Glencore: H2 2025 copper production of over 500kt was 50% above H1

Glencore, for the second consecutive year, achieved full year production volumes for its key commodities within guidance ranges, reflecting the ongoing benefits of Glencore’s recently optimised and simplified operating structures.

Notably, H2 2025 copper production of over 500kt was almost 50% above H1, primarily due to higher copper grades and recoveries at KCC, Mutanda, Antapaccay and Antamina. In zinc, H2 volumes were up 39kt (+8% vs H1), reflecting increased contributions from McArthur River, Kidd and Kazzinc, while in coal, energy and steelmaking volumes were higher by 1.4Mt and 1.1Mt respectively.

Glencore Chief Executive Officer, Gary Nagle, said: “At our Capital Markets Day in Q4 2025, we provided updated and expanded guidance on our copper asset portfolio, outlining our pathway, from an already significant copper producer, to become one of the world’s largest producers over the next decade. In support thereof, I am pleased to report that our 2025 Resources and Reserves report (also released today) includes additions to our copper mineral resource base, with notable increases at NewRange, Antapaccay, Coroccohuayco, Lomas Bayas and El Pachón.

“We expect to report FY 2025 Marketing Adjusted EBIT around the mid-point of our recently upgraded (in July 2025) $2.3-3.5 billion p.a. long-term through the cycle guidance range.”

PRODUCTION HIGHLIGHTS

• Own sourced copper production of 851,600 tonnes was 100,000 tonnes (11%) below 2024, primarily due to lower head grades and recoveries associated with mine sequencing and resultant ore feedstock to the plants, contributing to the reductions at Collahuasi (68,100 tonnes), Antamina (14,600 tonnes) and Antapaccay (9,900 tonnes). Copper production from the Mount Isa complex (recorded as part of the Zinc department) reduced by 13,300 tonnes reflecting closure of the MICO mine in mid-2025.
• H2 2025 own sourced copper production was 163,800 tonnes (48%) higher than H1 2025, mainly reflecting the expected grade-related uplifts at KCC (62,300 tonnes half-on-half uplift), Antamina (19,100 tonnes) and Antapaccay (40,500 tonnes).
• Own sourced cobalt production of 36,100 tonnes was 2,100 tonnes (5%) lower than 2024, mainly reflecting proactive planning to prioritise copper production over cobalt, noting the DRC cobalt export restrictions. Cobalt production in Q4 2025 was 2,000 tonnes lower than in Q3 2025.
• Own sourced overall zinc production of 969,400 tonnes was 64,400 tonnes (7%) higher than 2024, mainly reflecting higher zinc grades at Antamina (60,500 tonnes) and higher McArthur River production (14,900 tonnes).
• Adjusting for 5,000 tonnes of Koniambo production in the base period (prior to its transition to care and maintenance), own sourced nickel production of 71,900 tonnes was 5,400 tonnes (7%) lower than 2024, reflecting lower production at both INO and Murrin Murrin.
• Attributable ferrochrome production of 436,000 tonnes was 730,000 tonnes (63%) lower than the comparable 2024 period, reflecting the suspension of operations at the Boshoek and Wonderkop smelters in May and June 2025, respectively. Underlying attributable chrome ore production of 3.6 million tonnes was in line with 2024.
• Steelmaking coal production of 32.5 million tonnes mainly comprises the Elk Valley Resources (EVR) business acquired in July 2024, which produced 25.2 million tonnes versus 12.5 million tonnes in 2024. Australian steelmaking coal production of 7.3 million tonnes was in line with 2024.
• Energy coal production of 98.0 million tonnes was 1.6 million tonnes (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.