Glencore's third quarter production report the lower mining grade of each business leads to a decline in copper production.

On October 29th, Glencore released its third-quarter production report, Glencore CEO Gary Nagle said, "the performance of the asset base is basically in line with our expectations, and our full-year production guidance remains unchanged. It is worth noting that as the energy market improves, we are recovering from the market-driven production cuts launched in the Australian coal portfolio in the second half of 2020. "with the continued strong performance of basic marketing, we now expect the adjusted EBIT for the whole of 2021 to exceed the upper limit of our long-term guidance range of $22 to $3.2 billion per year."

Self-owned copper production was 895500 tonnes, 39200 tonnes (4 per cent) lower than in the same period in 2020, reflecting the low mining grade of each business. About half of the difference is related to lower copper by-products in non-copper sector assets.

Self-owned zinc production was 855800 tons, the same as the same period in 2020. Prior to the recent increase in production of the Zhairem mine, Kazzinc production fell temporarily, offsetting the recovery in Covid restrictions in 2020.

Due to planned maintenance of Murrin Murrin and various operational problems of Koniambo, nickel production from its own sources was 71100 tons, a decrease of 10700 tons (13%) compared to the same period in 2020.

Attributable production of ferrochromium was 1071000 tons, 420000 tons (65 per cent) higher than in the same period in 2020, reflecting the suspension of operations for most of the second quarter of 2020 due to the South African national blockade and a period of growth since then.

Coal production was 76.3 million tonnes, 7.2 million tonnes (9 per cent) lower than in the same period in 2020, reflecting the maintenance and maintenance of Prodeco throughout the period, as well as the gradual recovery of domestic production / demand in South Africa from the market-related production reductions in the Australian portfolio starting in the second half of 2020.

Equity oil production of 4.1 million barrels of oil equivalent (boe) is 800000 barrels of oil equivalent (23%) higher than that of the same period in 2020. This mainly reflects the gas phase of the Equatorial Guinea project that began in February 2021, as well as the full contribution of new wells in Cameroon. Chadian oil fields are in a state of maintenance and maintenance throughout 2021.

In addition, Glencore disclosed that on October 15, 2021, Glencore reached an agreement to sell 100 per cent of its wholly-owned subsidiary Chemoil Terminals LLC, which owns long Beach and Carson petroleum product storage terminals in California. The consideration for the sale is $242 million, and the completion of the transaction depends on certain prerequisites, including relevant antitrust approvals. It expects the deal to be completed by the end of the year.

As previously announced, Glencore has reached an agreement to sell its Bolivian zinc assets Sinchi Wayra and Illapa to Santa-cruz Silver Mining, Ltd, for about $110 million. The consideration is structured as an initial payment of $20 million and $90 million will be paid within four years or less. It is expected to be completed within the next three months.

As previously announced, Glencore was formally informed that the National Mining Agency of Colombia had accepted the return of Prodeco's major mining contract to the Republic of Colombia. The mine will continue to carry out maintenance and maintenance until the formal procedure for abandoning the contract is completed.