Finance
Glencore reports lower copper production in first nine months
Published by Global Banking & Finance Review®
Posted on October 29, 2025
2 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on October 29, 2025
2 min readLast updated: January 21, 2026
Glencore reports a 17% decline in copper production for the first nine months, revising its 2025 guidance due to lower ore grades.
LONDON (Reuters) -Glencore (GLEN.L) on Wednesday reported a 17% decline in copper production for the first nine months of the year and tightened its 2025 guidance due to lower ore grades at some of its mines, although third-quarter output rose.
The miner and trader's own-sourced copper production in the January to September period fell 17% to 583,500 metric tons from last year, while its own sourced cobalt output rose by 2,000 tons to 28,500 tons, the company said in a statement.
Glencore's overall 2025 production outlook for copper, a metal needed for energy transition applications, was between 850,000 and 875,000 tons from a previous guidance of 850,000 to 890,000 tons.
It expects its full-year marketing earnings before interest and tax (EBIT) in the mid-point of its $2.3 billion to $3.5 billion range.
Its trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals.
The Swiss company is one of the largest producers and exporters of thermal coal, with an expected output of between 92 million and 97 million tons this year. It produced 73.5 million tons so far, compared to 73.1 million tons a year ago.
Its 2025 steelmaking coal production should be between 30 million and 35 million tons, after producing 24.7 million tons so far.
Glencore in May restructured its coal business by moving its recently acquired Canadian mines into a single unit run out of Australia, after walking back on plans to spin off the whole division.
(Reporting by Clara DeninaEditing by Bernadette Baum and Christian Schmollinger)
Copper production refers to the process of extracting copper from ore and refining it for use in various applications, including electrical wiring and renewable energy technologies.
EBIT stands for Earnings Before Interest and Taxes. It is a measure of a company's profitability that excludes interest and income tax expenses.
Cobalt is a chemical element used in batteries, alloys, and various industrial applications. It is essential for the production of rechargeable batteries, particularly in electric vehicles.
Energy transition refers to the global shift from fossil fuel-based energy systems to renewable energy sources, aimed at reducing carbon emissions and promoting sustainability.
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