Glencore (GLEN) Status Update summary

Operational performance and production

• Copper equivalent production increased 5% year-on-year in H1 2025, driven by the integration of EVR's steelmaking coal volumes.

• Own sourced copper production fell 26% to 343,900 tonnes due to lower grades and recoveries, while cobalt rose 19% to 18,900 tonnes, mainly from Mutanda.

• Zinc production increased 12% to 465,200 tonnes, with significant gains at Antamina and McArthur River.

• Nickel production declined 7% to 36,600 tonnes, mainly due to Murrin Murrin maintenance downtime.

• Attributable ferrochrome output dropped 28% following the suspension of Boshoek and Wonderkop smelters amid weak market conditions.

Coal, energy, and oil production

• Steelmaking coal output reached 15.7 million tonnes, primarily from the newly acquired EVR business.

• Australian steelmaking coal production decreased 12% due to a temporary suspension at Oaky Creek.

• Energy coal production was stable at 48.3 million tonnes, with higher Australian output offsetting Cerrejón cuts.

• Oil production (entitlement interest) fell 19% year-on-year, mainly due to curtailments and natural field decline.

Financial and cost guidance

• A comprehensive asset review identified $1bn in cost savings, expected to be fully realized by end-2026, with significant benefits already anticipated in H2 2025.

• Copper unit cash costs rose in H1 due to lower volumes and DRC cobalt export ban impacts, but full-year costs are expected to align with previous guidance of ~$1.78/lb.

• H1 2025 Marketing Adjusted EBIT is estimated at $1.35 billion, with a strong metals contribution offset by energy market challenges.

• Net $1.1 billion was invested in non-RMI working capital, including a new JV stake in the Bukom Singapore refinery.

• Long-term Marketing Adjusted EBIT guidance was raised to $2.3–$3.5 billion p.a., a 16% midpoint increase, reflecting the Viterra sale and growth in core businesses.