Glencore Inter GLEN IMS & Third Quarter 2012 Production Report

  Glencore Inter (GLEN) - IMS & Third Quarter 2012 Production Report

RNS Number : 0363Q
Glencore International PLC
01 November 2012




NEWS RELEASE



Baar, 1November 2012



IMS & Third Quarter 2012 Production Report



Key Highlights



• Overall performance in Q32012 was good, despite generally weaker commodity
prices.

• Marketing  has, once  more,  demonstrated the  robustness of  the  business 
model, with  low operational  gearing and  much less  direct correlation  with 
commodity prices than industrial activities.

• Industrial activities performance reflected lower prices, but  nevertheless 
delivered a  sequential  and year-on-year  overall  volume improvement  as  we 
continued to deliver on and benefit from our growth pipeline.

• Debt lower and rolling 12 month credit metrics improved. Our balance  sheet 
retains a level of  flexibility which is  unique amongst a  large part of  our 
peer group.

• Outlook: we are not assuming any short term material improvement in  global 
macro conditions. We are confident that in this environment our business model
places us  in  a strongly  competitive  position, underpinned  by  our  strong 
relationships  in  marketing   and  our   highly  capital-efficient   low-cost 
brownfield expansion projects in industrial activities.





Marketing



Glencore's marketing operations  have continued  to trade strongly.  Q3 saw  a 
healthy improvement both year-on-year and sequentially. Agriculture and metals
were particularly strong. Glencore's outlook for the remainder of the year  in 
marketing remains  positive, based  on generally  accommodating  supply/demand 
conditions and  the compelling  business proposition  that we  provide to  our 
customers and suppliers.





Industrial



Glencore's industrial  portfolio saw  an overall  improved volume  performance 
during Q3 in sequential  terms and year-on-year, with  the performance of  our 
energy division, particularly  noteworthy. Although the  financial outcome  in 
our Industrial operations will remain dependent on commodity price levels, the
10-15% annual volume growth forecast from 2011-2015 should continue to provide
us with incremental positive operating leverage.



Kazzinc gold production rose 18%  year-on-year with recovery rates  continuing 
to improve. On 11October 2012,  Glencore completed the acquisition of  18.91% 
of Kazzinc, increasing the Group's interest  in Kazzinc to 69.61%. At  Katanga 
copper production  rose  3% year-on-year,  with  cathode production  up  14%. 
Copper cathode increased 9% in Q32012 compared to Q22012. At Mutanda, copper
production  rose  31%  year-on-year,  producing  at  an  annualised  rate   of 
81,000tonnes at the end of September.



There was significant growth in coal production from South Africa, including a
large increase in export capacity through Richards Bay Coal Terminal following
the inclusion of both Optimum and Umcebo from the start of the year. At Aseng,
oil production was ahead of expectation at 62,000 bbls/day. The Alen field  is 
on schedule and budget for first production in H22013.





Balance sheet



Committed  liquidity   headroom  at   30September  2012   was   approximately 
$9billion, at  similar levels  to 30June  2012. S&P  reaffirmed BBB  (watch 
positive) rating on 25July  2012 and Moody's  confirmed Baa2 rating  (outlook 
under  review)  on   26September  2012.   In  July   2012,  Glencore   issued 
CHF450million ($473million)  2.625% interest  bearing bonds  due  December 
2018, while in  October, the 364-day  committed $1.7billion metals'  working 
capital borrowing base facility was refinanced with a new equivalent  facility 
at an increased amount of $ 2.22billion.





Metals and Minerals





Production data



                                Using                        Using
                        Using    feed               Using    feed
                         feed    from  Nine months    feed    from  Nine months
                         from   third        ended    from   third        ended    Own
                          own   party 30September     own   party 30September   feed
thousand^1            sources sources         2012 sources sources         2011 change
Kazzinc
Zinc metal         MT  165.9   58.6       224.5  184.6   40.2       224.8  -10%
Lead metal ²       MT   18.5   43.9        62.4   27.3   52.0        79.3  -32%
Copper metal ³     MT   38.6    2.5        41.1   42.0    1.0        43.0   -8%
Gold              toz    351     66         417    298     29         327    18%
Silver            toz  3471 11444      14915  3572  3350       6922   -3%
Katanga
Copper metal ³     MT   68.9       -        68.9   67.0       -        67.0     3%
Cobalt             MT   1.59       -        1.59   1.89       -        1.89  -16%
Mutanda
Copper metal ³     MT   60.6     -        60.6   46.1       -        46.1    31%
Cobalt ^4          MT   5.77       -        5.77   5.84       -        5.84   -1%
Mopani
Copper metal ³     MT   72.2   64.6       136.8   73.6   80.1       153.7   -2%
Cobalt ^4          MT   0.07   0.16        0.23   0.51   0.26        0.77  -86%
Other Zinc (Los Quenuales, Sinchi Wayra, AR Zinc,
Portovesme,
Rosh Pinah)
Zinc metal         MT   39.5   60.1        99.6   46.0   69.8       115.8  -14%
Zinc oxide        DMT   38.5      -        38.5   26.4       -        26.4    46%
Zinc concentrates DMT  316.1       -       316.1  361.3       -       361.3  -13%
Lead metal         MT    9.0       -         9.0    9.0       -         9.0     0%
Lead concentrates DMT   47.8       -        47.8   46.3       -        46.3     3%
Tin concentrates  DMT   2.35      -        2.35   3.35       -        3.35  -30%
Silver metal      toz    585      -         585    577       -         577     1%
Silver in         toz  5316      -       5316  6052       -       6052  -12%
concentrates
Other Copper (Cobar, Pasar, Punitaqui, Sable)
Copper metal       MT       -   49.8        49.8       -  121.4       121.4   n.m.
Copper            DMT  137.5    0.1       137.6  147.7       -       147.7   -7%
concentrates
Cobalt             MT      -   0.61        0.61       -       -            -   n.m.
Silver in         toz    804       -         804    701       -         701    15%
concentrates
Alumina/Aluminium
(Sherwin)
Alumina            MT       -    998         998       -  1105       1105   n.m.
Nickel/Cobalt (Murrin
Murrin)
Nickel metal       MT  24.05   1.73       25.78  21.13   1.08       22.21    14%
Cobalt             MT   1.71   0.07        1.78   1.45   0.05        1.50    18%
Total Zinc         MT  393.3 118.60       511.9  432.7  110.0       542.7   -9%
contained
Total Copper       MT  277.3  116.9       394.2  268.4  202.5       470.9     3%
contained
Total Lead         MT   54.5   43.9        98.4   62.6   51.9       114.5  -13%
contained
Total Tin          MT   1.15       -        1.15   1.53       -        1.53  -25%
contained
Total Gold (incl. toz    540    278         818    557    109         666   -3%
Gold
equivalents) ^5
Total Alumina      MT       -    998         998       -  1105       1105   n.m.
Total Nickel       MT  24.05   1.73       25.78  21.13   1.08       22.21    14%
Total Cobalt       MT   9.14   0.84        9.98   9.69   0.31       10.00   -6%
^1
Controlled industrial assets only  (with the exception in  2011 of Mutanda, which  was 
40% owned). Production is included on a 100% basis.

^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 ratios  of 1/53.83  and 1/42.10  for the  first three  quarters 
of2012 and 2011 respectively based on average prices.



Selected average commodity prices



                                   Nine months ended  Nine months ended
                                  30Sep-tember 2012 30Sep-tember 2011 Change
S&P GSCI Industrial Metals Index                 383                461  -17%
LME (cash) zinc price ($/t)                    1948              2289  -15%
LME (cash) copper price ($/t)                  7974              9249  -14%
LME (cash) lead price ($/t)                    2017              2533  -20%
Gold price ($/oz)                              1652              1536     8%
Metal Bulletin alumina price                     317                389  -19%
($/t)
LME (cash) aluminium price ($/t)               2029              2499  -19%
LME (cash) nickel price ($/t)                 17722             24339  -27%
Metal Bulletin cobalt price                       13                 17  -24%
99.3% ($/lb)
Iron ore (Platts 62% CFR North                   133                171  -22%
China) price ($/DMT)







OPERATIONAL HIGHLIGHTS



Kazzinc (Glencore interest: 69.61%, increased from 50.7% on 11October 2012)

Gold production from own sources increased  18% over the comparable period  in 
2011, reflecting the continuing ramp-up at Altyntau Kokshetau and an  increase 
in gold recovered from the lead smelter, following the decision to  prioritise 
gold over lead. The increase in total silver production reflects the increased
extraction of silver from purchased concentrates.

Lower lead production reflects  reduced throughput during  the ramp-up of  the 
new IsaSmelt lead smelter  (commissioned in August 2012)  and the decision  to 
process  gold  rich  concentrates  at  the  expense  of  lead  prior  to  such 
commissioning.

Copper production from own  sources was 8% lower  than the comparable  period, 
however copper cathode production increased from 9,000tonnes to 37,000tonnes
as Kazzinc's  new  copper  smelter (commissioned  in  H22011)  continued  its 
ramp-up.

On 11October 2012, Glencore completed  the acquisition of 18.91% of  Kazzinc, 
increasing its interest to 69.61%.



Katanga (Glencore interest: 75.2%)

Total ore mined was 4,128,300tonnes, an increase of 15% over the same  period 
last year, which at a grade of 4.04% resulted in contained copper in ore mined
of 166,700tonnes, a 6% increase.

Ore mined at KTO  underground mine was 1,377,900tonnes,  a 15% increase  over 
the comparable 2011 period,  at an average  grade of 3.65%.  Ore mined at  KOV 
open pit was  2,750,400tonnes, 38%  above the same  period last  year, at  an 
average grade of  4.59% in Q3  (4.00% for  H12012) as higher  grade ore  was 
accessed, following the removal of mud from the bottom of the KOV pit.

Ore milled at KTC concentrator was  3,511,600tonnes, an increase of 17%  over 
the comparable 2011 period.

Copper produced in metal and concentrate was 68,900tonnes, an increase of 3%,
with copper metal production increasing by 14% over the same period in 2011.



Copper and cobalt production was hampered by general power disruptions in  the 
DRC during the  first nine months  of 2012. Total  lost production during  the 
period was 1,187 hours or 49 days.

The new  power  converter  under  a  World Bank  power  project  and  the  new 
synchronous condenser as part of Katanga's agreement with SNEL are expected to
be commissioned in Q42012 and  will improve the availability and  reliability 
of power. The commissioning has been affected by the transport industry strike
in South Africa during September and October  2012 as well as a strike at  the 
Zambian-DRC  border  during  October  2012.  Significant  electricity   supply 
improvements are expected  in the  medium term  from the  joint Power  Project 
being undertaken  between Katanga,  Kansuki and  Mutanda in  partnership  with 
SNEL, as announced in March 2012.

Katanga expects to produce  the first copper cathode  through the new  Solvent 
Extraction plants  and converted  electro-winning  facility in  Q42012,  also 
somewhat delayed due to the strikes noted above.



For further information please visit www.katangamining.com







Mutanda (Glencore interest: 60.0%)



Copper  production,  including   cathode  and  copper   in  concentrate,   was 
60,600tonnes, representing a 31% increase on the comparable period.  Cathodes 
contributed 57,700tonnes, almost  double the prior  year period. The  ramp-up 
schedule to reach the installed  110,000 copper tankhouse capacity remains  on 
target.

Cobalt production, including cobalt in hydroxide and cobalt in concentrate was
5,800tonnes, broadly in line with the  prior year period. Mutanda remains  on 
track to complete the  cobalt circuit in  Q42012, resulting in  23,000tonnes 
per annum of cobalt in hydroxide production capacity.

A dedicated power generation  plant was mechanically  completed in Q32012  to 
provide reliable power to the sulphuric acid plant.

Glencore's increase to a 60% indirect  equity interest in Mutanda in May  2012 
represents a  significant first  step  to achieve  the anticipated  merger  of 
Mutanda and Kansuki,  which is expected  to form a  combined entity having  an 
installed capacity of 200,000tonnes per annum of copper and 23,000tonnes  of 
cobalt in  hydroxide by  H22013. This  expansion in  capacity from  Mutanda's 
existing 110,000tonnes per annum to 200,000tonnes represents the first stage
of the combined operations' expansion plans.

Mutanda is also currently preparing  a feasibility study for the  construction 
of a 100,000tonnes (of copper contained) sulphide concentrator. The study  is 
expected to be completed during H12013.



Kansuki (Glencore interest: 37.5%)

Glencore holds a 50% interest in Kansuki Investments Sprl which in turn  holds 
a 75% interest  in the  owner of the  Kansuki concession,  giving Glencore  an 
effective interest of  37.5%. Kansuki  is a  185 square  kilometre copper  and 
cobalt   pre-development   project,   bordering   the   Mutanda    concession. 
$387million of capital expenditure for  mine and plant development has  been 
committed, of  which $298million  had been  spent as  at 30September  2012. 
Exploration of the Kansuki concession is ongoing.



Mopani (Glencore interest: 73.1%)

Year to date contained copper in ore mined was 85,300tonnes a 2% decline over
the same period of 2011. Contained copper in concentrate was 60,800tonnes.

Gross anode production from  the smelter was 12%  lower than 2011,  reflecting 
the planned  smelter  maintenance  shutdown that  impacted  production  levels 
during H12012.

Finished copper production from own sources was 72,200tonnes, a 2%  reduction 
over the corresponding  period in 2011.  The reduction mainly  relates to  the 
Mufulira site, where production was impacted by the planned smelter  shutdown. 
Total finished copper  production, including third  party purchased  materials 
and toll,  was similarly  impacted  by the  smelter shutdown  and  exacerbated 
somewhat by the quality and availability of third party material received.

Cobalt production of  229tonnes was substantially  lower than the  comparable 
2011 period, due to  the cobalt roaster being  placed on care and  maintenance 
during H22011.

The  current  capital  expenditure   projects  to  increase  mine   production 
(including the Synclinorium project) and further improve the smelter remain on
track to time and budget.

Mopani announced  earlier  in  the  year that  the  smelter  upgrade  project, 
including improving sulphur emissions capture to above 97%, is expected to  be 
completed by December 2013, 18 months  ahead of the schedule initially  agreed 
with the Zambian authorities.



Other Zinc (Los Quenuales, Sinchi Wayra, AR Zinc, Portovesme, Rosh Pinah)

A shift toward some lower grade ore  bodies at Los Quenuales and Sinchi  Wayra 
resulted in lower production of zinc, lead and silver in concentrates.

The nationalisation of the  Colquiri mine at Sinchi  Wayra resulted in no  tin 
production  since  June  2012  and  this  has  also  impacted  lead  and  zinc 
production.

A strong  performance from  AR Zinc  and the  acquisition of  Rosh Pinah  have 
largely succeeded (excluding tin) to offset the negative production impact  of 
head grade reductions and the Colquiri nationalisation.



Other Copper (Cobar, Pasar, Punitaqui, Sable)

Copper metal production  was down  due to  a fire  at Pasar  in January  which 
stopped production  until the  restart in  July 2012.  Following a  month  of 
ramp-up in July, production volumes in August and September were in line  with 
original expectations.

Copper  concentrates  production  from  own  sources  was  down  7%  over  the 
comparable period due to temporary operational issues at Cobar relating to  an 
electrical line failure and delays to underground backfilling activities.



Alumina/Aluminium

Sherwin Alumina (Glencore interest: 100%)

Production was 997,800tonnes, a  decrease of 10% compared  to the prior  year 
period, primarily related to the overhaul of a calciner in Q12012.



Ferroalloys/Nickel/Cobalt

Murrin Murrin (Glencore interest: 100%)

Own sourced production was 24,100tonnes of nickel and 1,700tonnes of cobalt,
higher by 14% and 18% respectively compared  to the same period in 2011.  This 
reflected record  production during  the second  and third  quarters owing  to 
consistent plant availability and record throughput.

In response to the  lower nickel price environment,  Murrin has implemented  a 
'Margin Improvement Plan' designed to  deliver sizeable cost and cash  savings 
over the remainder of 2012 and into 2013.



Energy Products





Production data



                            Nine months                 Nine months
                  Buy-in         ended       Buy-in         ended        Own
thousand                  30Sep-tember               30Sep-tember production
MT ^1          Own   Coal          2012    Own   Coal          2011     change
Thermal
coal
Prodeco     11036    127        11163 10912    156        11068         1%
Shanduka       347      -           347    323      -          323         7%
(Export)
Shanduka     4457    840        5297  4014    521        4535        11%
(Domestic)
Umcebo         180      -          180      -      -             -       n.m.
(Export)
Umcebo       5242     19        5261      -      -             -       n.m.
(Domestic)
Optimum      5568      -        5568      -      -             -       n.m.
(Export)
Optimum      4783    434        5217      -      -             -       n.m.
(Domestic)
Total       31613  1420        33033 15249    677        15926       107%
^1 Controlled industrial assets only. Production on a 100% basis.







                         Nine months ended      Nine months ended
thousand bbls           30Sep-tember 2012     30Sep-tember 2011     Change
Oil ^1
Block I                             16985                      -       n.m.
Total                               16985                      -       n.m.


^1
On a 100% basis. Glencore's ownership interest in the Aseng field is 23.75%.





Selected average commodity prices



                                   Nine months ended  Nine months ended
                                   30September 2012 30Sep-tember 2011 Change
S&P GSCI Energy Index                            333                335   -1%
Coal API2 ($/t)                                   94                124  -24%
Coal API4 ($/t)                                   95                119  -20%
Prodeco realised price ($/t) ^1                   87                 94   -7%
South African Coal average                        93                106  -12%
realised export price ($/t)
South African Coal average                        31                 43  -28%
realised domestic price ($/t)
Oil price - Brent ($/bbl)                        112                112     0%
^1 As of  30September 2012,  26million tonnes had  been sold  forward at  an 
average price of $90 per tonne.













OPERATIONAL HIGHLIGHTS



Prodeco (Glencore interest: 100%)

Own production  was  11.0million  tonnes,  broadly  in  line  with  the  2011 
comparable period. Production was impacted by a lengthy strike at the La Jagua
mine, concluded in October 2012, which  offset the growth achieved during  the 
first half of the year and at the Calenturitas mine.

Prodeco is undertaking a broad  expansion project which, excluding some  minor 
effect of the  strikes at La  Jagua, is  progressing to plan  and expected  to 
increase annualised production to 20million tonnes by 2014.

Construction of the new direct loading port, Puerto Nuevo, remains on schedule
and budget and  is expected  to be commissioned  in H12013.  Puerto Nuevo  is 
expected to provide substantially higher  annual throughput capacity and at  a 
lower operating cost per tonne.



South African Coal (Glencore interest:  Shanduka Coal: 49.99%, Umcebo  Mining: 
43.66% and Optimum Coal: 64.13%)

In addition to the above consolidated entities, Shanduka Coal has a 30%  stake 
in Kangra Coal.

Own production was 20.6million tonnes, a nearly five-fold increase versus the
comparable 2011 period,  reflecting the inclusion  of production from  Optimum 
and Umcebo for the first time from 1January 2012. Volumes of export coal also
increased significantly  to 6.1million  tonnes  predominantly the  result  of 
Optimum which exports  approximately 6.8million tonnes  per annum of  thermal 
coal through Richards Bay Coal Terminal.

Work is currently  proceeding well on  a number of  expansion and  development 
projects  including  Wonderfontein,  with  the  rail  siding  expected  to  be 
completed during December 2012  and first coal  railed shortly thereafter.  At 
Shanduka and Umcebo, the Springboklaagte project studies are also  progressing 
to schedule and it is expected  that the definitive feasibility study will  be 
completed by  April  2013;  meanwhile,  the  Argent  coal  deposit  definitive 
feasibility study is also currently  progressing and expected to be  completed 
by April 2013. At Optimum,  the Pullenshope Underground brownfield project  is 
proceeding to schedule, with construction due to commence in Q42012 and first
coal expected in  Q22013. It is  also expected that  licensing for  Optimum's 
Koornfontein  4  Seam  project  will  be  completed  by  December  2012,  with 
construction commencing in early 2013. Studies  for the two major longer  term 
Optimum growth projects, Remhoogte  and TNC, are  also proceeding as  planned. 
(Refer to slide  20 of  Glencore Interim  Results 2012  presentation for  more 
details)



Oil Exploration  &  Production (Glencore  interest:  Block I:  23.8%/Block  O: 
25.0%)

The Aseng field (Block I) in Equatorial Guinea has continued to perform  well, 
producing 17.0million barrels  of cumulative gross  production at an  average 
gross rate of 62,000 barrels per day during the first nine months of 2012.

Development of the Alen field (Block O) in Equatorial Guinea remains on budget
with first production scheduled for H22013. All of the development wells have
been drilled  and  completed  and  construction  of  the  production  platform 
continues as planned.



Agricultural Products





Production data



                                   Nine months ended  Nine months ended
thousand MT                       30Sep-tember 2012 30Sep-tember 2012 Change
Farming                                          599                602     0%
Oilseed crushing                               1939              1470    32%
Oilseed crushing long term toll                  721                710     2%
agreement
Biodiesel                                        372                422  -12%
Rice milling                                     213                220   -3%
Wheat milling                                    805                804     0%
Sugarcane processing                             829                701    18%
Total                                          5478              4929    11%





Selected average commodity prices



                                   Nine months ended  Nine months ended
                                   30September 2012 30Sep-tember 2011 Change
S&P GSCI Agriculture Index                       452                510  -11%
CBOT corn no.2 price (US¢/bu)                    681                699   -3%
ICE cotton price (US¢/lb)                         82                151  -46%
CBOT soya beans (US¢/bu)                       1459              1365     7%
NYMEX sugar # 11 price (US¢/lb)                   22                 28  -21%
CBOT wheat price (US¢/bu)                        719                740   -3%







OPERATIONAL HIGHLIGHTS



Viterra (pending completion)

On 19March 2012, Glencore announced it had concluded an agreement to  acquire 
Viterra Inc. for CAD  16.25 per share, subject  to regulatory and  shareholder 
approvals.  Viterra's   shareholders  subsequently   voted  to   approve   the 
acquisition on 29May  2012. Substantially all  regulatory approvals have  now 
been received  including  competition  and foreign  investment  clearances  in 
Canada and  Australia.  The  only outstanding  approval  remaining  is  MOFCOM 
(Ministry of Commerce of the People's Republic of China) and, as announced  on 
26September 2012,  the outside  date for  completion of  the transaction  has 
accordingly been extended  to 15November 2012  or such later  date as may  be 
agreed by both parties.



Rio Vermelho (Glencore interest: 100%)

829,100tonnes of sugarcane was crushed  (18% higher than the comparable  2011 
period), producing 63,556tonnes  of Very  High Pol ('VHP')  sugar and  25,500 
cubic metres of hydrous ethanol.

Following the successful completion of the first phase of Rio Vermelho's  five 
year expansion  plan  (construction of  the  VHP  sugar plant  in  June  2012) 
progress continues on the remaining elements, including the addition of 80,000
cubic  metres  of  anhydrous  ethanol  production  capacity,  as  well  as   a 
cogeneration plant  capable of  supplying 200,000  megawatt hours  of  surplus 
electricity to the power grid.









Other Agricultural Products

Oilseed crushing

Oilseed crushing  volumes  have increased  32%  following the  three  recently 
acquired softseed crushing plants (in  Usti, Czech Republic, Bodaczow,  Poland 
and Kharkov, Ukraine) and the recently commissioned plant at Fokto, Hungary.

The joint venture greenfield soyabean crushing plant at Timbues, Argentina was
successfully commissioned in October  2012 and is  expected to be  operational 
before the end of the year.









For further information please contact:



Investors & analysts         Media                          Finsbury (Media)

Paul Smith/Elisa Morniroli   Charles Watenphul              Guy Lamming

t: +41 (0)41709 24 87/28 18 t: +41 (0)41709 24 62         Dorothy Burwell

e: paul.smith@glencore.com   e:                             t:                   +44 
                             charles.watenphul@glencore.com (0)2072513801
e:
elisa.morniroli@glencore.com





website: www.glencore.com



Appendix 1 - Q32012 vs Q32011





METALS AND MINERALS



Production data



                                  Using                   Using
                                   feed          Using    feed
                          Using    from            feed    from
                           feed   third Q32012    from   third Q32011    Own
                       from own   party             own   party           feed
thousand ^1             sources sources   Total sources sources   Total change
Kazzinc
Zinc metal          MT    52.2   22.8   75.0   58.6   16.9   75.5  -11%
Lead metal ^2       MT     4.6   14.2   18.8    8.5   17.8   26.3  -46%
Copper metal ^3     MT    14.1    1.1   15.2   16.2    0.3   16.5  -13%
Gold               toz     118     23    141     91     12    103    30%
Silver             toz     835  4114  4949  1276  1610  2886  -35%
Katanga
Copper metal ^3     MT    25.8      -   25.8   23.7       -   23.7     9%
Cobalt ^4           MT    0.52      -   0.52   0.59       -   0.59  -12%
Mutanda
Copper metal ^3     MT    22.3      -   22.3   20.3       -   20.3    10%
Cobalt ^4           MT    2.14      -   2.14   2.25       -   2.25   -5%
Mopani
Copper metal ^3     MT    32.8   18.7   51.5   24.0   27.3   51.3    37%
Cobalt ^4           MT    0.03   0.02   0.05   0.10   0.13   0.23  -70%
Other Zinc (Los Quenuales, Sinchi Wayra, AR
Zinc, Portovesme, Rosh Pinah)
Zinc metal          MT    12.9   17.1   30.0   14.7   24.2   38.9  -12%
Zinc oxide         DMT    15.6       -   15.6   13.2       -   13.2    18%
Zinc concentrates  DMT   115.1       -  115.1  114.1       -  114.1     1%
Lead metal          MT     3.2       -    3.2    3.1       -    3.1     3%
Lead concentrates  DMT    18.2      -   18.2   15.6       -   15.6    17%
Tin concentrates   DMT       -       -     -   1.16       -   1.16 -100%
Silver metal       toz     196       -    196    209       -    209   -6%
Silver in          toz   1895       -  1895  1914       -  1914   -1%
concentrates
Other Copper (Cobar, Pasar, Punitaqui, Sable)
Copper metal        MT       -   32.0   32.0       -   40.8   40.8   n.m.
Copper             DMT    47.1      -   47.1   53.9       -   53.9  -13%
concentrates
Cobalt              MT       -   0.26   0.26       -       -       -   n.m.
Silver in          toz     208      -    208    313       -    313  -34%
concentrates
Alumina/Aluminium
(Sherwin)
Alumina             MT       -    364     364       -    354    354   n.m.
Nickel/Cobalt (Murrin
Murrin)
Nickel metal        MT    8.72   1.01   9.73   7.18   0.40   7.58    21%
Cobalt              MT    0.63   0.04   0.67   0.54   0.02   0.56    17%
Total Zinc          MT   135.0   39.9  174.9  140.1   41.1  181.2   -4%
contained
Total Copper        MT   107.8   51.8  159.6   98.7   68.4  167.1     9%
contained
Total Lead          MT    17.5   14.2   31.7   20.8   17.7   38.5  -16%
contained
Total Tin           MT       -      -       -   0.54       -   0.54 -100%
contained
Total Gold (incl.  toz     175     97    272    176     49    225   -1%
Gold
equivalents) ^5
Total Alumina       MT       -    364    364       -    354    354   n.m.
Total Nickel        MT    8.72   1.01   9.73   7.18   0.40   7.58    21%
Total Cobalt        MT    3.32   0.32   3.64   3.48   0.15   3.63   -5%
^1
Controlled industrial  assets only  (with the  exception in  2011 of  Mutanda, 
which was 40% owned). Production is included on a 100% basis.

^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 1/55.22 and 1/43.90 for Q32012 and Q32011
respectively based on average prices.





Selected average commodity prices



                                                    Q32012 Q32011 Change
S&P GSCI Industrial Metals Index                        367     443  -17%
LME (cash) zinc price ($/t)                           1888   2221  -15%
LME (cash) copper price ($/t)                         7716   8973  -14%
LME (cash) lead price ($/t)                           1980   2450  -19%
Gold price ($/oz)                                     1653   1706   -3%
Metal Bulletin alumina price ($/t)                      316     372  -15%
LME (cash) aluminium price ($/t)                      1924   2398  -20%
LME (cash) nickel price ($/t)                        16345  22002  -26%
Metal Bulletin cobalt price 99.3% ($/lb)                 13      16  -19%
Iron ore (Platts 62% CFR North China) price ($/DMT)     113     178  -37%





ENERGY PRODUCTS



Production data



                         Buy-in Q32012      Buy-in Q32011        Own
                                                              production
thousand MT ^1        Own   Coal   Total   Own   Coal   Total     change
Thermal coal
Prodeco             3092     20   3112 3819     62   3881      -19%
Shanduka (Export)     148      -     148    73      -     73       103%
Shanduka (Domestic) 1477    301  1778 1514    264  1778       -2%
Umcebo (Export)        49      -     49     -      -       -       n.m.
Umcebo (Domestic)   1622      1  1623     -      -       -       n.m.
Optimum (Export)    1799      -  1799     -      -       -       n.m.
Optimum (Domestic)  1628     76  1704     -      -       -       n.m.
Total               9815    398  10213 5406    326   5732        82%
^1 Controlled industrial assets only. Production on a 100% basis.





                                   Q32012            Q32011

thousand bbls                        Total              Total           Change
Oil ^1
Block I                              5963                  -             n.m.
Total                                5963                  -             n.m.


^1 On  a 100%  basis. Glencore's  ownership  interest in  the Aseng  field  is 
23.75%.







Selected average commodity prices



                                                        Q32012 Q32011 Change
S&P GSCI Energy Index                                       324     325     0%
Coal API2 ($/t)                                              91     124  -27%
Coal API4 ($/t)                                              87     117  -26%
Prodeco realised price ($/t)                                 83      90   -8%
South African Coal average realised export price ($/t)       86     136  -37%
South African Coal average realised domestic price           32      41  -22%
($/t)
Oil price - Brent ($/bbl)                                   109     112   -3%





AGRICULTURAL PRODUCTS



Production data



thousand MT                               Q32012 Q32011 Change
Farming                                       272     411  -34%
Oilseed crushing                              833     559    49%
Oilseed crushing long term toll agreement     325     265    23%
Biodiesel                                     112     149  -25%
Rice milling                                   87     107  -19%
Wheat milling                                 271     298   -9%
Sugarcane processing                          578     381    52%
Total                                       2478   2170    14%





Selected average commodity prices



                                Q32012 Q32011 Change
S&P GSCI Agriculture Index          504     486     4%
CBOT corn no.2 price (US¢/bu)       783     696    13%
ICE cotton price (US¢/lb)            73     107  -32%
CBOT soya beans (US¢/bu)          1677   1356    24%
NYMEX sugar # 11 price (US¢/lb)      21      29  -28%
CBOT wheat price (US¢/bu)           871     690    26%







Appendix 2 - Q32012 vs Q22012





METALS AND MINERALS



Production data



                                  Using                   Using
                                   feed          Using    feed
                          Using    from            feed    from
                           feed   third Q32012    from   third Q22012    Own
                       from own   party             own   party           feed
thousand ^1             sources sources   Total sources sources   Total change
Kazzinc
Zinc metal          MT    52.2   22.8   75.0   51.9   22.9   74.8     1%
Lead metal ^2       MT     4.6   14.2   18.8    4.4   17.2   21.6     5%
Copper metal ^3     MT    14.1    1.1   15.2   10.9    0.8   11.7    29%
Gold               toz     118     23    141    126     25    151   -6%
Silver             toz     835  4114  4949  1708  3628  5336  -51%
Katanga
Copper metal ^3     MT    25.8       -   25.8   24.4       -   24.4     9%
Cobalt ^4           MT    0.52       -   0.52   0.48       -   0.48  -12%
Mutanda
Copper metal ^3     MT    22.3      -   22.3   21.7       -   21.7     3%
Cobalt ^4           MT    2.14      -   2.14   1.91       -   1.91    12%
Mopani
Copper metal ^3     MT    32.8   18.7   51.5   16.7   20.1   36.8    96%
Cobalt ^4           MT    0.03   0.02   0.05       -   0.06   0.06   n.m.
Other Zinc (Los Quenuales, Sinchi Wayra, AR
Zinc, Portovesme, Rosh Pinah)
Zinc metal          MT    12.9   17.1   30.0   14.7   21.7   36.4  -12%
Zinc oxide         DMT    15.6      -   15.6   13.1       -   13.1    19%
Zinc concentrates  DMT   115.1      -  115.1  103.3       -  103.3    11%
Lead metal          MT     3.2      -    3.2    3.3       -    3.3   -3%
Lead concentrates  DMT    18.2      -   18.2   15.0       -   15.0    21%
Tin concentrates   DMT       -      -      -   0.97       -   0.97 -100%
Silver metal       toz     196      -    196    225       -    225  -13%
Silver in          toz   1895       -  1895  1728       -  1728    10%
concentrates
Other Copper (Cobar, Pasar, Punitaqui, Sable)
Copper metal        MT        -   32.0   32.0       -    1.9    1.9   n.m.
Copper             DMT    47.1      -   47.1   42.6       -   42.6    11%
concentrates
Cobalt              MT        -   0.26   0.26       -   0.18   0.18   n.m.
Silver in          toz     208      -    208    282       -    282  -26%
concentrates
Alumina/Aluminium
(Sherwin)
Alumina             MT        -    364    364       -    330    330   n.m.
Nickel/Cobalt (Murrin
Murrin)
Nickel metal        MT    8.72   1.01   9.73   9.07   0.52   9.59   -4%
Cobalt              MT    0.63   0.04   0.67   0.62   0.02   0.64     2%
Total Zinc          MT   135.0   39.9  174.9  128.4   44.5  172.9     5%
contained
Total Copper        MT   107.8   51.8  159.6   85.0   22.7  107.7    27%
contained
Total Lead          MT    17.5   14.2   31.7   16.4   17.2   33.6     7%
contained
Total Tin           MT       -      -      -   0.50       -   0.50 -100%
contained
Total Gold (incl.  toz     175     97    272    197     92    289  -11%
Gold
equivalents) ^5
Total Alumina       MT       -    364    364       -    330    330   n.m.
Total Nickel        MT    8.72   1.01   9.73   9.07   0.52   9.59   -4%
Total Cobalt        MT    3.32   0.32   3.64   3.01   0.26   3.27    10%
^1
Production is included on a 100% basis. Controlled industrial assets only.

^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 1/55.22 and 1/54.70 for Q32012 and Q22012
respectively based on average prices.





Selected average commodity prices



                                                    Q32012 Q22012 Change
S&P GSCI Industrial Metals Index                        367     375   -2%
LME (cash) zinc price ($/t)                           1888   1929   -2%
LME (cash) copper price ($/t)                         7716   7872   -2%
LME (cash) lead price ($/t)                           1980   1976     0%
Gold price ($/oz)                                     1653   1612     3%
Metal Bulletin alumina price ($/t)                      316     317     0%
LME (cash) aluminium price ($/t)                      1924   1980   -3%
LME (cash) nickel price ($/t)                        16345  17146   -5%
Metal Bulletin cobalt price 99.3% ($/lb)                 13      14   -7%
Iron ore (Platts 62% CFR North China) price ($/DMT)     113     141  -20%





ENERGY PRODUCTS



Production data



                          Buy-in Q32012       Buy-in Q22012        Own
                                                                production
thousand MT ^1         Own   Coal   Total    Own   Coal   Total     change
Thermal coal
Prodeco             3092    20  3112  3705     49   3754      -17%
Shanduka (Export)     148      -    148     93      -     93        59%
Shanduka (Domestic) 1477   301  1778  1552    219  1771       -5%
Umcebo (Export)        49      -     49     64      -     64      -23%
Umcebo (Domestic)   1622     1  1623  1577     10  1587         3%
Optimum (Export)    1799      -  1799  1944      -  1944       -7%
Optimum (Domestic)  1628    76  1704  1572     67  1639         4%
Total               9815   398 10213 10507    345  10852       -7%
^1 Controlled industrial assets only. Production on a 100% basis.





                                   Q32012            Q22012

thousand bbls                        Total              Total           Change
Oil ^1
Block I                              5963              5741               4%
Total                                5963              5741               4%


^1 On  a 100%  basis. Glencore's  ownership  interest in  the Aseng  field  is 
23.75%.







Selected average commodity prices



                                                        Q32012 Q22012 Change
S&P GSCI Energy Index                                       324     323     0%
Coal API2 ($/t)                                              91      90     1%
Coal API4 ($/t)                                              87      93   -6%
Prodeco realised price ($/t)                                 83      82     1%
South African Coal average realised export price ($/t)       86      92   -7%
South African Coal average realised domestic price           32      31     3%
($/t)
Oil price - Brent ($/bbl)                                   109     109     0%





AGRICULTURAL PRODUCTS



Production data



thousand MT                               Q32012 Q22012 Change
Farming                                       272      79   244%
Oilseed crushing                              833     667    25%
Oilseed crushing long term toll agreement     325     283    15%
Biodiesel                                     112     103     9%
Rice milling                                   87      46    89%
Wheat milling                                 271     269     1%
Sugarcane processing                          578     251   130%
Total                                       2478   1698    46%





Selected average commodity prices



                                Q32012 Q22012 Change
S&P GSCI Agriculture Index          504     417    21%
CBOT corn no.2 price (US¢/bu)       783     618    27%
ICE cotton price (US¢/lb)            73      81  -10%
CBOT soya beans (US¢/bu)          1677   1426    18%
NYMEX sugar # 11 price (US¢/lb)      21      21     0%
CBOT wheat price (US¢/bu)           871     641    36%







Forward looking statements



This document contains statements that are,  or may be deemed to be,  "forward 
looking statements". 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 and include, but are not limited to,  statements 
regarding Glencore's  beliefs, opinions  or current  expectations  concerning, 
among other things, the business, financial condition, results of  operations, 
prospects, strategies and plans of Glencore.



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 discussed  under 
"Principal risks and uncertainties" in section1.7 of Glencore's Annual Report
2011, the  section  headed "Risks  and  uncertainties" in  Glencore's  Interim 
Report 2012 and  the section  headed "Risk factors"  in Glencore's  prospectus 
dated 31May 2012 (as supplemented from time to time) filed in connection with
the proposed merger with Xstrata plc.



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 document.  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 statement in this  document is intended  as a profit  forecast or a  profit 
estimate and no statement in this document 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 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  making   of  this  document   does  not  constitute   a 
recommendation regarding any securities.

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


MSCBIBDGUDXBGDB -0- Nov/01/2012 07:00 GMT
 
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