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GLN - First Quarter 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 April 2025
First Quarter Production Report 2025
Glencore Chief Executive Officer, Gary Nagle:
"Our full year 2025 production guidance remains unchanged from that presented at the beginning of the year, except for a
c.5% reduction to energy coal's range to reflect our recent proactive decision to reduce Cerrejón volumes, in support of
rebalancing this market.
"While copper had a slow start to the year, Q1 is expected to be the lowest quarter, and a significantly stronger performance
is anticipated over the remainder of 2025. Copper production is expected to weight approximately 42%/58% over H1 and H2
2025 respectively, with all other guided commodities being in the 45%-51% range over H1. 2024 also experienced a stronger H2
performance, where ultimately full year production guidance was met. At Collahuasi, completion of the planned
reorientation of the pit, along with additional trucks and improved water availability, is expected to underpin its delivery of full
year guidance. In Peru, a planned initially higher strip ratio at Antapaccay is forecast to reduce progressively through the
year, boosting H2 volumes, while the transition at KCC of plant feed, from predominately ore stocks to run-of-mine feed, is
expected to lift throughput rates and production over the balance of 2025.
"In coal, both steelmaking and energy coal volumes are tracking well. EVR posted a strong quarter of 6.6Mt, while our energy
coal production volumes were modestly lower year-over-year, accounting for the closures of Glendell and Integra in the base
period. First quarter zinc volumes were up 4%, aided by stronger contributions from Antamina and our Australian assets.
"While still early in the year, basis Marketing's performance over the first quarter, and accounting for general market
uncertainty and global economic growth scenarios trending lower, we currently expect full year Marketing Adjusted EBIT
around the middle of our long-term $2.2-3.2 billion p.a. guidance range. Since quarter-end, financial markets, including
commodities, have been highly volatile and unpredictable, responding rapidly to US tariff newsflow and uncertainty. In such
an unpredictable environment, risk management has been a primary focus, noting the many complex supply chains we are
exposed to, including the US, China, Europe and Canada. Despite the 'noise', primary commodity trade routes to date have
not been meaningfully disrupted. However, owing to the various proposed and currently being implemented tariffs across
commodity supply chains, it is likely that some physical trade flow re-orientation and dislocation will manifest over the
coming months, which may present opportunities for our Marketing business."
Production from own sources – Total(1)
Q1 2025 Q1 2024 Change %
Copper kt 167.9 239.7 (30)
Cobalt kt 9.5 6.6 44
Zinc kt 213.6 205.6 4
Lead kt 49.9 43.8 14
Nickel kt 18.8 23.8 (21)
Gold koz 145 201 (28)
Silver koz 4,230 4,520 (6)
Ferrochrome kt 277 297 (7)
Steelmaking coal mt 8.3 1.4 493
Energy coal mt 23.4 25.2 (7)
1. Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated later in this report.
Q1 production highlights
• Own sourced copper production of 167,900 tonnes was 71,800 tonnes (30%) below Q1 2024, primarily due to lower ore mining
rates, head grades and overall recoveries at Collahuasi (29,400 tonnes), Antapaccay (20,800 tonnes) and KCC (16,700 tonnes).
• Own sourced cobalt production of 9,500 tonnes was 2,900 tonnes (44%) higher than Q1 2024, mainly reflecting higher cobalt
grades and volumes at Mutanda.
• Own sourced overall zinc production of 213,600 tonnes was 8,000 tonnes (4%) higher than Q1 2024, mainly reflecting higher
zinc grades from Antamina (7,000 tonnes) and stronger Australian production (7,700 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 18,800 tonnes was in line with Q1 2024.
• Attributable ferrochrome production of 277,000 tonnes was 20,000 tonnes (7%) below Q1 2024, such decrease being the result
of proactive management in response to market conditions.
• Steelmaking coal production of 8.3 million tonnes mainly comprises the Elk Valley Resources (EVR) business acquired in July
2024, which produced 6.6 million tonnes in Q1 2025. Australian steelmaking coal production of 1.7 million tonnes was 0.3 million
tonnes (21%) higher than Q1 2024, due to a longwall move at Oaky Creek in the base period.
• Energy coal production of 23.4 million tonnes was down 7% on Q1 2024, reflecting the progressive impact of two scheduled
mine closures in Australia.
Production guidance
Actual Previous Current 2025 weighting
FY guidance guidance
2024 2025 2025 H1 H2
Copper kt 951.6 850-910 850-910 42% 58%
Copper kt 951.6 850-910 850-910 42% 58%
Cobalt kt 38.2 40-45 40-45(1) 45% 55%
Zinc kt 905.0 930-990 930-990 51% 49%
Nickel kt 82.3 74-86 74-86 46% 54%
Steelmaking coal mt 19.9 30-35 30-35(2) 50% 50%
Energy coal mt 99.6 92-100 87-95(3) 51% 49%
(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.
(3) In March 2025, Cerrejón announced a production cut of 5-10Mt p.a. Accordingly, the energy coal guidance range has been reduced by 5Mt.
To view the full report please click here: https://www.glencore.com/.rest/api/v1/documents/static/0a6952b0-b644-41ee-b291-
c1ee6a93f9d5/GLEN_2025-Q1ProductionReport.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.
Important notice
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or
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
deemed to be, "forward-looking statements" which are prospective in nature. Such statements may include, without limitation,
statements in respect of trends in commodity prices and currency exchange rates; demand for commodities; reserves and
resources and production forecasts; expectations, plans, strategies and objectives of management; expectations regarding financial
performance, results of operations and cash flows, climate scenarios; sustainability (including, without limitation, environmental,
social and governance) performance-related goals, ambitions, targets, intentions and aspirations; approval of certain projects and
consummation and impacts of certain transactions (including, without limitation, acquisitions and disposals); closures or
divestments of certain assets, operations or facilities (including, without limitation, associated costs); capital costs and scheduling;
operating costs and supply of materials and skilled employees; financings; anticipated productive lives of projects, mines and
facilities; provisions and contingent liabilities; and tax, legal and regulatory developments.
These forward-looking statements may be identified by the use of forward-looking terminology, or the negative thereof including,
without limitation, "outlook", "guidance", "trend", "plans", "expects", "continues", "assumes", "is subject to", "budget", "scheduled",
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or comparable terminology and phrases or statements that certain actions, events or results "may", "could", "should", "shall", "would",
"might" or "will" be taken, occur or be achieved. The information in this document provides an insight into how we currently intend
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results of operations, prospects, financial conditions and discussions of strategy, and reflect judgments, assumptions, estimates and
other information available as at the date of this document or the date of the corresponding planning or scenario analysis process.
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
developments. Other factors which may impact risks and uncertainties include, without limitation: the ability to produce and
transport products profitably; demand for our products and commodity prices; development, efficacy and adoption of new or
competing technologies; changing or divergent preferences and expectations of our stakeholders; events giving rise to adverse
reputational impacts; changes to the assumptions regarding the recoverable value of our tangible and intangible assets; inadequate
estimates of resources and reserves; changes in environmental scenarios and related regulations, including, without limitation,
transition risks and the evolution and development of the global transition to a low carbon economy; recovery rates and other
operational capabilities; timing, quantum and nature of certain acquisitions and divestments; delays, overruns or other unexpected
developments in connection with significant projects; the ability to successfully manage the planning and execution of closure,
reclamation and rehabilitation of industrial sites; health, safety, environmental or social performance incidents; labor shortages or
workforce disruptions; natural catastrophes or adverse geological conditions, including, without limitation, the physical risks
associated with climate change; effects of global pandemics and outbreaks of infectious disease; the outcome of litigation or
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countries or regions; political or geopolitical uncertainty; and wars, political or civil unrest, acts of terrorism, cyber attacks or sabotage.
Readers, including, without limitation, investors and prospective investors, should review and consider these risks and uncertainties
(as well as the other risks identified in this document) when considering the information contained in this document. Readers
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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completeness or correctness, likelihood of achievement or reasonableness of any forward-looking information contained in this
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statements in this document will actually occur. Glencore cautions readers against reliance on any forward-looking statements
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.
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.
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Other information
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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
Date: 30-04-2025 08:21:00
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