Glencore plc (LSE:GLEN) said it expects full-year 2025 marketing adjusted earnings before interest and tax to land around the midpoint of its upgraded guidance range, as a strong recovery in second-half copper output offset weaker production earlier in the year.
The miner and commodities trader reported improved operational performance across several copper assets in the second half of 2025 after mine sequencing challenges had weighed on volumes in the first half. Chief executive Gary Nagle said Glencore delivered full-year production within guidance for its key commodities for a second consecutive year, reflecting the benefits of a more streamlined and optimised operating structure.
Own-sourced copper production for 2025 totalled 851,600 tonnes, down 11% year on year, largely due to lower ore feed at Collahuasi and weaker output at Antamina and Antapaccay earlier in the year. However, second-half copper production surged 48% to 507,700 tonnes, driven by improved grades and recoveries at KCC, Mutanda, Antapaccay and Antamina.
Zinc output increased 7% to 969,400 tonnes, supported by higher production at Kazzinc and McArthur River, with second-half volumes rising to 504,200 tonnes from 465,200 tonnes in the first half. Cobalt production fell 5% to 36,100 tonnes due to export restrictions in the Democratic Republic of Congo. Glencore confirmed it did not export cobalt in the fourth quarter of 2025 following the introduction of quotas after the lifting of the export ban, which delayed shipments. Unused quotas can be carried forward until 31 March 2026, and the group said it plans to export cobalt in line with allocations during 2026 and 2027.
Steelmaking coal production rose sharply to 32.5 million tonnes, reflecting the inclusion of Elk Valley Resources, compared with 12.5 million tonnes in 2024. In contrast, energy coal output fell 2% to 98.0 million tonnes, following the closure of the Cerrejón operation in Colombia in March 2025, partly offset by stronger Australian production. Attributable ferrochrome output declined 63% to 436,000 tonnes after smelting operations at Boshoek and Wonderkop were suspended in mid-2025.
Glencore reiterated its longer-term copper growth ambitions, referencing updated guidance provided at its capital markets day in the fourth quarter of 2025. The company also published its 2025 resources and reserves report, highlighting additions to its copper mineral resource base, including increases at Lomas Bayas and El Pachón.
Leave a Reply