IMS & Q3 Production Report
NEWS RELEASE
Baar, 17 November 2011
IMS & Third Quarter 2011 Production Report
KEY HIGHLIGHTS
• Major growth projects remain overall on schedule and within budget.
• Record quarterly thermal coal output with Prodeco own production up over 69% year on year.
• Materially increased year to date volumes in base metals: copper up 40% and gold and equivalents up 45% compared to 2010.
• Major capex items for Katanga ordered and acceleration of plans for Phase 4 expansion to 310k tonnes per annum.
• Aseng oil production commenced on 6 November 2011, ahead of original schedule of Q1 2012.
• Successful completion of takeover offer for minorities of Minara and in process of compulsory acquisition of remaining shares.
• Announcement of expression of interest to acquire a controlling interest in Optimum Coal.
• Robust balance sheet with over $ 10 billion of committed liquidity headroom as at 30 September 2011.
Despite the financial market uncertainty and some weather and equipment-driven disruptions, Glencore's overall healthy operational and financial performance has continued through Q3 2011. Within our marketing operations, trading remains solid. Glencore'sfinancial position has continued to strengthen and, with the current capex programme peaking, balance sheet flexibility is expected to improve further. This will provide continuing valuable optionality to further increase Glencore's organic and other growth prospects.
Glencore will announce full-year results on 5 March 2012.
For further information please contact:
Investors & analysts Media Finsbury (Media)
Paul Smith Simon Buerk Guy Lamming
t: +41 (0)41 709 24 87 t: +41 (0)41 709 26 79 Dorothy Burwell
e: paul.smith@glencore.com e: simon.buerk@glencore.com t: +44 (0)20 7251 3801
Elisa Morniroli Charles Watenphul
t: +41 (0)41 709 28 18 t: +41 (0)41 709 24 62
e: elisa.morniroli@glencore.com e: charles.watenphul@glencore.com
website: www.glencore.com
Metals and Minerals
Production data
|
|
Using feed from own sources |
Using feed from third party sources |
Nine months ended 30 September 2011 |
Using feed from own sources |
Using feed from third party sources |
Nine months ended 30 |
Own feed change |
|
|
|
|
|
|
|
|
|
|
|
|
Kazzinc |
|
|
|
|
|
|
|
|
|
Zinc metal |
MT |
184.6 |
40.2 |
224.8 |
173.3 |
51.7 |
225.0 |
6.5% |
|
Lead metal ² |
MT |
27.3 |
52.0 |
79.3 |
23.7 |
51.1 |
74.8 |
15.2% |
|
Copper metal ³ |
MT |
42.0 |
1.0 |
43.0 |
41.5 |
1.6 |
43.1 |
1.2% |
|
Gold |
TOZ |
298 |
29 |
327 |
215 |
20 |
235 |
38.6% |
|
Silver |
TOZ |
3 572 |
3 350 |
6 922 |
4 074 |
1 225 |
5 299 |
- 12.3% |
|
Katanga |
|
|
|
|
|
|
|
|
|
Copper metal ³ |
MT |
67.0 |
- |
67.0 |
40.0 |
- |
40.0 |
67.5% |
|
Cobalt |
MT |
1.9 |
- |
1.9 |
2.6 |
- |
2.6 |
- 26.9% |
|
Mutanda |
|
|
|
|
|
|
|
|
|
Copper metal ³ |
MT |
46.1 |
- |
46.1 |
10.4 |
- |
10.4 |
343.3% |
|
Cobalt 4 |
MT |
5.8 |
- |
5.8 |
6.7 |
- |
6.7 |
- 13.4% |
|
Mopani |
|
|
|
|
|
|
|
|
|
Copper metal |
MT |
73.6 |
80.1 |
153.7 |
62.7 |
72.9 |
135.6 |
17.4% |
|
Cobalt |
MT |
0.5 |
0.3 |
0.8 |
0.6 |
0.2 |
0.8 |
- 16.7% |
|
Other Zinc (Los Quenuales, Sinchi Wayra, AR Zinc, Portovesme) |
|
|
|
|
|
|||
|
Zinc metal |
MT |
23.0 |
92.8 |
115.8 |
20.7 |
85.8 |
106.5 |
11.1% |
|
Zinc oxide |
DMT |
59.9 |
- |
59.9 |
45.8 |
- |
45.8 |
30.8% |
|
Zinc concentrates |
DMT |
361.3 |
- |
361.3 |
270.8 |
- |
270.8 |
33.4% |
|
Lead metal |
MT |
9.0 |
- |
9.0 |
11.0 |
- |
11.0 |
- 18.2% |
|
Lead concentrates |
DMT |
46.3 |
- |
46.3 |
38.7 |
- |
38.7 |
19.6% |
|
Tin concentrates |
DMT |
3.4 |
- |
3.4 |
2.7 |
- |
2.7 |
25.9% |
|
Silver metal |
TOZ |
577 |
- |
577 |
695 |
- |
695 |
- 17.0% |
|
Silver contained in concentrates |
TOZ |
6 289 |
- |
6 289 |
5 802 |
- |
5 802 |
8.4% |
|
Other Copper (Cobar, Pasar, Punitaqui) |
||||||||
|
Copper metal |
MT |
- |
121.4 |
121.4 |
- |
127.5 |
127.5 |
n.m. |
|
Copper concentrates |
DMT |
147.7 |
4.8 |
152.5 |
133.1 |
- |
133.1 |
11.0% |
|
Alumina/Aluminium (Sherwin) |
|
|
|
|
|
|
|
|
|
Alumina |
MT |
- |
1 105 |
1 105 |
- |
959 |
959 |
n.m. |
|
Ferroalloys/Nickel/Cobalt (Murrin Murrin) |
|
|
|
|
|
|
|
|
|
Nickel metal |
MT |
21.1 |
1.1 |
22.2 |
21.4 |
0.5 |
21.9 |
- 1.4% |
|
Cobalt |
MT |
1.3 |
0.2 |
1.5 |
1.4 |
0.1 |
1.5 |
- 7.1% |
|
|
|
|
|
|
|
|
|
|
|
Total Zinc contained |
MT |
432.7 |
133.0 |
565.7 |
364.6 |
137.5 |
502.1 |
18.7% |
|
Total Copper contained |
MT |
268.4 |
203.7 |
472.1 |
191.9 |
201.9 |
393.8 |
39.9% |
|
Total Lead contained |
MT |
62.6 |
51.9 |
114.5 |
55.1 |
51.2 |
106.3 |
13.6% |
|
Total Tin contained |
MT |
1.5 |
- |
1.5 |
1.3 |
- |
1.3 |
15.4% |
|
Gold (incl. Gold equivalents) 5 |
TOZ |
546 |
109 |
655 |
377 |
39 |
416 |
44.8% |
|
Total Alumina |
MT |
- |
1 105 |
1 105 |
- |
959 |
959 |
n.m. |
|
Total Nickel |
MT |
21.1 |
1.1 |
22.2 |
21.4 |
0.5 |
21.9 |
- 1.4% |
|
Total Cobalt |
MT |
9.5 |
0.5 |
10.0 |
11.3 |
0.3 |
11.6 |
- 15.9% |
|
2 Lead metal includes lead contained in lead concentrates. 3 Copper metal includes copper contained in copper concentrates and blister copper. 4 Cobalt contained in concentrates and hydroxide 5 Gold/Silver conversion ratio of 1/42.1 and 1/65.14 for the first three quarters 2011 and 2010 respectively based on average quarterly prices. |
||||||||
|
Select commodity prices |
Q3 2011 |
Q3 2010 |
% Change |
Nine months ended 30 September 2011 |
Nine months ended 30 September 2010 |
% Change |
|
|
|
|
|
|
|
|
|
Average LME (cash) zinc price ($/MT) |
2 221 |
2 015 |
10.3% |
2 289 |
2 106 |
8.7% |
|
Average LME (cash) copper price ($/MT) |
8 973 |
7 260 |
23.6% |
9 249 |
7 175 |
28.9% |
|
Average gold price ($/OZ) |
1 706 |
1 228 |
39.0% |
1 536 |
1 179 |
30.3% |
|
Average LME (cash) aluminium price ($/MT) |
2 398 |
2 090 |
14.7% |
2 499 |
2 116 |
18.1% |
|
Average LME (cash) nickel price ($/MT) |
22 002 |
21 225 |
3.7% |
24 339 |
21 217 |
14.7% |
OPERATIONAL HIGHLIGHTS
• Production from own sources, compared to the first three quarters of 2010, increased by 19% for zinc, 40% for copper and 45% for gold (including gold equivalents), while nickel production was steady.
Kazzinc:
• Zinc production using feed from own mining sources increased 7% over the comparable period.
• The new copper smelter was successfully commissioned in late July 2011, with first copper cathode produced shortly thereafter. The new copper smelter also allows us to process various silver rich concentrates, thereby positively impacting silver production going forward.
• Gold production, as previously reported, was impacted by commissioning issues relating to a gearbox and the foundation of the ball mills. Both were successfully resolved during the quarter. However, together with lower than expected recovery rates, these short-term factors are expected to result in 2011 gold production of approximately 450,000 toz.
• In April 2011, Glencore conditionally agreed to increase its stake in Kazzinc from 50.7% to 93.0% for a total transaction consideration of $ 3.2 billion (consisting of the issuance of $ 1 billion of Glencore shares at its IPO price, some 117 million shares, and $ 2.2 billion in cash). The transaction is subject to certain conditions precedent, including the approval of the Government of Kazakhstan, which is still pending.
Katanga:
• During Q3 2011, following the front-end and early works study and the company securing a financial commitment, its board approved the "Updated Phase 4 Expansion" and has commenced the procurement of the long-lead time items. The Early Works Report identified the following (collectively, the "Updated Phase 4 Expansion"):
- an additional 100,000 tonnes p.a. solvent extraction ("SX") plant, over and above the 200,000 tonnes p.a. SX plant described in the Independent Technical Report ("ITR"), to be constructed in front of the existing Luilu electrowinning plant;
- Katanga reaching higher copper and cobalt production levels sooner than the timelines described in the ITR;
- an increase in expansionary capital expenditures from approximately $ 537 million as described in the ITR to approximately $ 635 million due primarily to the inclusion of the additional SX plant and an in-pit crusher at KOV Open pit; and
- the increase of copper production of 270,000 tonnes p.a. of LME Grade A copper and thereafter the expansion of copper production to 310,000 tonnes p.a. which the company intends to finance through cash flows from operating activities.
• The approval was based on the commitment from Glencore to provide Katanga with new loan facilities of up to $ 635.5 million. Up to $ 120 million is being provided as a new term loan facility to enable the refinancing of Katanga's outstanding Canadian $ 115 million 14% debentures due 30 November 2013. The balance of the commitment is being provided as a senior secured credit facility, as required, to fund the Updated Phase 4 Expansion.
• During Q3 2011, 1.24 million tonnes of ore were mined, at a grade of 4.29%, resulting in contained copper in ore mined of 53,131 tonnes, 64% higher than Q3 2010. A record of 841,221 tonnes of ore was mined at KOV Open Pit, 313% above Q3 2010, which is equivalent to an annualised production capacity of 3.4 million tonnes, consistent with the 2013 production rate and ramp-up schedule described in the ITR. Ore mined at KTO Underground Mine in Q3 2011 was 398,474 tonnes, a 21% increase on Q3 2010.
• For the first 9 months of 2011, contained copper in ore mined was 157,658 tonnes, a 96% increase over the prior year period. This has allowed for an increase in contained copper in strategic stockpiles of approximately 21,000 tonnes (compared to Q2 2011), in anticipation of the current wet season.
• The current milling capacity of the Kamoto Concentrator of 7.7 million tonnes of ore p.a. is sufficient to support the Life of Mine Plan through to 2014. However during Q3 2011, throughput was adversely affected by electrical power disruption events. Processes have been instituted to minimise the impact of future disruptions. A 120,000 tonnes p.a. concentrate filtration and bagging plant was commissioned during Q3 for the export of oxide copper concentrates.
• Total copper in metal and concentrate for Q3 2011 was 23,690 tonnes, an increase of 60% compared to Q3 2010.
Mutanda:
• First nine months 2011 copper production was 46,140 tonnes, including cathodes and copper in concentrate, an increase of 343% compared to the corresponding period in 2010.
• The SX/EW plants are currently operating at an annualised capacity of 60,000 tonnes, in line with the accelerated commissioning schedule.
• Mutanda remains on target to commission EW 4 during December 2011 which will increase the annual tankhouse capacity to 110,000 tonnes with the associated front-end (milling and leaching) expected to be commissioned in Q1 2012.
• Completion of the 390 tonnes per day sulphuric acid and 73 tonnes per day SO2 Plant remains on track for commissioning in December 2011.
Mopani:
• First nine months 2011 'own mine' copper production increased by 17% compared to the corresponding period in 2010, aided by improved loader operational performance and increased primary and secondary development.
• Mopani has continued to process increased quantities of purchased material relative to 2010.
• From a comparative perspective for Q3 2011, it should be noted that due to a scheduled maintenance shutdown of the smelter in Q2 2010, Mopani stockpiled own sourced smelter feed during this period. Upon restart of the smelter in Q3 2010, Mopani primarily processed its own mined copper, working through this stockpile, which accounts for the negative quarterly year on year own feed production variance.
Minara:
• In September 2011, Glencore launched an all cash offer to acquire all the remaining Minara shares not already owned by -Glencore. In October, following the successful closure of the offer, Glencore commenced the compulsory acquisition process for the remaining shares. Glencore currently has an ownership interest in Minara and Murrin Murrin of approximately 98% and 99% respectively. Since launching the offer, the total consideration in respect of the minority buyout is approximately $ 265 million.
Energy Products
Production data
|
thousand MT |
Own |
Buy-in Coal |
Nine months ended |
Own |
Buy-in Coal |
Nine months ended |
Own |
|
|
|
|
|
|
|
|
|
|
Thermal Coal |
|
|
|
|
|
|
|
|
Prodeco |
10 912 |
156 |
11 068 |
7 641 |
207 |
7 848 |
42.8% |
|
South African Coal (export) |
660 |
|
660 |
565 |
|
565 |
16.8% |
|
South African Coal (domestic) |
5 573 |
|
5 573 |
6 350 |
412 |
6 762 |
- 12.2% |
|
Total |
17 145 |
156 |
17 301 |
14 556 |
758 |
15 314 |
17.8% |
|
Select commodity prices |
Q3 2011 |
Q3 2010 |
% Change |
Nine months ended |
Nine months ended |
% Change |
|
|
|
|
|
|
|
|
|
Average Prodeco realised price ($/MT) 1
|
90 |
74 |
21.7% |
94 |
80 |
17.5% |
|
Average South African Coal realised export price ($/MT) |
136 |
95 |
42.8% |
106 |
90 |
17.8% |
|
Average South African Coal realised domestic price ($/MT) |
41 |
37 |
10.9% |
43 |
34 |
26.5% |
|
Average oil price - Brent ($/bbl) |
112 |
77 |
45.6% |
112 |
78 |
43.2% |
|
|
||||||
OPERATIONAL HIGHLIGHTS
• Total consolidated own coal production increased by 18% compared to the first nine months of 2010.
Prodeco:
• Own coal production increased by 43% due to progress made in respect of the large-scale expansion currently underway.
Q3 2011 production reached record levels with a 69% increase versus the prior year period.
• As previously reported, Prodeco is experiencing some delay in the delivery of mining equipment ordered from Japan. The current impact assessment of this delay remains for a projected 2011 ramp-up production of 14.8 million tonnes. Exceptionally heavy rains experienced since October may have an impact on fourth quarter production levels if they continue.
• Overall expansion plan to achieve 20 million tonnes of annualised production remains on track for Q4 2013.
Shanduka:
• Total saleable own coal production was down 10% for the first nine months 2011 compared to the corresponding 2010 period, -although higher margin export production was up 17%. As reported earlier, the Leeuwfontein and Lakeside Collieries, placed on care and maintenance at the beginning of 2011, largely accounted for the reduction in domestic saleable product.
• The closing of the Umcebo transaction is expected by the end of the year, which will add an effective 44% (Glencore share) of 6.4 million tonnes of saleable coal production.
Oil E&P:
• The Aseng field (Block I - Equatorial Guinea) floating production, storage and offloading vessel (FPSO) arrived at site and commissioning began in October. First oil flowed on 6 November 2011, ahead of the initial plans for Q1 2012. The oil production rate has steadily ramped up to 50,000 Bbl/d gross of oil. The first tanker of oil is expected to be offloaded in December 2011.
• Subsea development drilling and well completion work for the Alen field (Block O) is also underway. The shallow water wellhead jacket has been installed on the field, with drilling expected to commence before year end. First production is still planned for late 2013.
• The first Carla Prospect exploration well, drilled in October 2011, encountered a total of 26 net feet of oil pay in high-quality upper Oligocene sands. Located in approximately 1,900 feet of water and below the Alen field, the Carla well was drilled to a depth of 11,500 feet. Discovered gross resources are estimated to range between 35 and 100 million barrel oil equivalent (MMBoe).
• Recent appraisal work at the Diega oilfield, a 2008 discovery, has confirmed a gross resource range of 45-110 MMBoe with
60 percent liquids. It is anticipated that both Carla and Diega will be developed through the infrastructure at Aseng or Alen. Both discoveries are expected to contribute production in 2015.
Agricultural Products
Production data
|
thousand MT |
Nine months ended |
Nine months ended |
% Change |
|
|
|
|
|
|
Total agricultural production |
4 400 |
3 106 |
41.7% |
|
Select commodity prices |
Q3 2011 |
Q3 2010 |
% Change |
Nine months ended |
Nine months ended |
% Change |
|
|
|
|
|
|
|
|
|
Average CBOT wheat price (US¢/bu) |
690 |
653 |
5.7% |
740 |
540 |
37.1% |
|
Average NYMEX sugar # 11 price (US¢/lb) |
29 |
20 |
42.2% |
28 |
20 |
39.4% |
operational HIGHLIGHTS
• The production increase is, in large part, due to the startup of sugarcane processing at the Rio Vermelho plant in Brazil, which has added 700,000 tonnes to the production total.
• At the beginning of October, a new crushing plant and vegetable oil refinery was acquired in the Czech Republic, further enhancing our crushing and refining capacity by some 400,000 tonnes of seeds and 72,000 tonnes of crude vegetable oil, respectively.
• A new 500,000 tonnes Hungarian multiseed crushing plant is in the commissioning phase with production expected from 2012.
• The construction of a crushing plant in Argentina (Timbues) remains on schedule for commissioning in May 2012, which will add 2 million tonnes of additional crushing capacity.
Corporate
BALANCE SHEET/CAPITAL RESOURCES/LIQUIDITY
• Robust balance sheet with over $ 10 billion of committed liquidity headroom as at 30 September 2011 and no material refinancings in the next 12 months. This liquidity is spread globally across some 100 banks.
• In November 2011, Glencore successfully extended the maturity of its existing committed $ 1.7 billion secured inventory and receivables borrowing base facility for a further year on the same terms and conditions.
• During the quarter, Glencore redeemed the remaining $ 400 million of the 8% perpetual bonds and repaid the maturing Euro 600 million Eurobond.
Appendix
Production data Q3
Metals and Minerals
|
thousand |
|
Using feed from own sources |
Using feed from third party sources |
Q3 2011 |
Using feed from own sources |
Using feed from third party sources |
Q3 2010 |
Own feed change |
|
|
|
|
|
|
|
|
|
|
|
Kazzinc |
|
|
|
|
|
|
|
|
|
Zinc metal |
MT |
58.6 |
16.9 |
75.5 |
57.3 |
18.4 |
75.7 |
2.3% |
|
Lead metal |
MT |
8.5 |
17.8 |
26.3 |
1.4 |
23.8 |
25.2 |
507.1% |
|
Copper metal |
MT |
16.2 |
0.3 |
16.5 |
12.6 |
0.7 |
13.3 |
28.6% |
|
Gold |
TOZ |
91 |
12 |
103 |
87 |
15 |
102 |
4.6% |
|
Silver |
TOZ |
1 276 |
1 610 |
2 886 |
1 238 |
550 |
1 788 |
3.1% |
|
Katanga |
|
|
|
|
|
|
|
|
|
Copper metal |
MT |
23.7 |
- |
23.7 |
14.8 |
- |
14.8 |
60.1% |
|
Cobalt |
MT |
0.6 |
- |
0.6 |
0.8 |
- |
0.8 |
- 25.0% |
|
Mutanda |
|
|
|
|
|
|
|
|
|
Copper metal |
MT |
20.3 |
- |
20.3 |
4.3 |
- |
4.3 |
372.1% |
|
Cobalt |
MT |
2.2 |
- |
2.2 |
2.6 |
- |
2.6 |
- 15.4% |
|
Mopani |
|
|
|
|
|
|
|
|
|
Copper metal |
MT |
24.0 |
27.3 |
51.3 |
31.2 |
23.9 |
55.1 |
- 23.1% |
|
Cobalt |
MT |
0.1 |
0.2 |
0.3 |
0.1 |
0.1 |
0.2 |
0.0% |
|
Other Zinc (Los Quenuales, Sinchi Wayra, AR Zinc, Portovesme) |
|
|
|
|
|
|||
|
Zinc metal |
MT |
7.8 |
31.1 |
38.9 |
7.4 |
28.5 |
35.9 |
5.4% |
|
Zinc oxide |
DMT |
23.1 |
- |
23.1 |
6.8 |
- |
6.8 |
239.7% |
|
Zinc concentrates |
DMT |
114.1 |
0.0 |
114.1 |
114.4 |
0.0 |
114.4 |
- 0.3% |
|
Lead metal |
MT |
3.1 |
0.0 |
3.1 |
3.5 |
0.0 |
3.5 |
- 11.4% |
|
Lead concentrates |
DMT |
15.6 |
0.0 |
15.6 |
16.2 |
0.0 |
16.2 |
- 3.7% |
|
Tin concentrates |
DMT |
1.2 |
0.0 |
1.2 |
0.8 |
0.0 |
0.8 |
50.0% |
|
Silver metal |
TOZ |
209 |
0 |
209 |
214 |
0 |
214 |
- 2.3% |
|
Silver contained in concentrates |
TOZ |
2 046 |
0 |
2 046 |
1 974 |
0 |
1 974 |
3.6% |
|
Other Copper (Cobar, Pasar, Punitaqui) |
||||||||
|
Copper metal |
MT |
0.0 |
40.8 |
40.8 |
0.0 |
46.7 |
46.7 |
n.m. |
|
Copper concentrates |
DMT |
53.9 |
4.8 |
58.7 |
39.5 |
0.0 |
39.5 |
36.5% |
|
Alumina/Aluminium (Sherwin) |
|
|
|
|
|
|
|
|
|
Alumina |
MT |
- |
354 |
354 |
- |
293 |
293 |
n.m. |
|
Ferroalloys/Nickel/Cobalt (Murrin Murrin) |
|
|
|
|
|
|
|
|
|
Nickel metal |
MT |
7.2 |
0.4 |
7.6 |
7.1 |
0.3 |
7.4 |
1.4% |
|
Cobalt |
MT |
0.5 |
0.0 |
0.5 |
0.5 |
0.0 |
0.5 |
0% |
|
|
|
|
|
|
|
|
|
|
|
Total Zinc contained |
MT |
140.1 |
47.9 |
188.0 |
128.4 |
46.9 |
175.3 |
9.1% |
|
Total Copper contained |
MT |
98.7 |
69.6 |
168.3 |
74.2 |
71.2 |
145.4 |
33.0% |
|
Total Lead contained |
MT |
20.8 |
17.7 |
38.5 |
13.8 |
23.9 |
37.7 |
50.7% |
|
Total Tin contained |
MT |
0.5 |
0.0 |
0.5 |
0.3 |
0.0 |
0.3 |
66.7% |
|
Gold (incl. Gold equivalents) |
TOZ |
171 |
50 |
221 |
140 |
23 |
163 |
22.1% |
|
Total Alumina |
MT |
- |
354 |
354 |
- |
293 |
293 |
n.m. |
|
Total Nickel |
MT |
7.2 |
0.4 |
7.6 |
7.1 |
0.3 |
7.4 |
1.4% |
|
Total Cobalt |
MT |
3.4 |
0.2 |
3.6 |
4.0 |
0.1 |
4.1 |
- 15.0% |
Energy Products
|
thousand MT |
Own |
Buy-in |
Q3 2011 |
Own |
Buy-in Coal |
Q3 2010 |
Own production change |
|
|
|
|
|
|
|
|
|
|
Thermal Coal |
|
|
|
|
|
|
|
|
Prodeco |
3 819 |
62 |
3 881 |
2 256 |
42 |
2 298 |
69.3% |
|
South African Coal (export) |
139 |
0 |
139 |
92 |
0 |
92 |
51.1% |
|
South African Coal (domestic) |
2 047 |
0 |
2 047 |
2 290 |
18 |
2 308 |
- 10.6% |
|
Total |
6 005 |
62 |
6 067 |
4 638 |
60 |
4 698 |
29.5% |
Agricultural Products
|
thousand MT |
Q3 2011 |
Q3 2010 |
% Change |
|
|
|
|
|
|
Total agricultural production |
1 969 |
1 565 |
25.8% |
This announcement 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 making of this announcement does not constitute a recommendation regarding any securities.
This announcement may include statements that are, or may be deemed to be, "forward looking statements", beliefs or opinions, including statements with respect to the business, financial condition, results of operations, prospects, strategies and plans of Glencore. These forward looking statements involve known and unknown risks and uncertainties, many of which are beyond Glencore's control and all of which are based on the Glencore board of directors' current beliefs and expectations about future events. These forward looking statements may be identified by the use of forward looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "will", "could", or "should" or in each case, their negative or other variations thereon or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts. Forward looking statements may and often do differ materially from actual results. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Services Authority and the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited), Glencore is not under any obligation and Glencore and its affiliates expressly disclaim any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing Glencore. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward looking statements. Forward looking statements speak only as of the date of this announcement.
No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that earnings per Glencore share for the current or future financial years would necessarily match or exceed the historical published earnings per Glencore share.
This information is provided by RNS
Latest directors dealings
- 2 minutes ago Carclo
- 19 minutes ago Schroder Japan Growth Fund
- 39 minutes ago Schroder Income Growth Fund
- 41 minutes ago CVC Income & Growth Limited NPV GBP
- 44 minutes ago Schroder Japan Growth Fund