Glencore's Q2 2025 Production Down 25% YoY Across Key Commodities

Glencore plc reported production results for H1 2025, with total copper production at 343.9 kt, down from 462.6 kt YoY. Cobalt production increased to 18.9 kt, while zinc production rose to 465.2 kt. Total lead production was 90.9 kt, and nickel production decreased to 36.6 kt. Gold production fell to 301 koz, while silver production remained steady at 9,097 koz. Ferrochrome production dropped to 433 kt, and steelmaking coal production surged to 15.7 mt. Energy coal production increased to 48.3 mt, and expressed in copper equivalents production reached 1,485 kt.

Glencore plc, a leading global mining and commodity company, has reported its first-half (H1) 2025 production results, showing mixed performance across various commodities. The company reported a 5% increase in copper equivalent (CuEq) production compared to the same period in 2024, primarily driven by the integration of EVR’s steelmaking coal volumes.

Key Highlights:

- Copper Production: Total copper production was 343.9 kt, a 26% decrease from 462.6 kt in H1 2024. This decline was mainly due to lower head grades and recoveries at key operations such as Collahuasi, Antapaccay, Antamina, and KCC.

- Cobalt Production: Cobalt production increased to 18.9 kt, up by 19% from 15.9 kt in H1 2024, primarily due to higher cobalt grades and volumes at Mutanda.

- Zinc Production: Zinc production rose to 465.2 kt, a 12% increase from 417.2 kt in H1 2024, driven by higher zinc grades at Antamina and increased production at McArthur River.

- Nickel Production: Nickel production decreased to 36.6 kt, a 7% decline from 44.2 kt in H1 2024, largely due to maintenance downtime at Murrin Murrin.

- Steelmaking Coal Production: Steelmaking coal production surged to 15.7 mt, a significant 362% increase from 3.4 mt in H1 2024, primarily driven by the integration of EVR’s steelmaking coal volumes.

- Energy Coal Production: Energy coal production increased to 48.3 mt, a 2% increase from 47.2 mt in H1 2024, reflecting stronger Australian production offsetting recent voluntary production cuts at Cerrejón.

Outlook:

Glencore expects to generate significant cost savings in H2 2025, contributing to a revised long-term marketing Adjusted EBIT guidance range of $2.3 to $3.5 billion p.a. The company has identified cost-saving opportunities of approximately $1 billion, expected to be fully delivered by the end of 2026. Additionally, the company's production guidance for 2025 has been tightened, reflecting performance to date.

References:
[1] https://www.glencore.com/media-and-insights/news/half-year-production-report-2025