Glencore copper production surges 50% in second half, global miner on track with guidance

Glencore, a global mining group in merger talks with Rio Tinto, said Thursday full-year key commodity production was in line with guidance, while copper production surged.

Second-half copper production at more than 500 000 tons for the JSE, London and Hong Kong listed group was almost 50% above the first half. Copper mining has become important given massive demand arising from the global energy transition and the increase in the building of new data centres. Glencore said last year it wants to become the world's largest copper producer over ten years.

"In support thereof, I am pleased to report our 2025 Resources and Reserve Report indicates additions to our copper mineral and resource base, with notable increases at NewRange, Antapaccay, Coroccohuayco, Lomas Bayas and El Pachón," said CEO Gary Nagle in a statement.

He said they expect the 2025 financial year marketing adjusted earnings before interest and tax to be around the midpoint of their recently upgraded $2.3-$3.5 billion per annum guidance range.

In zinc, second-half volumes were 8% higher. Own sourced annual copper production of 851 600 tons was 100 000 tons (11%) below 2024, primarily due to lower head grades and recoveries associated with mine sequencing and resultant ore feedstock to the plants, contributing to reductions at Collahuasi, Antamina and Antapaccay.

Copper production from the Mount Isa complex (recorded as part of the Zinc department) reduced by 13 300 tons reflecting closure of the MICO mine in mid-2025. Second half own sourced copper production was 163 800 tons (48%) higher than the first half, mainly reflecting expected grade-related uplifts at KCC, Antamina and Antapaccay.

Own sourced cobalt production of 36 100 tons was 2 100 tons (5%) lower than 2024, mainly reflecting planning to prioritise copper production over cobalt, noting also DRC cobalt export restrictions. Cobalt production in the fourth quarter was 2 000 tons lower than in the third quarter.

Own zinc production of 969 400 tons was 64 400 tons (7%) higher than 2024, reflecting higher grades at Antamina and higher McArthur River production. Adjusting for 5,000 tons of Koniambo production in the base period (prior to its transition to care and maintenance), own sourced nickel production of 71 900 tons was 5,400 tons (7%) lower than 2024, reflecting lower production at both INO and Murrin Murrin. Group gold production was 18% lower at 604 000 ounces.

Attributable ferrochrome production of 436 000 tons was 730 000 tons (63%) lower, reflecting the suspension of operations at the Boshoek and Wonderkop smelters in May and June, respectively. Underlying attributable chrome ore production of 3.6 million tons was in line with 2024.

Steelmaking coal production of 32.5 million tons mainly comprises the Elk Valley Resources (EVR) business acquired in July 2024, which produced 25.2 million tons versus 12.5 million tons in 2024. Australian steelmaking coal production of 7.3 million tons was in line with 2024.

Energy coal production of 98 million tons was 1.6 million tons (2%) down on 2024, mainly reflecting the voluntary Cerrejón production cuts announced in March 2025, partially offset by a stronger performance from the Australian business. South African production of 16.6 million tons thermal coal was in line with 2024.

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