Glencore has reported a 5% year-on-year (YoY) rise in copper equivalent (CuEq) production in the first half of 2025 (H1 2025).
The growth was primarily attributed to the inclusion of steelmaking coal volumes from Elk Valley Resources (EVR), which Glencore acquired in July 2024.
Steelmaking coal production totalled 15.7 million tonnes (mt).
Own-sourced copper production stood at 343,900 tonnes (t) in H1 2025, a 26% slump YoY, mainly due to lower head grades and recoveries.
The recoveries contributed to the reduced outputs from Collahuasi, Antapaccay, Antamina and KCC.
Conversely, cobalt production saw a 19% increase to 18,900t in H1 2025, largely due to higher grades and volumes at Mutanda.
Zinc production experienced a 12% uplift, with 465,200t produced. This was mainly due to higher grades at Antamina and increased production at McArthur River.
Nickel production faced a 7% decline, with Murrin Murrin's maintenance downtime impacting results.
The company's ferrochrome production was reduced by 28% to 433,000t. This was a strategic response to smelting conversion margin pressures, leading to the suspension of operations at the Boshoek and Wonderkop smelters.
Energy coal production remained steady at 48.3mt, with stronger Australian production offsetting cuts at Cerrejón.
Glencore CEO Gary Nagle said: “A comprehensive review of our industrial asset portfolio during the period recognised opportunities to streamline our industrial operating structure, to optimise departmental management and reporting, and to support enhanced technical excellence and operational focus.
“This review also identified c.$1bn of cost savings opportunities (against a 2024 baseline) across our various operating structures, which are expected to be fully delivered by the end of 2026. H2 2025 is expected to already generate significant cost savings resulting from these initiatives – further details will be provided in our half-year results on 6 August.”
Glencore has revised its full-year forecast for 2025, narrowing the expected copper production range to 850,000–890,000t from the previous estimate of 850,000–910,000t.
It also revised its long-term EBIT (earnings before interest and taxes) guidance range to $2.3bn (SFr1.87bn)–$3.5bn per annum, from the $2.2bn–$3.2bn in place since 2017. The revision was influenced by the sale of Viterra to Bunge, growth in core businesses and inflationary pressures.
The company also said it invested approximately $1.1bn into non-RMI (readily marketable inventories) working capital in H1 2025, focusing on high-return commodity pre-pay and lending opportunities.
Glencore's Ferroalloys business has indefinitely suspended operations at the Boshoek and Wonderkop smelters until the ferrochrome market has sufficiently recovered, and is undertaking maintenance at the Lion smelter.
