Wrap Text
Third Quarter 2025 Production Report
GLENCORE PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
NEWS RELEASE
Baar, 29 October 2025
Third Quarter 2025 Production Report
Glencore Chief Executive Officer, Gary Nagle: "Underpinned by a strong third quarter production performance, particularly in
copper and coal, full-year 2025 production guidance for our key commodities has been maintained, with ranges tightened to
reflect just one quarter remaining.
"Copper production volumes increased 36% quarter on quarter, reflecting stronger performance at KCC +66%, Mutanda +60%,
Antamina +52% and Antapaccay +66%. Zinc volumes year to date are tracking up 10% period-on-period while steelmaking and
energy coal volumes are on track for full year outcomes towards the middle and upper ends of their respective earlier guidance
ranges.
"Basis Marketing's performance year to date, we expect full year Marketing Adjusted EBIT around the mid-point of our recently
upgraded $2.3-$3.5 billion p.a. long-term through the cycle guidance range."
Production from own sources – Total1
YTD YTD
2025 2024 Change %
Copper kt 583.5 705.2 (17)
Cobalt kt 28.5 26.5 8
Zinc kt 709.4 643.6 10
Lead kt 132.7 136.2 (3)
Nickel kt 52.4 62.3 (16)
Gold koz 448 543 (17)
Silver koz 14,818 13,965 6
Ferrochrome kt 436 894 (51)
Steelmaking coal mt 24.7 11.1 123
Energy coal mt 73.5 73.1 1
Expressed in copper equivalents2 kt 2,289 2,254 2
1 Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated later in this report.
2 Copper equivalent production is calculated on the basis of the 2025 YTD average commodity prices shown on page 9, except coal, where realised
prices, post portfolio mix adjustment, have been used.
Production highlights
• Own sourced copper production of 583,500 tonnes was 121,700 tonnes (17%) below the comparable 2024 period, primarily due to
lower head grades and recoveries associated with planned mine sequencing and the resultant ore fed to the plants, contributing
to the reductions at Collahuasi (59,000 tonnes), Antamina (23,400 tonnes), Antapaccay (15,200 tonnes) and KCC (16,800 tonnes).
Own sourced copper production in Q3 2025 was 63,600 tonnes (36%) higher than Q2 2025, mainly reflecting higher grades at
KCC (21,700 tonnes), Antapaccay (16,800 tonnes) and Antamina (11,800 tonnes) as planned mine sequencing advanced.
• Own sourced cobalt production of 28,500 tonnes was 2,000 tonnes (8%) higher than the comparable 2024 period, reflecting
higher cobalt grades and volumes at Mutanda.
• Own sourced overall zinc production of 709,400 tonnes was 65,800 tonnes (10%) higher than the comparable 2024 period, mainly
reflecting higher zinc grades at Antamina (58,700 tonnes) and higher McArthur River production (16,000 tonnes).
• Adjusting for 5,000 tonnes of Koniambo production in the base period (prior to its transition to care and maintenance), own
sourced nickel production of 52,400 tonnes was 4,900 tonnes (9%) lower than the comparable 2024 period, reflecting reductions
at both INO and Murrin Murrin.
• Attributable ferrochrome production of 436,000 tonnes was 458,000 tonnes (51%) below the comparable 2024 period, reflecting
the suspension of operations at the Boshoek and Wonderkop smelters in May and June 2025 respectively, pending a sustained
recovery in ferrochrome conversion margins (from chrome ore). Operations at the Lion smelter are currently suspended for
scheduled annual maintenance and planned furnace rebuilds.
• Steelmaking coal production of 24.7 million tonnes mainly comprises EVR (acquired in July 2024), which produced 19.4 million
tonnes YTD versus 5.7 million tonnes in the comparable 2024 period, following the acquisition on 11 July. Australian steelmaking
coal production of 5.3 million tonnes was broadly in line with the comparable 2024 period.
• Energy coal production of 73.5 million tonnes was broadly in line with the comparable 2024 period, reflecting stronger Australian
volumes offsetting the voluntary Cerrejón production cuts announced in March this year.
HIGHLIGHTS
continued
2025 production guidance
Actual Previous Guidance
FY guidance FY
2024 2025 2025
Copper kt 951.6 850-890 850-875
Cobalt kt 38.2 42-45 41-43
1
Zinc kt 905.0 940-980 950-975
Nickel kt 82.3 74-80 70-72
Steelmaking coal mt 19.9 30-35 30-35
2
Energy coal mt 99.6 90-96 92-97
1 A quota system currently applies to DRC cobalt exports. Production volumes above the allocated quotas continue to be stored in-country.
2 On an annualised basis, <2% of EVR's production is non-steelmaking quality coal, ordinarily sold into energy coal markets. Given the de minimis size,
these volumes are not disaggregated from Canadian steelmaking coal volumes.
2025 copper production YTD vs FY2025 / Q4 guidance
Kt Q4 2025F FY 2025F
Asset YTD 2025 Low High Low High Q4 Comment
Primarily grade driven uplift: Continued improvement
KCC 118 67 72 185 190 expected in Q4 2025 Cu grades to 3.63% vs 2.21% Sep
YTD
Primarily grade driven uplift: Continued improvement
Mutanda 36 21 24 57 60 expected in Q4 2025 Cu grades to 2.34% vs 1.40% Sep
YTD
Water restrictions began to ease with the staged
commissioning of the new desalination plant in Q3.
Continued improvement expected in Q4 2025 Cu
Collahuasi 131 54 59 185 190
grades to 1.02% vs 0.91% Sep YTD, along with higher
expected recoveries from phasing to progressively less
reliance on stockpiles over the next 12-15 months
Continued improvement expected in Q4 2025 Cu
grades to 0.92% vs 0.81% Sep YTD, reflecting higher-
Antamina 90 36 39 126 129
grades and operational improvements following
management changes implemented during H1
Primarily grade driven uplift: Continued improvement
Antapaccay 90 49 53 139 143 expected in Q4 2025 Cu grades to 0.52% vs 0.35% Sep
YTD
Lomas Bayas 44 17 19 61 63 Similar operating parameters to Sep YTD
Non-Copper Dept 75 22 25 97 100 Mount Isa, Kazzinc, INO and Kidd
Total Copper 584 266 291 850 875
DRC cobalt update
• The DRC recently lifted its cobalt export ban, introducing total export quotas of 87,000 tonnes of contained cobalt per year for
2026 and 2027, and 18,125 tonnes for the remainder of 2025. In addition, the government has retained a 9,600 tonnes per-annum
strategic quota.
• Glencore's allocated cobalt export quotas for 2025-2027 are as follows:
Cobalt, kt Q4 2025 2026 2027
KCC 2.8 13.3 13.3
Mutanda 1.2 5.5 5.5
Glencore allocation 4.0 18.8 18.8
Quota 18.1 87.0 87.0
Glencore percentage 22% 22% 22%
• Glencore intends to export cobalt according to its allocation in 2025-2027. Given that the business has sufficient inventory
available to fully utilise the allocated quotas, copper production in the DRC will be prioritised over cobalt, where it makes
sense. This strategy is expected to continue, while the quotas are in effect. Production above quota levels will be stored in-
country.
HIGHLIGHTS
continued
Other matters
• The sale of the Pasar copper smelter and refinery in the Philippines completed in September 2025.
• The Mount Isa copper mine ceased operations in July 2025, with future copper smelting and refining now fully relying on third-
party feedstocks.
To view the full report please click: https://www.glencore.com/.rest/api/v1/documents/static/11f0a647-a249-4bcc-a36d-
bce97eb25d38/GLEN_2025-Q3+ProductionReport.pdf
For further information please contact:
Investors
Martin Fewings t: +41 41 709 2880 m: +41 79 737 5642 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 2462 m: +41 79 904 3320 charles.watenphul@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
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Notes for Editors
Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more
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Date: 29-10-2025 09:00:00
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