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Glencore Q1 Own Sourced Copper Production Up 3%

Glencore plc (GLCNF.PK,GLNCY.PK,GLEN.L) reported own sourced copper production of 301,200 tonnes, 3% higher than in the first quarter of 2020, mainly relating to productivity improvements and mine plan sequencing at its South American operations including Collahuasi, Antamina and Antapaccay.

Own sourced zinc production of 282,600 tonnes was 13,000 tonnes, 4% lower than Q1 2020, mainly relating to lower grades at Kazzinc's Maleevsky mine and mine sequencing at Kidd. Own sourced nickel production of 25,200 tonnes was 3,000 tonnes, 11% lower than Q1 2020, primarily reflecting maintenance at Koniambo.

Further, the company said it expects full year Marketing EBIT to be within the top half of its long-term $2.2 billion - $3.2 billion p.a. guidance range.

Glencore Chief Executive Officer, Ivan Glasenberg, said, "The Group's overall production was broadly in line with our expectations for the first quarter. Production in Q1 2021 reflects that many of our operations continue to maintain thorough Covid-safe working practices, as appropriate for each specific country and region. Coal production was down 7.4 million tonnes, reflecting Prodeco's care and maintenance status and the market-related production cuts in Australia, actioned in H2 2020. Full year production guidance has been maintained for our key commodities."

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