REG - Glencore PLC - Third Quarter 2025 Production Report

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RNS Number : 2978F  Glencore PLC  29 October 2025

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 - Total(1)

                                                            YTD                   YTD                   Change %

2025
2024
 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 equivalents(2)            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.

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
 KCC              118         67     72       185    190      Primarily grade driven uplift: Continued improvement expected in Q4 2025 Cu
                                                              grades to 3.63% vs 2.21% Sep YTD
 Mutanda          36          21     24       57     60       Primarily grade driven uplift: Continued improvement expected in Q4 2025 Cu
                                                              grades to 2.34% vs 1.40% Sep YTD
 Collahuasi       131         54     59       185    190      Water restrictions began to ease with the staged commissioning of the new
                                                              desalination plant in Q3. Continued improvement expected in Q4 2025 Cu 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
 Antamina         90          36     39       126    129      Continued improvement expected in Q4 2025 Cu grades to 0.92% vs 0.81% Sep YTD,
                                                              reflecting higher-grades and operational improvements following management
                                                              changes implemented during H1
 Antapaccay       90          49     53       139    143      Primarily grade driven uplift: Continued improvement 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.

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
(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 (http://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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