Wrap Text
Half-Year Production Report 2025
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, 30 July 2025
Half-Year Production Report 2025
5% CuEq production uplift for H1 2025 over H1 2024, with the integration of EVR's steelmaking coal volumes
Glencore Chief Executive Officer, Gary Nagle: "Over the first half, we have continued to make significant progress in
optimising the business and positioning for further value accretive growth.
"A comprehensive review of our industrial asset portfolio during the period recognised opportunities to streamline
our industrial operating structure, to optimise departmental management and reporting, and to support
enhanced technical excellence and operational focus.
"This review also identified c.$1bn of cost savings opportunities (against a 2024 baseline) across our various
operating structures, which are expected to be fully delivered by the end of 2026. H2 2025 is expected to already
generate significant cost savings resulting from these initiatives - further details will be provided in our Half-Year
results on 6 August.
"Recent business reviews also confirmed our confidence in delivering our full year production guidance, with the
ranges now tightened to reflect performance to date.
"We remain focussed on delivering safe reliable production and achieving value accretive growth across our
industrial asset portfolio in the coming years.
"Given completion of the sale of Viterra in early July, and, despite no longer including our share of Viterra earnings in
our Marketing Adjusted EBIT going forward, we now take the opportunity to revise up our through the cycle long-
term marketing Adjusted EBIT guidance range to $2.3 to $3.5 billion p.a. (from the $2.2 to $3.2 billion previously),
representing a mid-point increase of 16% from c.$2.5 billion (ex-Viterra) to $2.9 billion."
H1 production highlights
• Copper equivalent (CuEq) production rose 5% year-on-year in H1, primarily due to the contribution of EVR's steelmaking coal
volumes.
• Own sourced copper production of 343,900 tonnes was 118,700 tonnes (26%) below H1 2024, primarily due to lower head
grades and recoveries associated with planned mining sequencing and the resultant ore fed to the plants, contributing to the
reductions at Collahuasi (41,700 tonnes), Antapaccay (21,700 tonnes), Antamina (20,800 tonnes) and KCC (25,300 tonnes).
• Own sourced cobalt production of 18,900 tonnes was 3,000 tonnes (19%) higher than H1 2024, mainly reflecting higher cobalt
grades and volumes at Mutanda.
• Own sourced overall zinc production of 465,200 tonnes was 48,000 tonnes (12%) higher than H1 2024, mainly reflecting higher
zinc grades at Antamina (36,800 tonnes) and higher McArthur River production (10,600 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 36,600 tonnes was 2,600 tonnes (7%) lower than H1 2024, due to Murrin Murrin maintenance
downtime.
• Attributable ferrochrome production of 433,000 tonnes was 166,000 tonnes (28%) below H1 2024, reflecting pressure on
smelting conversion margins, which led to the strategic decision to suspend operations at the Boshoek and Wonderkop
smelters, until such time as market conditions sufficiently improve.
• Steelmaking coal production of 15.7 million tonnes mainly comprises the Elk Valley Resources (EVR) business acquired in July
2024, which produced 12.7 million tonnes in H1 2025. Australian steelmaking coal production of 3.0 million tonnes was 0.4
million tonnes (12%) lower than H1 2024, due to the temporary suspension of Oaky Creek following a water inrush.
• Energy coal production of 48.3 million tonnes was broadly in line with H1 2024, reflecting stronger Australian production
offsetting the more recent voluntary production cuts at Cerrejón.
Glencore Half-Year Production Report 2025 1
HIGHLIGHTS
continued
Production from own sources – Total1
H1 2025 H1 2024 Change %
Copper kt 343.9 462.6 (26)
Cobalt kt 18.9 15.9 19
Zinc kt 465.2 417.2 12
Lead kt 90.9 87.9 3
Nickel kt 36.6 44.2 (17)
Gold koz 301 369 (18)
Silver koz 9,097 9,117 –
Ferrochrome kt 433 599 (28)
Steelmaking coal mt 15.7 3.4 362
Energy coal mt 48.3 47.2 2
Expressed in copper equivalents2 kt 1,485 1,409 5
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 H1 2025 average commodity prices shown on page 10, except coal, where realised prices, post portfolio mix
adjustment, have been used (see overleaf).
2025 Production guidance
• Updates to 2025 production guidance primarily reflect a tightening of ranges, taking year to date and expected full year
performance into account.
Actual Previous Current
FY guidance guidance 2025 weighting
2024 2025 2025 H1 H2
Copper kt 951.6 850-910 850-890 40% 60%
Cobalt kt 38.2 40-45 42-45 1
43% 57%
Zinc kt 905.0 930-990 940-980 48% 52%
Nickel kt 82.3 74-86 74-80 48% 52%
Steelmaking coal mt 19.9 30-35 30-35 2
48% 52%
Energy coal mt 99.6 87-95 90-96 52% 48%
1 A ban on DRC cobalt exports is currently in place. Cobalt produced at KCC and Mutanda is being stored in country, and will be sold in due course..
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.
• Copper production
o 2025 H1:H2 projected production weighting at 40:60, primarily reflecting higher expected grades in the second half at our
key assets. Key H2 vs H1 operating comments are noted below:
Kt H2 2025F FY 2025F
Asset H1 2025 Low High Low High H2 Comment
Primarily grade driven uplift: expected H2 2025 Cu
KCC 63 128 139 191 202
grade of 2.80% vs 1.79% in H1
Primarily grade driven uplift: expected H2 2025 Cu
Mutanda 20 38 40 58 60
grade of 2.04% vs 1.13% in H1
Water restrictions lifted somewhat with the early July
staged commissioning of the new desalination plant.
Collahuasi 83 101 109 184 192 Expected Cu grade uplift from 0.91% to 0.98%, along
with higher expected recoveries from fresh ore and
reduced reliance on stockpiles
Primarily grade driven uplift: expected H2 2025 Cu
Antamina 56 66 71 122 127 grade of 0.87% vs 0.79% in H1. Management changes
also effected in H1
Primarily grade driven uplift: expected H2 2025 Cu
Antapaccay 48 90 97 138 145 grade of 0.50% vs 0.29% in H1. Additional expected
cathode production in H2 from the leaching circuit
Lomas Bayas 30 31 34 61 64 Similar operating parameters to H1
Non-Copper Dept 44 52 56 96 100 Mount Isa, Kazzinc, INO and Kidd
Total Copper 344 506 546 850 890
Glencore Half-Year Production Report 2025 2
HIGHLIGHTS
continued
Estimated H1 unit costs
• Period on period improvements in zinc and coal unit costs.
• Copper unit cash cost is higher period on period, primarily reflecting the fixed cost denominator impact of the H1:H2 volume
asymmetry, as well as the impact of the DRC cobalt export ban on cobalt credit outcomes. Higher expected H2 volumes are
expected to underpin a full-year unit cash cost outcome broadly in line with our previous guidance of c.$1.78/lb.
H1 2025 H1 2024
Copper1 c/lb 225.0 170.5
Zinc2 c/lb 2.3 33.3
Steelmaking coal3 $/t 108.4 139.9
Energy coal3 $/t 65.0 72.6
1. Net unit cash cost after by-product credits, excluding costs expensed and associated with the MARA, El Pachon and New Range development projects
2. Net unit cash cost after by-product credits
3. FOB unit cash cost
H1 realised prices
Key metals
LME (average 6
Realised months) Difference
¢/lb $/t $/t %
Copper 410 9,043 9,432 (4)
Zinc 125 2,753 2,739 1
Nickel 697 15,370 15,369 –
Coal
H1 2025 $/t H1 2024 $/t
Steelmaking coal: average prime hard coking coal (PHCC) settlement price 184.7 277.4
Steelmaking coal: portfolio mix adjustment1 (17.6) (3.2)
Steelmaking coal: average realised price2 167.1 274.2
Energy coal: average Newcastle coal (NEWC) settlement price 102.5 130.9
Energy coal: portfolio mix adjustment3 (23.9) (22.0)
Energy coal: average realised price4 78.6 108.9
1. Component of our regular cash flow modelling guidance to reflect movements in the pricing of non-PHCC quality coals
2. Average energy-equivalent realised price to be applied across all H1 2025 steelmaking coal sales volumes
3. Component of our regular cash flow modelling guidance, primarily reflecting movements in the pricing of non-NEWC quality coals
4. Average energy-equivalent realised price to be applied across all H1 2025 energy coal sales volumes (including semi-soft)
Marketing Updates
Revised long-term EBIT guidance range
• With the sale of Viterra to Bunge having now closed in early July 2025, we update our through the cycle long-term Marketing
Adjusted EBIT guidance range to $2.3 to $3.5 billion p.a. (from the $2.2 to $3.2 billion which had been in place since 2017),
reflecting:
o the loss of c.$0.2 billion share of earnings from Viterra,
o growth in our core metals and energy businesses, via entry into new markets and expansion of existing product
lines, including LNG, alumina, steelmaking coal, lithium etc, and
o inflationary progression to today's dollars.
Estimated H1 performance
• We expect to report a half-year Marketing Adjusted EBIT result of approximately $1.35 billion, comprising a strong metals and
minerals contribution, balanced out by the challenging energy market backdrop.
Working capital
• In H1 2025, we invested a net c.$1.1 billion into non-RMI working capital, primarily via a number of expected high-returning
commodity pre-pay / lending opportunities, including in connection with completion of the purchase by the Chandra Asri-
Glencore JV of the Bukom Singapore oil refinery complex and chemical assets from Shell during the period, in which Glencore
now has a minority 20% equity stake and exclusive crude supply and oil product offtake arrangements.
Glencore Half-Year Production Report 2025 3
HIGHLIGHTS
continued
Other matters
• The Ferroalloys business completed the review of the sustainability of its smelting operations. The Boshoek and Wonderkop
smelters were indefinitely suspended in May and June 2025, respectively, pending sufficient recovery in the ferrochrome
market. Operations at the Lion smelter are currently temporarily suspended, undergoing scheduled annual maintenance and
planned rebuilds.
• During the period, the Group implemented several organisational changes across its Industrial business to optimise
departmental management and reporting structures and to support enhanced technical excellence and operational focus.
The appendix to this report shows the H1 2024 results for the Industrial activities reporting segment on the basis of the revised
reporting structure, together with a reconciliation to the previously disclosed information. There is no change to total metrics
for the Industrial activities reporting segment. The H1 2025 actual results will be presented on this basis.
To view the full report please click here: https://www.glencore.com/.rest/api/v1/documents/static/80aa3906-26b0-40d5-8fb1-
881442e89c39/GLEN_2025-H1+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
Please refer to the end of this document for disclaimers including on forward-looking statements.
Notes for Editors
Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more
than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we
produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy
needs of today.
With over 150,000 employees and contractors and a strong footprint in over 30 countries in both established and emerging regions
for natural resources, our marketing and industrial activities are supported by a global network of more than 50 offices.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing
and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on
Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.
We will support the global effort to achieve the goals of the Paris Agreement through our efforts to decarbonise our own operational
footprint. For more information see our 2024-2026 Climate Action Transition Plan, available on our website at
glencore.com/publications.
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Glencore Half-Year Production Report 2025 4
Important notice
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subscribe for any securities. This document does not purport to contain all of the information you may wish to consider.
Cautionary statement regarding forward-looking information
Certain descriptions in this document are oriented towards future events and therefore contains statements that are, or may be
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By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
actual results, performance or achievements to differ materially from any future events, results, performance, achievements or other
outcomes expressed or implied by such forward-looking statements. Important factors that could impact these uncertainties
include, without limitation, those disclosed in the risk management section of our latest Annual Report and/or Half-Year Report,
which can each be found on our website. These risks and uncertainties may materially affect the timing and feasibility of particular
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Readers, including, without limitation, investors and prospective investors, should review and consider these risks and uncertainties
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should also note that the high degree of uncertainty around the nature, timing and magnitude of climate-related risks, and the
uncertainty as to how the energy transition will evolve, makes it particularly difficult to determine all potential risks and
opportunities and disclose these and any potential impacts with precision. Neither Glencore nor any of its affiliates, associates,
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contained in this document, particularly in light of the long-term time horizon which this document discusses in certain instances
and the inherent uncertainty in possible policy, market and technological developments in the future.
No statement in this document is intended as any kind of forecast (including, without limitation, a profit forecast or a profit
estimate), guarantee or prediction of future events or performance and past performance cannot be relied on as a guide to future
performance.
Except as required by applicable rules or laws or regulations, Glencore is not under any obligation, and Glencore and its affiliates
expressly disclaim any intention, obligation or undertaking, to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise. This document shall not, under any circumstances, create any implication that there
has been no change in the business or affairs of Glencore since the date of this document or that the information contained herein
is correct as at any time subsequent to its date.
Glencore Half-Year Production Report 2025 5
Sources
Certain statistical and other information included in this document is sourced from publicly available third-party sources. This
information has not been independently verified and presents the view of those third parties, and may not necessarily correspond to
the views held by Glencore and Glencore expressly disclaims any responsibility for, or liability in respect of, and makes no
representation or guarantee in relation to, such information (including, without limitation, as to its accuracy, completeness or
whether it is current). Glencore cautions readers against reliance on any of the industry, market or other third-party data or
information contained in this document.
Information preparation
In preparing this document, Glencore has made certain estimates and assumptions that may affect the information presented.
Certain information is derived from management accounts, is unaudited and based on information Glencore has available to it at
the time. Figures throughout this document are subject to rounding adjustments. The information presented is subject to change
at any time without notice and we do not intend to update this information except as required.
This document contains alternative performance measures which reflect how Glencore's management assesses the performance of
the Group, including results that exclude certain items included in our reported results. These alternative performance measures
should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance or position
reported in accordance with IFRS. Such measures may not be uniformly defined by all companies, including those in Glencore's
industry. Accordingly, the alternative performance measures presented may not be comparable with similarly titled measures
disclosed by other companies. Further information can be found in our reporting suite available at glencore.com/publications.
Subject to any terms implied by law which cannot be excluded, Glencore accepts no responsibility for any loss, damage, cost or
expense (whether direct or indirect) incurred by any person as a result of any error, omission or misrepresentation in information in
this document.
Other information
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document,
"Glencore", "Glencore group" and "Group" are used for convenience only where references are made to Glencore plc and its
subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship
between the companies. Likewise, the words "we", "us" and "our" are also used to refer collectively to members of the Group or to
those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company
or companies.
Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Glencore Half-Year Production Report 2025 6
Date: 30-07-2025 08:03:00
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