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Investing.com -- Glencore PLC (LON:GLEN) reported a 5% year-on-year increase in copper equivalent (CuEq) production for the first half (H1) of 2025, supported by the integration of volumes from Elk Valley Resources (EVR) steelmaking coal operations.
The company reaffirmed confidence in its full-year production outlook and flagged tighter guidance ranges following recent business reviews.
Steelmaking coal was a key contributor, with total output at 15.7 million tonnes, of which 12.7 million tonnes came from the newly integrated EVR. Energy coal volumes held steady at 48.3 million tonnes, with stronger Australian production offsetting output reductions at Cerrejón.
Own sourced copper production fell 26% to 343,900 tonnes, primarily due to planned lower grades and recoveries across several operations including Collahuasi, Antamina, Antapaccay, and KCC.
However, cobalt and zinc production rose 19% and 12%, respectively, driven by stronger grades at Mutanda and Antamina.
Nickel output slipped 7% to 36,600 tonnes, while ferrochrome production declined 28%, as Glencore strategically suspended operations at its Boshoek and Wonderkop smelters in response to margin pressure.
CEO Gary Nagle said the group made “significant progress in optimising the business,” identifying around $1 billion in cost savings, expected to be fully realised by end-2026.
“H2 2025 is expected to already generate significant cost savings resulting from these initiatives,” he added, with more details to come in the August 6 earnings release.
Following the completion of the Viterra sale, Glencore raised its long-term Marketing Adjusted EBIT guidance range to $2.3–$3.5 billion per year, up from $2.2–$3.2 billion previously. This reflects a 16% mid-point increase to $2.9 billion, even after removing Viterra’s contribution.