Glencore (GLEN) Status update summary

Production performance

• Achieved full-year production within guidance for key commodities, with copper, zinc, and coal showing strong H2 recoveries after weaker H1 performance.

• H2 2025 copper output rose 48% over H1, driven by higher grades and recoveries at major sites.

• Zinc production increased 7% year-on-year, mainly due to higher grades at Antamina and McArthur River.

• Steelmaking coal output surged 63% year-on-year, reflecting the EVR acquisition and stable Australian production.

• Energy coal production declined 2% due to voluntary cuts at Cerrejón, partially offset by Australian gains.

Asset and operational highlights

• Copper production fell 11% year-on-year, mainly from lower grades and mine sequencing at Collahuasi, Antamina, and Antapaccay.

• Cobalt output dropped 5% as production was deprioritized in favor of copper amid DRC export restrictions.

• Nickel production decreased 7% after Koniambo's transition to care and maintenance and lower output at INO and Murrin Murrin.

• Ferrochrome output dropped 63% due to smelter suspensions, while chrome ore production remained stable.

Guidance and outlook

• Updated copper asset guidance targets a path to becoming one of the world’s largest copper producers over the next decade.

• FY 2025 Marketing Adjusted EBIT expected around the mid-point of the $2.3–3.5 billion long-term guidance range.

• 2026 production guidance: copper 810–870kt, zinc 700–740kt, nickel 70–80kt, steelmaking coal 30–34mt, energy coal 95–100mt.

• No 2026 cobalt guidance due to ongoing DRC export quota uncertainty; inventories sufficient to meet quotas.