Glencore’s copper production surges in second half of 2025

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Reflecting the ongoing benefits of simplified operating structures, London- and Johannesburg-listed Glencore on Thursday reported full-year key-commodity production volumes within guidance ranges.
Second-half copper production at 500 000 t-plus was almost 50% above that of the first half.
"Glencore's production update was stronger than expected," Barclays equity research analysts stated.
The notable increases in Glencore's copper mineral resource base follow the pathway the company provided at its year-end Capital Markets Day towards becoming one of the world's largest producers over the next decade.
In zinc, second-half volumes were an 8%-higher 39 000 t and on the coal front, 1.4 million more energy coal tonnes were produced as well as 1.1-million more steelmaking coal tonnes.
"We expect to report full year 2025 marketing adjusted earnings before interest and tax around the mid-point of our recently upgraded (in July 2025) $2.3-billion to $3.5-billion per annum long-term through the cycle guidance range," Glencore CEO Gary Nagle stated in a release to Mining Weekly.
Own-sourced copper production of 851 600 t was 11% below 2024, primarily owing to lower head grades and recoveries associated with mine sequencing and resultant ore feedstock to the plants, contributing to the reductions at Collahuasi, Antamina and Antapaccay. Copper production from the Mount Isa complex, recorded as part of the zinc department, reduced by 13 300 t reflecting closure of the MICO mine in mid-2025. Second-half own-sourced copper production was 48% higher on grade-related uplifts at KCC, Antamina and Antapaccay.
Own-sourced cobalt production of 36 100 t was 5% lower than 2024, mainly reflecting proactive planning to prioritise copper production over cobalt, noting the Democratic Republic of Congo (DRC) cobalt export restrictions. Fourth-quarter cobalt production was 2 000 t lower than in the third quarter of 2025.
Own-sourced overall zinc production was a 7%-higher 969 400 t on higher zinc grades at Antamina and higher McArthur River production.
Own-sourced nickel production was a 7%-lower 71 900 t as a result of lower production at INO and Murrin Murrin.
Attributable ferrochrome production of 436 000 t was 730 000 t (63%) lower than the comparable 2024 period, reflecting the suspension of operations at the Boshoek smelter in May and the Wonderkop smelter in June. Operations at the Lion smelter are suspended for extended annual maintenance and planned furnace rebuilds.
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 business acquired in July 2024, which produced 25.2-million tonnes compared with 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-million tonnes was 2% down on 2024 owing mainly to voluntary Cerrejón production cuts, partially offset by a stronger performance from the Australian business.
Although the DRC, which lifted its cobalt export ban in the last quarter of last year, is ramping up its quota systems and controls, there were delays to initially intended fourth-quarter exports. As KCC and Mutanda did not export any cobalt in the fourth quarter, their 2025 quotas are available for use up to March 31.
Glencore intends to export cobalt according to its allocations in 2026 and 2027, with DRC copper production being prioritised over cobalt, where it makes commercial sense. This strategy is expected to continue while the quotas are in effect. Cobalt in ore processed above sales quota levels, will either build as work in process inventory or be stored as final product in-country.