Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Glencore H1 results improve on higher commodity metal prices. The company’s adjusted EBITDA in H1 2021 rose to 8.7bn, up by 79pc from H1 2020.  


The industrial segment’s adjusted EBITDA rose to $6.6bn in H1, up by 152pc from the prior year, with adjusted EBITDA mining margin at 38pc compared to 22pc a year ago. While the marketing segment’s adjusted EBIT fell to $1.8 billion, down by 11pc on H1 2020 due to a higher base in the prior period. 


In H1, unit costs for copper were 85¢/lbs, zinc 18¢/lbs, nickel (ex-Koniambo) 254¢/lbs and thermal coal $54/mt, net of by-product credits. For the full year, costs are estimated at copper 80¢/lbs, zinc 13¢/lbs, nickel 277¢/lbs and thermal coal $55/mt. 


Earlier, Glencore had lowered its zinc and nickel production guidance following a push back in its ramp-up and maintenance plans.

Production of copper and zinc improved in H1 while Lower nickel production more than offset by higher nickel prices in H1. For Nickel the completion of Line 2 repairs is expected by August end. While steady state zinc production is expected by Q2 2022.

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