concentrates and in doré	toz	85	-	85	78	-	78	9%
Total Silver in concentrates and in doré	toz	475	-	475	454	-	454	5%
Australia and Asia (Ernest Henry, Mount Isa, Cobar, Pasar)
Ernest Henry
Copper in concentrates	MT	15.1	-	15.1	7.3	-	7.3	107%
Gold in concentrates	toz	13	-	13	9	-	9	44%
Silver in concentrates	toz	111	-	111	38	-	38	192%
Mount Isa
Copper metal	MT	37.3	32.8	70.1	30.6	37.6	68.2	22%
Silver in concentrates	toz	219	-	219	156	-	156	40%
Other
Copper metal	MT	-	38.6	38.6	-	13.8	13.8	n.m.
Copper in concentrates	MT	11.2	-	11.2	9.5	-	9.5	18%
Silver in concentrates	toz	102	-	102	102	-	102	0%
Total Copper metal	MT	37.3	71.4	108.7	30.6	51.4	82.0	22%
Total Copper in concentrates	MT	26.3	-	26.3	16.8	-	16.8	57%
Total Gold in concentrates	toz	13	-	13	9	-	9	44%
Total Silver in concentrates	toz	432	-	432	296	-	296	46%
North America (CCR, Horne, Kidd)
CCR/Horne
Copper metal	MT	-	73.7	73.7	-	65.9	65.9	n.m.
Kidd
Copper in concentrates	MT	7.1	-	7.1	8.5	-	8.5	- 16%
Zinc in concentrates	MT	20.9	-	20.9	18.3	-	18.3	14%
Silver in concentrates	toz	903	-	903	582	-	582	55%
Total Copper metal	MT	-	73.7	73.7	-	65.9	65.9	n.m.
Total Copper in concentrates	MT	7.1	-	7.1	8.5	-	8.5	- 16%
Total Zinc in concentrates	MT	20.9	-	20.9	18.3	-	18.3	14%
Total Silver in concentrates	toz	903	-	903	582	-	582	55%

 

 

 

ZINC ASSETS

 

thousand ¹		Using feed from own sources	Using feed from third party sources	Q1 2013 Total	Using feed from own sources	Using feed from third party sources	Q1 2012 Total	Own feed change
Kazzinc (Kazakhstan)
Zinc metal	MT	52.6	19.6	72.2	61.8	12.9	74.7	- 15%
Lead metal	MT	8.2	13.6	21.8	9.5	12.5	22.0	- 14%
Copper metal	MT	13.4	1.7	15.1	13.6	0.6	14.2	- 1%
Gold	toz	131	23	154	107	18	125	22%
Silver	toz	1 826	2 484	4 310	928	3 702	4 630	97%
Australia (Mount Isa, McArthur River)
Mount Isa
Zinc in concentrates	MT	92.8	-	92.8	85.1	-	85.1	9%
Lead in concentrates	MT	35.5	-	35.5	28.5	5.4	33.9	25%
Silver in lead bullion	toz	1 451	-	1 451	1 343	723	2 066	8%
McArthur River
Zinc in concentrates	MT	54.9	-	54.9	47.9	-	47.9	15%
Lead in concentrates	MT	11.9	-	11.9	10.2	-	10.2	17%
Silver in concentrates	toz	462	-	462	421	-	421	10%
Total Zinc in concentrates	MT	147.7	-	147.7	133.0	-	133.0	11%
Total Lead in concentrates	MT	47.4	-	47.4	38.7	5.4	44.1	22%
Total Silver in lead bullion	toz	1 451	-	1 451	1 343	723	2 066	8%
Total Silver in concentrates	toz	462	-	462	421	-	421	10%
Europe (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
Total Zinc metal 8	MT	14.5	183.9	198.4	14.4	183.8	198.2	1%
Total Lead metal	MT	0.9	46.5	47.4	-	42.2	42.2	n.m.
Total Silver	toz	113	1 923	2 036	-	1 970	1 970	n.m.
North America (Brunswick, CEZ Refinery, Perseverance)
Brunswick mine
Zinc in concentrates	MT	42.8	-	42.8	56.0	-	56.0	- 24%
Lead in concentrates	MT	11.1	-	11.1	13.5	-	13.5	- 18%
Copper in concentrates	MT	2.7	-	2.7	1.7	-	1.7	59%
Silver in concentrates	toz	657	-	657	732	-	732	- 10%
Brunswick smelting
Lead metal	MT	-	18.0	18.0	-	17.1	17.1	n.m.
Silver	toz	-	3 471	3 471	-	1 768	1 768	n.m.
CEZ refinery 9
Zinc metal	MT	-	18.8	18.8	-	18.3	18.3	n.m.
Perseverance mine
Zinc in concentrates	MT	21.4	-	21.4	31.0	-	31.0	- 31%
Copper in concentrates	MT	2.2	-	2.2	2.1	-	2.1	5%
Total Zinc metal	MT	-	18.8	18.8	-	18.3	18.3	n.m.
Total Zinc in concentrates	MT	64.2	-	64.2	87.0	-	87.0	- 26%
Total Lead metal	MT	-	18.0	18.0	-	17.1	17.1	n.m.
Total Lead in concentrates	MT	11.1	-	11.1	13.5	-	13.5	- 18%
Total Copper in concentrates	MT	4.9	-	4.9	3.8	-	3.8	29%
Total Silver	toz	657	3 471	4 128	732	1 768	2 500	- 10%
Antamina (Peru) 6
Zinc in concentrates	MT	22.7	-	22.7	20.0	-	20.0	14%
Other Zinc (Los Quenuales, Sinchi Wayra, AR Zinc, Rosh Pinah)
Zinc metal	MT	6.5	0.5	7.0	4.2	1.4	5.6	55%
Zinc in concentrates	MT	57.8	-	57.8	49.5	-	49.5	17%
Lead metal	MT	2.1	-	2.1	2.5	-	2.5	- 16%
Lead in concentrates	MT	10.3	-	10.3	8.6	-	8.6	20%
Copper in concentrates	MT	0.5	-	0.5	0.5	-	0.5	0%
Silver metal	toz	147	-	147	164	-	164	- 10%
Silver in concentrates	toz	2 069	-	2 069	1 848	-	1 848	12%
Tin in concentrates	MT	-	-	-	0.7	-	0.7	- 100%

 

 

 

 

NICKEL ASSETS

 

thousand ¹		Using feed from own sources	Using feed from third party sources	Q1 2013 Total	Using feed from own sources	Using feed from third party sources	Q1 2012 Total	Own feed change
Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)
Sudbury - Mine/mill
Nickel in concentrates	MT	3.3	2.6	5.9	4.7	1.5	6.2	- 30%
Copper in concentrates	MT	8.6	2.6	11.2	12.0	0.8	12.8	- 28%
Cobalt in concentrates	MT	-	0.1	0.1	0.1	0.1	0.2	- 100%
Raglan
Nickel in concentrates	MT	8.4	-	8.4	6.4	-	6.4	31%
Copper in concentrates	MT	2.3	-	2.3	1.6	-	1.6	44%
Cobalt in concentrates	MT	0.2	-	0.2	0.1	-	0.1	100%
Nikkelverk
Nickel metal	MT	-	22.3	22.3	-	22.8	22.8	n.m.
Copper metal	MT	-	9.4	9.4	-	9.4	9.4	n.m.
Cobalt metal	MT	-	0.8	0.8	-	0.7	0.7	n.m.
Total Nickel metal	MT	-	22.3	22.3	-	22.8	22.8	n.m.
Total Nickel in concentrates	MT	11.7	2.6	14.3	11.1	1.5	12.6	5%
Total Copper metal	MT	-	9.4	9.4	-	9.4	9.4	n.m.
Total Copper in concentrates	MT	10.9	2.6	13.5	13.6	0.8	14.4	- 20%
Total Cobalt metal	MT	-	0.8	0.8	-	0.7	0.7	n.m.
Total Cobalt in concentrates	MT	0.2	0.1	0.3	0.2	0.1	0.3	0%
Falcondo
Nickel in ferronickel	MT	3.7	-	3.7	3.6	-	3.6	3%
Australia (XNA, Murrin Murrin)
Total Nickel metal	MT	8.7	0.9	9.6	6.3	0.2	6.5	38%
Total Nickel in concentrates	MT	1.4	-	1.4	3.6	-	3.6	- 61%
Total Copper in concentrates	MT	0.1	-	0.1	0.2	-	0.2	- 50%
Total Cobalt metal	MT	0.6	-	0.6	0.5	-	0.5	20%
Total Cobalt in concentrates	MT	0.1	-	0.1	0.1	-	0.1	0%

 

 

 

Alumina/Aluminium assets

 

thousand ¹		Using feed from own sources	Using feed from third party sources	Q1 2013 Total	Using feed from own sources	Using feed from third party sources	Q1 2012 Total	Own feed change
Sherwin Alumina
Alumina	MT	-	384	384	-	304	304	n.m.

 

 

 

Ferroalloys assets

 

thousand ¹		Using feed from own sources	Using feed from third party sources	Q1 2013 Total	Using feed from own sources	Using feed from third party sources	Q1 2012 Total	Own feed change
Ferro manganese	MT	-	29.1	29.1	-	-	-	n.m.
Silicon manganese	MT	-	20.5	20.5	-	-	-	n.m.
Ferrochrome 10	MT	260	-	260	252	-	252	3%
Platinum 11	toz	21	-	21	18	-	18	17%
Palladium 11	toz	12	-	12	10	-	10	20%
Rhodium 11	toz	4	-	4	3	-	3	33%
1 Controlled industrial assets and JVs only. Production is on a 100% basis, except as stated.  2 Gold/Silver conversion ratios of 1/54.20 for Q1 2013 and 1/51.77 for Q1 2012 based on average quarterly prices.  3 Copper metal includes copper contained in copper concentrates and blister copper.  4 Cobalt contained in concentrates and hydroxides.  5 The Group's pro-rata share of Collahuasi production (44%).  6 The Group's pro-rata share of Antamina production (33.75%).  7 48,700 tonnes (Q1 2012: 32,400 tonnes) of copper anode produced at Altonorte is refined to produce copper cathode at either Mount Isa or CCR and hence is excluded from the totals.  8 Zinc metal includes zinc contained in zinc oxide.  9 The Group's pro-rata share of CEZ production (25%). 10 Reflects the Group's 79.5% share of the Xstrata-Merafe Chrome Venture. 11 Consolidated 100% of Eland and 50% of Mototolo.

 

 

 

Selected average commodity prices

 

		Q1 2013	Q1 2012	Change
S&P GSCI Industrial Metals Index		384	406	- 5%
LME (cash) zinc price ($/t)		2 030	2 028	0%
LME (cash) copper price ($/t)		7 927	8 327	- 5%
LME (cash) lead price ($/t)		2 293	2 092	10%
Gold price ($/toz)		1 632	1 691	- 3%
Metal Bulletin alumina price ($/t)		341	317	8%
LME (cash) aluminium price ($/t)		2 002	2 181	- 8%
LME (cash) nickel price ($/t)		17 311	19 639	- 12%
Metal Bulletin cobalt price 99.3% ($/lb)		12	15	- 20%
Iron ore (Platts 62% CFR North China) price ($/DMT)		148	143	3%
Metal Bulletin ferrochrome 6 - 8% C basis 60% Cr, max 1.5% Si (¢/lb)		103	115	- 10%
Platinum price ($/toz)		1 632	1 612	1%

 

 

 

OPERATIONAL HIGHLIGHTS

 

COPPER ASSETS

•  Total own sourced copper production (including copper produced by the nickel and zinc assets) in Q1 2013 was 321,800 tonnes, an 18% increase versus the comparable period. This increase primarily reflects strong growth from Antapaccay, Katanga, Mount Margaret (Ernest Henry) and Mutanda, as they benefit from their respective expansion plans.

 

African Copper (Group interest: Katanga: 75.3%, Mutanda: 60%, Kansuki: 37.5%, Mopani: 73.1% and Sable: 100%)

•  African copper produced 83,600 tonnes of copper in metal and in concentrate from own sources during Q1 2013, a 44% increase compared to Q1 2012. The expansion projects at Mutanda and Katanga were the main drivers of this growth. Cobalt production from own sources was 3,100 tonnes, an increase of 35%.

 

•  The two major expansion projects currently underway at Katanga and Mutanda are expected to increase their annual copper cathode production to 270,000 tonnes and 200,000 tonnes respectively. Both projects are on track for completion during 2013. The Katanga project also upgrades the quality of copper produced through the application of modern technologies.

•  The feasibility study for the construction of a 100,000 tonnes (of copper contained) sulphide concentrator at Mutanda was completed in Q1 2013 and next steps are currently being evaluated.

•  As previously announced, it is anticipated that the merger of Mutanda and Kansuki will be completed during H1 2013.

•  Mopani's Synclinorium shaft project to increase mine production and significantly extend mine life remains on track and is expected to come online during 2015. 

 

Collahuasi (Group interest: 44%)

•  The Group's attributable share of own sourced copper production at the Collahuasi joint venture decreased by 13% to 29,400 tonnes mainly due to an expected reduction in grades and a planned shutdown of SAG mill 3 in March 2013, partially offset by improved recoveries. Higher grades and increased mill throughput following the planned SAG mill restart are expected from Q2 2013.

 

Antamina (Group interest: 33.75%)

•  The Group's attributable share of own sourced copper production at the Antamina joint venture fell by 18% to 26,100 tonnes, due to expected lower copper head grades and recoveries. This was partly offset by higher throughput as a result of the expansion that was completed in March 2012.

 

Other South America (Group interest: Alumbrera: 50%, Lomas Bayas: 100%, Altonorte: 100%, Tintaya: 100%, Antapaccay: 100%, Punitaqui: 100%)

•  Other South American copper assets produced 82,200 tonnes of own sourced copper contained in metal and concentrate, a 36% increase compared to Q1 2012. This increase relates to Antapaccay, which began commercial production in November 2012 and produced 34,200 tonnes of copper in concentrates in Q1 2013. The concentrator plant achieved average throughput rates of above 60,000 tonnes per day over the quarter and is expected to ramp up to nameplate capacity of 70,000 tonnes per day by mid-2013. This was partially offset by planned lower production at Alumbrera due to lower mining grades and the processing of higher levels of lower grade stockpiles.

•  Total third party copper cathode production at Altonorte increased by 10% compared to Q1 2012, following reliability improvement initiatives.

•  Gold and silver (in doré and in concentrates) own sourced production was up 9% and 5% respectively compared to Q1 2012, due to the ramp up at Antapaccay, in part offset by lower gold volumes from Alumbrera.

 

Australia and Asia (Group interest: Ernest Henry: 100%, Mount Isa: 100%, Cobar: 100%, Pasar: 78.2%)

•  The Group's Australian copper assets produced 63,600 tonnes of own sourced copper contained in metal and concentrate in Q1 2013, a 34% increase versus the comparable period. Ernest Henry increased own sourced copper production by 107% to 15,100 tonnes. This was a result of processing ore from the new satellite Mount Margaret open pit mine that commenced operations in Q3 2012, together with increased production from Ernest Henry's underground decline mine. Mount Isa own sourced copper production grew by 22% to 37,300 tonnes as a result of increased mining rates and higher recoveries, following changes to stope scheduling, improvements in mill recoveries and the implementation of a flotation recovery improvement project. 

•  By the end of 2013, it is expected that Ernest Henry will commence commissioning of the hoisting shaft infrastructure to expand the underground mine from current rates of 3 million tonnes per year to 6 million tonnes.

•  Third party copper metal production in Q1 2013 was 71,400 tonnes, an increase of 39% over the comparable period. This increase relates mainly to Pasar, which ceased production in January 2012 due to a fire, before restarting again in July 2012.

•  The new shaft at Cobar is on track to be completed in 2015.

 

North America (Group interest: CCR: 100%, Horne: 100%, Kidd: 100%)

•  The Group's North American copper assets produced 7,100 tonnes of own sourced copper, a 16% reduction compared to
Q1 2012. This decline was primarily due to lower grades.

•  Cathode production from the CCR refinery was 12% higher than in Q1 2012 at 73,700 tonnes, due to throughput improvement initiatives which enabled additional anodes to be processed.

 

ZINC ASSETS

•  Total own sourced zinc production (including zinc produced by the copper assets) was 386,900 tonnes in Q1 2013, broadly in line with Q1 2012. This reflects an 11% growth in own sourced zinc production from Australia and the benefit of the Rosh Pinah acquisition, offset by the orderly wind-down of Brunswick and Perseverance.

 

Kazzinc (Group interest: 69.7%)

•  Q1 2013 gold production from own sources was 131,000 toz, an increase of 22% versus the comparable period, driven by higher processing volumes, grades and recoveries at Vasilkovskoye.

•  Total silver production was 4.3 million toz, a reduction of 7% over the comparable period, reflecting a slight decline in the volume of silver-rich third party concentrates processed.

•  Copper production from own sources was 13,400 tonnes, broadly in line with the prior year period.

•  Zinc and lead production from own sources were down 15% and 14% against the comparable period to 52,600 tonnes and 8,200 tonnes respectively. The decline was in line with expectations and reflects a small decline in grades at the beginning of the year.

 

Australia (Group interest: Mount Isa: 100%, McArthur River: 100%)

•  The Group's Australian zinc assets produced 147,700 tonnes of zinc in concentrates and 47,400 tonnes of lead in concentrates, an increase of 11% and 22% respectively compared to Q1 2012. The main drivers of this improved production were the commissioning of the George Fisher North (Mount Isa) expansion project, commissioning of the Lady Loretta mine (Mount Isa) and implementation of the heavy medium separation plant at the McArthur River Mine, as part of its current expansion project to reach 380,000 tonnes of zinc in concentrates by the end of 2014.

•  The increases in zinc and lead concentrates also resulted in increases in own sourced silver in lead bullion and in concentrates of 8% and 10% respectively.

 

Europe (Group interest: Portovesme: 100%, San Juan de Nieva: 100%, Nordenham: 100%, Northfleet: 100%)

•  The Group's European zinc assets produced 198,400 tonnes of total zinc in metal and in oxide, a similar level to Q1 2012, including 14,500 tonnes of own sourced production.

•  Total lead production was 47,400 tonnes, an increase of 12% compared to Q1 2012, reflecting Portovesme's restart of its lead plant. Total silver production also improved slightly, increasing 3% to 2.0 million toz.

 

North America (Group interest: Brunswick: 100%, CEZ Refinery: 25%, Peserverance: 100%)

•  North American zinc assets produced 64,200 tonnes of own sourced zinc in concentrates and 11,100 tonnes of lead in concentrates, a reduction of 26% and 18% respectively versus the comparable period. This reduction relates to the orderly wind-down at Brunswick mine and Perserverance mine (both expected Q2 2013) as they reach the end of their mine lives.

 

Antamina (Group interest: 33.75%)

•  Antamina produced 22,700 tonnes of own sourced zinc in concentrates, a 14% increase compared to Q1 2012, due to the mine sequencing which has resulted in the treatment of higher zinc grade ore in Q1 2013.

 

Other Zinc (Group interest: Los Quenuales: 97.6%, Sinchi Wayra: 100%, AR Zinc: 100%, Rosh Pinah: 80.1%)

•  The acquisition of Rosh Pinah (effective 1 June 2012) contributed to the growth in own sourced production of zinc, lead and silver (all in concentrates) of 17%, 20% and 12% respectively versus the comparable period. The inclusion of Rosh Pinah was partly offset by a small decline in production at the other assets, due to a combination of factors, including a small expected decline in head grades. 

•  Los Quenuales' development of the new ore area at Iscaycruz (Santa Este) remains on track with the mine expected to become operational in Q4 2013 and reach an annual production of 20,000 tonnes of zinc contained in concentrates in 2014.

 

NICKEL ASSETS

•  In Q1 2013, own sourced nickel production was 25,500 tonnes, a 4% increase versus the comparable period. This increase was primarily driven by higher production at Murrin Murrin, reflecting consistent plant availability and the impact of the planned acid plant shut down during Q1 2012.

 

 

Integrated Nickel Operations (Group interest: Sudbury: 100%, Raglan: 100%, Nikkelverk: 100%)

•  Integrated Nickel Operations (INO) produced 11,700 tonnes of own sourced nickel, up 5% compared Q1 2012. This increase was driven by the Raglan mine, up 31% to 8,400 tonnes, largely due to an increase in nickel head grade from 2.29% in Q1 2012 to 2.99% in Q1 2013, partially offset by a 30% reduction of own sourced nickel production at Sudbury, due to scheduled maintenance at the Strathcona mill.

•  The Nikkelverk refinery in Norway produced 22,300 tonnes of nickel, 9,400 tonnes of copper and 800 tonnes of cobalt in Q1 2013, all broadly in line with the comparable period.

 

Falcondo (Group interest: 85.3%)

•  Own sourced ferronickel production at Falcondo was 3,700 tonnes, a 3% increase over Q1 2012, due to greater volumes of ore mined and improved nickel head grades.

 

Australia (Group interest: XNA: 100%, Murrin Murrin: 100%)

•  Australian nickel assets produced 10,100 tonnes of nickel in Q1 2013, a similar amount to the comparable period. The Q1 2013 production reflects a 38% increase at Murrin Murrin, driven by consistent plant availability and the impact of the planned acid plant shut down during Q1 2012. This was offset by a 61% reduction at the other Australian nickel operations, reflecting the Cosmos mine being placed on care and maintenance in Q3 2012. The Sinclair mine is reaching the end of its mine life with production expected to cease on 15 May 2013.

 

Development project: Koniambo

•  Following the line 1 furnace heat-up during February 2013 and the successful testing of all components of the mining and smelting process, Koniambo generated first commercial-grade ferronickel during April 2013.

 

ALUMINA/ALUMINIUM ASSETS

Sherwin Alumina (Group interest: 100%)

•  Q1 2013 production was 383,600 tonnes of Alumina, an increase of 26% against the comparable period, largely reflecting the planned calciner overhaul during Q1 2012.

 

FERROALLOYS ASSETS

Glencore Manganese (Group interest: 100%)

•  Glencore Manganese produced 49,600 tonnes of manganese ferroalloys during Q1 2013. 2013 will be the first full year of production under the Group ownership following its acquisition on 1 November 2012.

 

Ferrochrome

•  Attributable ferrochrome production volumes during Q1 2013 were 3% higher than the same period in 2012, due to improved performances by most of the operating furnaces. Operating capacity was reduced due to continued participation in Eskom's (the national power supplier) electricity buy-back programme. During Q1 2013, the successful commissioning and ramp-up to full production of the Tswelopele pelletizing plant contributed to production volumes and consumption efficiencies exceeding expectations at the Rustenburg plant.

 

Platinum Group Metals (PGM)

•  PGM volumes were higher than the corresponding quarter in 2012, due to volume build-up at the Eland mine, as well as the Mototolo mine achieving design capacity production.

 

 

Energy Products

 

Production data

 

 

Coal assets

 

million MT 1	Own	Buy-in Coal	Q1 2013 Total	Own	Buy-in Coal	Q1 2012 Total	Own production change
Australian coking coal	1.8	-	1.8	1.4	-	1.4	29%
Australian thermal coal (Export)	11.0	-	11.0	9.6	-	9.6	15%
Australian thermal coal (Domestic)	1.6	-	1.6	1.3	-	1.3	23%
Australian semi-soft coal	1.1	-	1.1	0.9	-	0.9	22%
South African thermal coal (Export)	4.9	-	4.9	5.5	-	5.5	- 11%
South African thermal coal (Domestic)	5.8	0.3	6.1	6.5	0.6	7.1	- 11%
Prodeco (Colombia) thermal coal	5.0	-	5.0	4.2	0.1	4.3	19%
Cerrejon (Colombia) thermal coal 2	1.5	-	1.5	3.0	-	3.0	- 50%
Total coal	32.7	0.3	33.0	32.4	0.7	33.1	1%
1 Controlled industrial assets and JVs only. Production is on a 100% basis except for JVs, where the Group's attributable share of production is included. 2 The Group's pro-rata share of Cerrejón production (33.3%).

 

 

 

OiL assets

 

thousand bbls	Q1 2013 Total	Q1 2012 Total	Change
Oil 1
Block I	5 386	5 281	2%
Total	5 386	5 281	2%
1 On a 100% basis. The Enlarged Group's ownership interest in the Aseng field is 23.75%.

 

 

Selected average commodity prices ¹

 

	Q1 2013	Q1 2012	Change
S&P GSCI Energy Index	335	353	- 5%
Coal API2 ($/t)	86	101	- 15%
Coal API4 ($/t)	85	105	- 19%
Australian coking coal average realised export price ($/t)	158	225	- 30%
Australian thermal coal average realised export price ($/t)	88	114	- 23%
Australian thermal coal average realised domestic price ($/t)	37	48	- 23%
Australian semi-soft coal average realised export price ($/t)	118	180	- 34%
South African thermal coal average realised export price ($/t)	84	106	- 21%
South African thermal coal average realised domestic price ($/t)	28	29	- 3%
Cerrejon (Colombia) thermal coal average realised export price ($/t)	77	95	- 19%
Prodeco (Colombia) thermal coal average realised export price ($/t)	94	98	- 4%
Oil price - Brent ($/bbl)	113	118	- 4%
1 As of 31 March 2013, 41 million tonnes of export coal had been sold forward at an average price of $ 92 per tonne.

 

 

 

OPERATIONAL HIGHLIGHTS

 

COAL ASSETS

•  Total own sourced coal production was 32.7 million tonnes in Q1 2013, broadly consistent with the comparable period.

 

Australia coking coal

•  Australian coking coal production was up by 29%, or 0.4 million tonnes, mainly due to an improved performance at Oaky Creek, following production issues in the comparative period in 2012.

 

Australia thermal and semi soft coal

•  Australian thermal coal production, including semi-soft metallurgical volumes, increased by 16% to 13.7 million tonnes, primarily due to the continued ramp-up of Ravensworth North, Ulan open cut and Blakefield South in New South Wales, and fewer adverse weather impacts at Newlands open cut mine in Queensland. The increase was partially offset by the timing of scheduled longwall moves at the Ulan underground mine.

 

South Africa thermal coal

•  Thermal coal production from own sources was 10.7 million tonnes, an 11% reduction versus the comparable period. This decrease mainly relates to lower production at the Tweefontein underground complex due to difficult mining conditions and a short term decline at Umcebo, as existing production units approach the end of mine life (Kleinfontein and Middelkraal), prior to the new mines (including Springboklaagte) starting production towards the end of 2013.

•  South African coal expansion and development projects are progressing well. Definitive feasibility studies relating to Springboklaagte and Argent projects will be completed in May 2013. The Pullenshope project is substantially complete, with first coal extracted and production ramping up. Licensing for the Koornfontein project is expected shortly with construction expected to start thereafter.

 

Cerrejón (Group interest: 33.3%)

•  The Group's 33.3% share of production from the Cerrejón joint venture was 1.5 million tonnes, a reduction of 50% compared to Q1 2012. This decrease primarily was due to the impact of strike action (32 days ending on 11 March 2013) during the first quarter of 2013.

 

Prodeco (Group interest: 100%)

•  Own production for Q1 2013 was 5 million tonnes, up 19% on the comparable period, reflecting the benefits of Prodeco's ongoing expansion project. The expansion project is progressing to plan and remains on track to deliver annualised production of 20 million tonnes by 2014. 

•  Prodeco recently commissioned a new direct loading port (Puerto Nuevo), which provides higher annual throughput capacity and a lower cost of operation compared to the previous port (Puerto Prodeco). The project was completed on schedule and budget.

 

OIL ASSETS

Oil Exploration & Production (Group interest: Block I: 23.75%/Block O: 25.0%)

•  The Aseng field has continued to perform well through the first quarter of 2013, averaging approximately 60,000 barrels per day for the quarter (gross).

•  The Alen field development project in Block O in Equatorial Guinea is now nearing completion. Fabrication is complete and all modules have been transported to Equatorial Guinea and successfully installed such that hook-up activities are now under way. The project remains on track for expected first production in Q3 2013. Expectations remain that the total cost will be at or below the sanctioned budget.

•  The Oak appraisal programme in the Bolongo Block, offshore Cameroon, is still on track for H2 2013.

 

 

Agricultural Products

 

Production data

 

thousand MT 1	Q1 2013 Total	Q1 2012 Total	Change
Farming	352	248	42%
Oilseed crushing	605	439	38%
Oilseed crushing long term toll agreement	32	114	- 72%
Biodiesel	143	157	- 9%
Rice milling	35	80	- 56%
Wheat milling	282	265	6%
Sugarcane processing	-	-	n.m.
Malt	117	-	n.m.
Pasta	72	-	n.m.
Total	1 638	1 303	26%

 

 

 

Selected average commodity prices

 

				Q1 2013	Q1 2012	Change
S&P GSCI Agriculture Index				450	436	3%
CBOT corn no.2 price (US¢/bu)				716	641	12%
ICE cotton price (US¢/lb)				83	93	- 11%
CBOT soya beans (US¢/bu)				1 450	1 272	14%
NYMEX sugar # 11 price (US¢/lb)				18	25	- 28%
CBOT wheat price (US¢/bu)				739	643	15%

 

 

 

OPERATIONAL HIGHLIGHTS

 

Rio Vermelho (Group interest: 100%)

•  Rio Vermelho crushed no sugarcane in Q1 2013 or Q1 2012, this being the inter-crop period for sugarcane in Brazil. Crushing restarted during April 2013.

•  The on-going expansion plan at Rio Vermelho continues to progress on schedule.

 

Other Agricultural Products

Farming

•  Farming volumes were up 42% over the comparable period due to extra land farmed and some switching of crop types.

 

Oilseed crushing

•  Oilseed crushing volumes increased by 38% over the comparable period due to extra volumes from the facilities acquired in Czech Republic, Poland and Ukraine, the newly constructed plant in Hungary and the St Agathe (Canada) facility acquired as part of Viterra.

 

Long term toll agreement

•  The long term toll agreement crush volumes have reduced significantly due to limited supply, with many farmers unwilling to sell based on fears of a currency devaluation in Argentina.

 

Rice milling

•  Rice milling volumes were down 56% due to poor weather conditions towards the end of 2012, resulting in lower rice available in Uruguay and Argentina for processing in Q1 2013.

 

Malt and Pasta

•  Malt and Pasta volumes relate to Viterra assets acquired at the end of 2012.

 

Appendix 1: Glencore Xstrata combined production information

(Q1 2013 vs Q4 2012)

 

 

METALS AND MINERALS - total

 

Production data

 

thousand ¹		Using feed from own sources	Using feed from third party sources	Q1 2013 Total	Using feed from own sources	Using feed from third party sources	Q4 2012 Total	Own feed change
Total Copper contained	MT	321.8	215.5	537.3	330.5	217.2	547.7	- 3%
Total Zinc contained	MT	386.9	222.8	609.7	415.6	224.6	640.2	- 7%
Total Lead contained	MT	80.0	78.1	158.1	81.8	69.1	150.9	- 2%
Total Nickel contained	MT	25.5	25.8	51.3	30.2	26.2	56.4	- 16%
Total Gold (incl. Gold equivalents) 2	toz	410	168	578	403	191	594	2%
Total Alumina	MT	-	384	384	-	381	381	n.m.
Total Ferro manganese	MT	-	29.1	29.1	-	17.3	17.3	n.m.
Total Silicon manganese	MT	-	20.5	20.5	-	15.9	15.9	n.m.
Total Cobalt	MT	4.0	0.9	4.9	4.2	1.0	5.2	- 5%
Total Ferrochrome	MT	260	-	260	284	-	284	- 8%
Total Platinum	toz	21	-	21	21	-	21	0%
Total Palladium	toz	12	-	12	12	-	12	0%
Total Rhodium	toz	4	-	4	4	-	4	0%

 

 

 

COPPER ASSETS

 

thousand ¹		Using feed from own sources	Using feed from third party sources	Q1 2013 Total	Using feed from own sources	Using feed from third party sources	Q4 2012 Total	Own feed change
African copper (Katanga, Mutanda, Mopani, Sable)
Katanga
Copper metal 3	MT	28.6	-	28.6	24.1	-	24.1	19%
Cobalt	MT	0.3	-	0.3	0.5	-	0.5	- 40%
Mutanda
Copper metal 3	MT	29.8	-	29.8	26.4	-	26.4	13%
Cobalt 4	MT	2.8	-	2.8	2.7	-	2.7	4%
Mopani
Copper metal	MT	25.2	23.7	48.9	26.8	23.5	50.3	- 6%
Other
Copper metal	MT	-	3.5	3.5	-	3.2	3.2	n.m.
Cobalt 4	MT	-	-	-	-	0.1	0.1	n.m.
Total Copper metal 3	MT	83.6	27.2	110.8	77.3	26.7	104.0	8%
Total Cobalt 4	MT	3.1	-	3.1	3.2	0.1	3.3	- 3%
Collahuasi (Chile) 5
Copper metal	MT	3.4	-	3.4	4.1	-	4.1	- 17%
Copper in concentrates	MT	26.0	-	26.0	28.3	-	28.3	- 8%
Silver in concentrates	toz	327	-	327	311	-	311	5%
Antamina (Peru) 6
Copper in concentrates	MT	26.1	-	26.1	41.1	-	41.1	- 36%
Silver in concentrates	toz	936	-	936	1 038	-	1 038	- 10%
Other South America (Alumbrera, Lomas Bayas, Altonorte, Tintaya, Antapaccay, Punitaqui)
Alumbrera (Argentina)
Copper in concentrates	MT	22.8	-	22.8	30.7	-	30.7	- 26%
Gold in concentrates and in doré	toz	66	-	66	85	-	85	- 22%
Silver in concentrates and in doré	toz	209	-	209	435	-	435	- 52%
Lomas Bayas (Chile)
Copper metal	MT	18.8	-	18.8	19.1	-	19.1	- 2%
Altonorte (Chile)
Copper anode 7	MT	-	78.2	78.2	-	81.8	81.8	n.m.
Tintaya/Antapaccay (Peru)
Copper metal	MT	3.6	-	3.6	3.1	-	3.1	16%
Copper in concentrates	MT	34.2	-	34.2	17.5	-	17.5	95%
Gold in concentrates	toz	19	-	19	6	-	6	217%
Silver in concentrates	toz	236	-	236	202	-	202	17%
Other
Copper in concentrates	MT	2.8	-	2.8	2.8	-	2.8	0%
Silver in concentrates	toz	30	-	30	32	-	32	- 6%
Total Copper metal	MT	22.4	-	22.4	22.2	-	22.2	1%
Total Copper anode 7	MT	-	29.5	29.5	-	42.3	42.3	n.m.
Total Copper in concentrates	MT	59.8	-	59.8	51.0	-	51.0	17%
Total Gold in concentrates and in doré	toz	85	-	85	91	-	91	- 7%
Total Silver in concentrates and in doré	toz	475	-	475	669	-	669	- 29%
Australia and Asia (Ernest Henry, Mount Isa, Cobar, Pasar)
Ernest Henry
Copper in concentrates	MT	15.1	-	15.1	10.3	-	10.3	47%
Gold in concentrates	toz	13	-	13	11	-	11	18%
Silver in concentrates	toz	111	-	111	64	-	64	73%
Mount Isa
Copper metal	MT	37.3	32.8	70.1	36.0	17.1	53.1	4%
Copper in concentrates	MT	-	-	-	6.3	-	6.3	- 100%
Silver in concentrates	toz	219	-	219	223	-	223	- 2%
Other
Copper metal	MT	-	38.6	38.6	-	45.4	45.4	n.m.
Copper in concentrates	MT	11.2	-	11.2	7.8	-	7.8	44%
Silver in concentrates	toz	102	-	102	76	-	76	34%
Total Copper metal	MT	37.3	71.4	108.7	36.0	62.5	98.5	4%
Total Copper in concentrates	MT	26.3	-	26.3	24.4	-	24.4	8%
Total Gold in concentrates	toz	13	-	13	11	-	11	18%
Total Silver in concentrates	toz	432	-	432	363	-	363	19%
North America (CCR, Horne, Kidd)
CCR/Horne
Copper metal	MT	-	73.7	73.7	-	72.9	72.9	n.m.
Kidd
Copper in concentrates	MT	7.1	-	7.1	8.1	-	8.1	- 12%
Zinc in concentrates	MT	20.9	-	20.9	29.6	-	29.6	- 29%
Silver in concentrates	toz	903	-	903	995	-	995	- 9%
Total Copper metal	MT	-	73.7	73.7	-	72.9	72.9	n.m.
Total Copper in concentrates	MT	7.1	-	7.1	8.1	-	8.1	- 12%
Total Zinc in concentrates	MT	20.9	-	20.9	29.6	-	29.6	- 29%
Total Silver in concentrates	toz	903	-	903	995	-	995	- 9%

 

 

 

ZINC ASSETS

 

thousand ¹		Using feed from own sources	Using feed from third party sources	Q1 2013 Total	Using feed from own sources	Using feed from third party sources	Q4 2012 Total	Own feed change
Kazzinc (Kazakhstan)
Zinc metal	MT	52.6	19.6	72.2	61.4	15.4	76.8	- 14%
Lead metal	MT	8.2	13.6	21.8	8.3	11.8	20.1	- 1%
Copper metal	MT	13.4	1.7	15.1	11.0	0.5	11.5	22%
Gold	toz	131	23	154	123	21	144	7%
Silver	toz	1 826	2 484	4 310	1 306	3 587	4 893	40%
Australia (Mount Isa, McArthur River)
Mount Isa
Zinc in concentrates	MT	92.8	-	92.8	105.0	-	105.0	- 12%
Lead in concentrates	MT	35.5	-	35.5	39.0	-	39.0	- 9%
Silver in lead bullion	toz	1 451	-	1 451	1 547	-	1 547	- 6%
McArthur River
Zinc in concentrates	MT	54.9	-	54.9	54.5	-	54.5	1%
Lead in concentrates	MT	11.9	-	11.9	9.8	-	9.8	21%
Silver in concentrates	toz	462	-	462	513	-	513	- 10%
Total Zinc in concentrates	MT	147.7	-	147.7	159.5	-	159.5	- 7%
Total Lead in concentrates	MT	47.4	-	47.4	48.8	-	48.8	- 3%
Total Silver in lead bullion	toz	1 451	-	1 451	1 547	-	1 547	- 6%
Total Silver in concentrates	toz	462	-	462	513	-	513	- 10%
Europe (Portovesme, San Juan de Nieva, Nordenham, Northfleet)
Total Zinc metal 8	MT	14.5	183.9	198.4	14.2	188.3	202.5	2%
Total Lead metal	MT	0.9	46.5	47.4	-	40.5	40.5	n.m.
Total Silver	toz	113	1 923	2 036	-	1 967	1 967	n.m.
North America (Brunswick, CEZ Refinery, Perseverance)
Brunswick mine
Zinc in concentrates	MT	42.8	-	42.8	42.5	-	42.5	1%
Lead in concentrates	MT	11.1	-	11.1	11.2	-	11.2	- 1%
Copper in concentrates	MT	2.7	-	2.7	1.7	-	1.7	59%
Silver in concentrates	toz	657	-	657	583	-	583	13%
Brunswick smelting
Lead metal	MT	-	18.0	18.0	-	16.8	16.8	n.m.
Silver	toz	-	3 471	3 471	-	3 526	3 526	n.m.
CEZ refinery 9
Zinc metal	MT	-	18.8	18.8	-	19.5	19.5	n.m.
Perseverance mine
Zinc in concentrates	MT	21.4	-	21.4	27.8	-	27.8	- 23%
Copper in concentrates	MT	2.2	-	2.2	3.5	-	3.5	- 37%
Total Zinc metal	MT	-	18.8	18.8	-	19.5	19.5	n.m.
Total Zinc in concentrates	MT	64.2	-	64.2	70.3	-	70.3	- 9%
Total Lead metal	MT	-	18.0	18.0	-	16.8	16.8	n.m.
Total Lead in concentrates	MT	11.1	-	11.1	11.2	-	11.2	- 1%
Total Copper in concentrates	MT	4.9	-	4.9	5.2	-	5.2	- 6%
Total Silver	toz	657	3 471	4 128	583	3 526	4 109	13%
Antamina (Peru) 6
Zinc in concentrates	MT	22.7	-	22.7	15.0	-	15.0	51%
Other Zinc (Los Quenuales, Sinchi Wayra, AR Zinc, Rosh Pinah)
Zinc metal	MT	6.5	0.5	7.0	8.8	1.4	10.2	- 26%
Zinc in concentrates	MT	57.8	-	57.8	56.8	-	56.8	2%
Lead metal	MT	2.1	-	2.1	2.8	-	2.8	- 25%
Lead in concentrates	MT	10.3	-	10.3	10.7	-	10.7	- 4%
Copper in concentrates	MT	0.5	-	0.5	0.5	-	0.5	0%
Silver metal	toz	147	-	147	198	-	198	- 26%
Silver in concentrates	toz	2 069	-	2 069	1 992	-	1 992	4%

 

 

 

 

NICKEL ASSETS

 

thousand ¹		Using feed from own sources	Using feed from third party sources	Q1 2013 Total	Using feed from own sources	Using feed from third party sources	Q4 2012 Total	Own feed change
Integrated Nickel Operations (Sudbury, Raglan, Nikkelverk)
Sudbury - Mine/mill
Nickel in concentrates	MT	3.3	2.6	5.9	6.8	1.6	8.4	- 51%
Copper in concentrates	MT	8.6	2.6	11.2	19.1	2.3	21.4	- 55%
Cobalt in concentrates	MT	-	0.1	0.1	0.1	0.1	0.2	- 100%
Raglan
Nickel in concentrates	MT	8.4	-	8.4	8.1	-	8.1	4%
Copper in concentrates	MT	2.3	-	2.3	2.1	-	2.1	10%
Cobalt in concentrates	MT	0.2	-	0.2	0.2	-	0.2	0%
Nikkelverk
Nickel metal	MT	-	22.3	22.3	-	23.3	23.3	n.m.
Copper metal	MT	-	9.4	9.4	-	10.0	10.0	n.m.
Cobalt metal	MT	-	0.8	0.8	-	0.8	0.8	n.m.
Total Nickel metal	MT	-	22.3	22.3	-	23.3	23.3	n.m.
Total Nickel in concentrates	MT	11.7	2.6	14.3	14.9	1.6	16.5	- 21%
Total Copper metal	MT	-	9.4	9.4	-	10.0	10.0	n.m.
Total Copper in concentrates	MT	10.9	2.6	13.5	21.2	2.3	23.5	- 49%
Total Cobalt metal	MT	-	0.8	0.8	-	0.8	0.8	n.m.
Total Cobalt in concentrates	MT	0.2	0.1	0.3	0.3	0.1	0.4	- 33%
Falcondo
Nickel in ferronickel	MT	3.7	-	3.7	4.1	-	4.1	- 10%
Australia (XNA, Murrin Murrin)
Total Nickel metal	MT	8.7	0.9	9.6	9.4	1.3	10.7	- 7%
Total Nickel in concentrates	MT	1.4	-	1.4	1.8	-	1.8	- 22%
Total Copper in concentrates	MT	0.1	-	0.1	0.1	-	0.1	0%
Total Cobalt metal	MT	0.6	-	0.6	0.7	-	0.7	- 14%
Total Cobalt in concentrates	MT	0.1	-	0.1	-	-	-	n.m.

 

 

 

Alumina/Aluminium assets

 

thousand ¹		Using feed from own sources	Using feed from third party sources	Q1 2013 Total	Using feed from own sources	Using feed from third party sources	Q4 2012 Total	Own feed change
Sherwin Alumina
Alumina	MT	-	384	384	-	381	381	n.m.

 

 

 

Ferroalloys assets

 

thousand ¹		Using feed from own sources	Using feed from third party sources	Q1 2013 Total	Using feed from own sources	Using feed from third party sources	Q4 2012 Total	Own feed change
Ferro manganese	MT	-	29.1	29.1	-	17.3	17.3	n.m.
Silicon manganese	MT	-	20.5	20.5	-	15.9	15.9	n.m.
Ferrochrome 10	MT	260	-	260	284	-	284	- 8%
Platinum 11	toz	21	-	21	21	-	21	0%
Palladium 11	toz	12	-	12	12	-	12	0%
Rhodium 11	toz	4	-	4	4	-	4	0%
1 Controlled industrial assets and JVs only. Production is on a 100% basis, except as stated.  2 Gold/Silver conversion ratios of 1/54.20 for Q1 2013 and 1/53.54 for Q4 2012 based on average quarterly prices.  3 Copper metal includes copper contained in copper concentrates and blister copper.  4 Cobalt contained in concentrates and hydroxides.  5 The Group's pro-rata share of Collahuasi production (44%).  6 The Group's pro-rata share of Antamina production (33.75%).  7 48,700 tonnes (Q4 2012: 39,500 tonnes) of copper anode produced at Altonorte is refined to produce copper cathode at either Mount Isa or CCR and hence is excluded from the totals.  8 Zinc metal includes zinc contained in zinc oxide.  9 The Group's pro-rata share of CEZ production (25%). 10 Reflects the Group's 79.5% share of the Xstrata-Merafe Chrome Venture. 11 Consolidated 100% of Eland and 50% of Mototolo.

 

 

 

Selected average commodity prices

 

		Q1 2013	Q4 2012	Change
S&P GSCI Industrial Metals Index		384	380	1%
LME (cash) zinc price ($/t)		2 030	1 947	4%
LME (cash) copper price ($/t)		7 927	7 913	0%
LME (cash) lead price ($/t)		2 293	2 197	4%
Gold price ($/toz)		1 632	1 718	- 5%
Metal Bulletin alumina price ($/t)		341	317	8%
LME (cash) aluminium price ($/t)		2 002	1 999	0%
LME (cash) nickel price ($/t)		17 311	16 965	2%
Metal Bulletin cobalt price 99.3% ($/lb)		12	15	- 20%
Iron ore (Platts 62% CFR North China) price ($/DMT)		148	143	3%
Metal Bulletin ferrochrome 6 - 8% C basis 60% Cr, max 1.5% Si (¢/lb)		103	96	7%
Platinum price ($/toz)		1 632	1 596	2%

 

 

energy PRODUCTS

 

Production data

 

Coal assets

 

million MT 1	Own	Buy-in Coal	Q1 2013 Total	Own	Buy-in Coal	Q4 2012 Total	Own production change
Australian coking coal	1.8	-	1.8	2.0	-	2.0	- 10%
Australian thermal coal (Export)	11.0	-	11.0	12.0	-	12.0	- 8%
Australian thermal coal (Domestic)	1.6	-	1.6	0.9	-	0.9	78%
Australian semi-soft coal	1.1	-	1.1	0.9	-	0.9	22%
South African thermal coal (Export)	4.9	-	4.9	5.0	-	5.0	- 2%
South African thermal coal (Domestic)	5.8	0.3	6.1	5.9	0.4	6.3	- 2%
Prodeco (Colombia) thermal coal	5.0	-	5.0	3.7	-	3.7	35%
Cerrejon (Colombia) thermal coal 2	1.5	-	1.5	2.8	-	2.8	- 46%
Total coal	32.7	0.3	33.0	33.2	0.4	33.6	- 2%
1 Controlled industrial assets and JVs only. Production is on a 100% basis except for JVs, where the Enlarged Group's attributable share of production is included. 2 The Group's pro-rata share of Cerrejón production (33.3%).

 

 

OiL assets

 

thousand bbls	Q1 2013 Total	Q4 2012 Total	Change
Oil 1
Block I	5 386	5 585	- 4%
Total	5 386	5 585	- 4%
1 On a 100% basis. The Enlarged Group's ownership interest in the Aseng field is 23.75%.

 

 

Selected average commodity prices ¹

 

	Q1 2013	Q4 2012	Change
S&P GSCI Energy Index	335	320	5%
Coal API2 ($/t)	86	89	- 3%
Coal API4 ($/t)	85	86	- 1%
Australian coking coal average realised export price ($/t)	158	152	4%
Australian thermal coal average realised export price ($/t)	88	92	- 4%
Australian thermal coal average realised domestic price ($/t)	37	36	3%
Australian semi-soft coal average realised export price ($/t)	118	132	- 11%
South African thermal coal average realised export price ($/t)	84	88	- 5%
South African thermal coal average realised domestic price ($/t)	28	29	- 3%
Cerrejon (Colombia) thermal coal average realised export price ($/t)	77	84	- 8%
Prodeco (Colombia) thermal coal average realised export price ($/t)	94	78	21%
Oil price - Brent ($/bbl)	113	110	3%

 

 

¹ As of 31 March 2013, 41 million tonnes of export coal had been sold forward at an average price of $92 per tonne.

 

agricultural products

 

Production data

 

thousand MT 1	Q1 2013 Total	Q4 2012 Total	Change
Farming	352	75	369%
Oilseed crushing	605	840	- 28%
Oilseed crushing long term toll agreement	32	155	- 79%
Biodiesel	143	162	- 12%
Rice milling	35	35	0%
Wheat milling	282	256	10%
Sugarcane processing	-	427	- 100%
Malt	117	-	n.m.
Pasta	72	-	n.m.
Total	1 638	1 950	- 16%

 

 

 

Selected average commodity prices

 

				Q1 2013	Q4 2012	Change
S&P GSCI Agriculture Index				450	477	- 6%
CBOT corn no.2 price (US¢/bu)				716	737	- 3%
ICE cotton price (US¢/lb)				83	73	14%
CBOT soya beans (US¢/bu)				1 450	1 484	- 2%
NYMEX sugar # 11 price (US¢/lb)				18	20	- 10%
CBOT wheat price (US¢/bu)				739	846	- 13%

 

 

 

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Important factors that could cause these uncertainties include, but are not limited to, those discussed under "Principal risks and uncertainties" in section 1.7 of Glencore's Annual Report 2012.

 

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