Finance
Glencore reports 2025 copper output fell 11% as Rio Tinto tie-up looms
Published by Global Banking & Finance Review®
Posted on January 29, 2026
2 min readLast updated: January 29, 2026
Quick Summary
Glencore reported an 11% drop in 2025 copper production, with output at the lower end of forecasts. A possible Rio Tinto takeover offer is expected soon.
Glencore Sees 11% Drop in Copper Output Ahead of Rio Tinto Deal
Glencore's Copper Production Overview
LONDON, Jan 29 (Reuters) - Glencore's copper production declined by 11% in 2025, though higher copper grades and recoveries at several mines boosted output in the second half, the company said on Thursday.
Impact of Rio Tinto Takeover
At 851,600 metric tons, the year's production was at the lower end of an earlier forecast of 850,000-to-875,000 metric tons.
Market Trends and Future Projections
The market awaits a possible takeover offer from rival Rio Tinto for Glencore that is expected to be announced by February 5.
Cobalt Production Insights
The price of copper, needed for the global shift to lower carbon energy, AI, and defence, has hit record levels as traders anticipate tightening supply.
Export Quotas in the DRC
LOWER GRADES AND TIGHTER SUPPLY
Glencore's copper guidance for this year is between 810,000 tons and 870,000 tons, in part because of lower ore grades and water constraints at Chilean mine Collahuasi, which it co-owns with Anglo American.
This range is in line with its December forecast that had a midpoint of 840,000 tons, down from 930,000 previously.
Glencore aims to lift annual copper output to 1.6 million tons by 2035 through a mixture of new and restarted mines. However, if talks with Rio Tinto progress toward creating the world's largest mining group, valued above $200 billion, the company's long-term outlook could shift.
Glencore also produces cobalt, another critical mineral for the energy transition, in the Democratic Republic of Congo, which accounts for more than 70% of global mined production.
It said it produced 36,100 tons of cobalt last year, down 5% on 2024.
The central African country in October launched a system of export quotas. Glencore expects to export 22,800 tons this year.
The miner and trader said it expects its full-year marketing earnings before interest and tax at the mid-point of its $2.3 billion to $3.5 billion range.
Its 2025 steelmaking coal production increased to 32.5 million tons from 19.9 million tons.
Glencore produced 98 million tons of thermal coal in 2025, down from 99.6 million tons in 2024, maintaining its position as one of the world's largest producers and exporters of the fuel.
(Reporting by Clara Denina; editing by Barbara Lewis)
Key Takeaways
- •Glencore's copper production fell by 11% in 2025.
- •Higher copper grades improved output in the second half.
- •2025 production was at the lower end of forecasts.
- •Market anticipates a possible Rio Tinto takeover offer.
- •The report was edited by Barbara Lewis.
Frequently Asked Questions about Glencore reports 2025 copper output fell 11% as Rio Tinto tie-up looms
1What is copper production?
Copper production refers to the process of extracting copper from ores and refining it into usable metal. It is a critical component in various industries, including electronics and construction.
2What are market reactions?
Market reactions refer to the responses of investors and traders to news or events that affect financial markets. These reactions can influence stock prices, trading volumes, and overall market sentiment.
