Glencore (GLEN) Status Update summary

Production performance and guidance

• Full-year 2025 production guidance for key commodities maintained, with ranges tightened as only one quarter remains.

• Copper production increased 36% quarter-on-quarter, driven by strong performances at KCC, Mutanda, Antamina, and Antapaccay.

• Year-to-date zinc volumes are up 10% period-on-period, with steelmaking and energy coal volumes tracking toward the upper end of guidance.

• Full-year Marketing Adjusted EBIT expected around the mid-point of the $2.3–$3.5 billion long-term guidance range.

• 2025 production guidance for copper, cobalt, zinc, nickel, steelmaking coal, and energy coal has been maintained or slightly tightened.

Key operational highlights

• Own sourced copper production YTD was 17% below 2024 due to lower head grades and recoveries, but Q3 2025 saw a 36% increase over Q2.

• Cobalt production rose 8% YTD, mainly from higher grades and volumes at Mutanda.

• Zinc production increased 10% YTD, mainly from higher grades at Antamina and increased output at McArthur River.

• Nickel production fell 9% YTD after adjusting for Koniambo, reflecting reductions at INO and Murrin Murrin.

• Ferrochrome production dropped 51% YTD due to smelter suspensions and maintenance.

Asset-specific developments

• KCC and Mutanda delivered significant copper and cobalt output increases in Q3, with KCC up 66% and Mutanda up 60% quarter-on-quarter.

• Collahuasi and Antamina copper output was lower YTD due to mine sequencing and water constraints, but both saw improved grades in Q3.

• Antapaccay’s leaching circuit restart contributed to higher Q3 copper production.

• Mount Isa copper mine ceased operations in July 2025; future smelting and refining will rely on third-party feedstocks.

• Pasar copper smelter and refinery sale in the Philippines completed in September 2025.