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    Ian Rossouw

    Research Analyst at Barclays

    Ian Rossouw's questions to Glencore plc/ADR (GLNCY) leadership

    Ian Rossouw's questions to Glencore plc/ADR (GLNCY) leadership • H1 2023

    Question

    Ian Rossouw from Barclays requested an update on the Zhairem project's ramp-up and the strategy of processing third-party material. He also questioned the future cobalt production guidance in light of market weakness and asked about stockpiling activities.

    Answer

    Head of Industrial Assets Peter Freyberg reported that the Zhairem ramp-up is progressing, targeting 75% of design capacity in H2. CFO Steven Kalmin confirmed that future cobalt production guidance will be lowered due to market oversupply and that the company did stockpile cobalt in H1, with full-year sales expected to be below production.

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    Ian Rossouw's questions to Glencore plc/ADR (GLNCY) leadership • FY 2022

    Question

    Ian Rossouw followed up on working capital, Viterra, and coal markets. He asked if falling commodity prices would drive working capital inflows, sought details on Gavilon's synergies and contribution to Viterra, and inquired about reports of Japanese utilities sourcing different qualities of coal.

    Answer

    CFO Steven Kalmin noted that while some working capital elements should unwind, others are stickier, and margining requirements remain high. CEO Gary Nagle described Gavilon as strategically vital for Viterra's U.S. presence but gave no specific timeline for a value-unlocking event. On coal, he confirmed that price differentials did incentivize some Japanese buyers to switch sources, which helped rebalance the market.

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    Ian Rossouw's questions to Glencore plc/ADR (GLNCY) leadership • Q2 2022

    Question

    Ian Rossouw from Barclays questioned the conservative full-year marketing EBITDA guidance in the spot illustrative model and asked for specific reasons behind the ongoing delays at the Zhairem project.

    Answer

    CFO Steven Kalmin clarified the spot illustrative EBITDA is a normalized 12-month figure, not a forecast, and that H2 marketing is expected to be more normal. Head of Industrial Assets Peter Freyberg attributed Zhairem's delays to commissioning challenges and supply chain complexities related to Russia, with resolution now expected by mid-2023.

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