REG - Glencore PLC - Full Year 2025 Production Report

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RNS Number : 7846Q  Glencore PLC  29 January 2026

NEWS RELEASE

Baar, 29 January 2026

Full Year 2025 Production Report

 

 

Glencore Chief Executive Officer, Gary Nagle:

"Glencore, for the second consecutive year, achieved full year production
volumes for our key commodities within guidance ranges, reflecting the ongoing
benefits of our recently optimised and simplified operating structures.
Notably, H2 2025 copper production of over 500kt was almost 50% above H1,
primarily due to higher copper grades and recoveries at KCC, Mutanda,
Antapaccay and Antamina. In zinc, H2 volumes were up 39kt (+8% vs H1),
reflecting increased contributions from McArthur River, Kidd and Kazzinc,
while in coal, energy and steelmaking volumes were higher by 1.4Mt and 1.1Mt
respectively.

"At our Capital Markets Day in Q4 2025, we provided updated and expanded
guidance on our copper asset portfolio, outlining our pathway, from an already
significant copper producer, to become one of the world's largest producers
over the next decade. In support thereof, I am pleased to report that our 2025
Resources and Reserves report (also released today) includes additions to our
copper mineral resource base, with notable increases at NewRange, Antapaccay,
Coroccohuayco, Lomas Bayas and El Pachón.

"We expect to report FY 2025 Marketing Adjusted EBIT around the mid-point of
our recently upgraded (in July 2025) $2.3-3.5 billion p.a. long-term through
the cycle guidance range."

Production from own sources - Total(1)

                                          H2 2025  H1 2025  Change %  2025    2024    Change %
 Copper                              kt   507.7    343.9    48        851.6   951.6   (11)
 Cobalt                              kt   17.2     18.9     (9)       36.1    38.2    (5)
 Zinc                                kt   504.2    465.2    8         969.4   905.0   7
 Lead                                kt   88.0     90.9     (3)       178.9   185.9   (4)
 Nickel                              kt   35.3     36.6     (4)       71.9    82.3    (13)
 Gold                                koz  303      301      1         604     738     (18)
 Silver                              koz  11,328   9,097    25        20,425  19,286  6
 Chrome Ore                          kt   1,896    1,717    10        3,613   3,678   (2)
 Steelmaking coal                    mt   16.8     15.7     7         32.5    19.9    63
 Energy coal                         mt   49.7     48.3     3         98.0    99.6    (2)

 Expressed in copper equivalents(2)  kt   1,672    1,461    14        3,133   3,082   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 full year
2025 average commodity prices shown on page 9, except coal, where realised
prices, post portfolio mix adjustment, have been used: Steelmaking coal
($168.7/t), Energy coal ($80.3/t).

 

Production highlights

•       Own sourced copper production of 851,600 tonnes was 100,000
tonnes (11%) below 2024, primarily due to lower head grades and recoveries
associated with mine sequencing and resultant ore feedstock to the plants,
contributing to the reductions at Collahuasi (68,100 tonnes), Antamina (14,600
tonnes) and Antapaccay (9,900 tonnes). Copper production from the Mount Isa
complex (recorded as part of the Zinc department) reduced by 13,300 tonnes
reflecting closure of the MICO mine in mid-2025.

•       H2 2025 own sourced copper production was 163,800 tonnes (48%)
higher than H1 2025, mainly reflecting the expected grade-related uplifts at
KCC (62,300 tonnes half-on-half uplift), Antamina (19,100 tonnes) and
Antapaccay (40,500 tonnes).

•       Own sourced cobalt production of 36,100 tonnes was 2,100
tonnes (5%) lower than 2024, mainly reflecting proactive planning to
prioritise copper production over cobalt, noting the DRC cobalt export
restrictions. Cobalt production in Q4 2025 was 2,000 tonnes lower than in Q3
2025.

•       Own sourced overall zinc production of 969,400 tonnes was
64,400 tonnes (7%) higher than 2024, mainly reflecting higher zinc grades at
Antamina (60,500 tonnes) and higher McArthur River production (14,900 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 71,900 tonnes was 5,400 tonnes (7%) lower than 2024, reflecting
lower production at both INO and Murrin Murrin.

•       Attributable ferrochrome production of 436,000 tonnes was
730,000 tonnes (63%) lower than the comparable 2024 period, reflecting the
suspension of operations at the Boshoek and Wonderkop smelters in May and June
2025, respectively. Underlying attributable chrome ore production of 3.6
million tonnes was in line with 2024.

•       Steelmaking coal production of 32.5 million tonnes mainly
comprises the Elk Valley Resources (EVR) business acquired in July 2024, which
produced 25.2 million tonnes versus 12.5 million tonnes in 2024. Australian
steelmaking coal production of 7.3 million tonnes was in line with 2024.

•       Energy coal production of 98.0 million tonnes was 1.6 million
tonnes (2%) down on 2024, mainly reflecting the voluntary Cerrejón production
cuts announced in March 2025, partially offset by a stronger performance from
the Australian business.

 

Realised prices

Key Metals

             Realised       LME (average 12 months)  Difference

$/t
%
             ¢/lb   $/t
 Copper      447    9,855   9,954                    (1)
 Zinc        129    2,835   2,870                    (1)
 Nickel      693    15,284  15,162                   1

 

Coal

                                                                               2025 $/t  2024 $/t
 Steelmaking coal: average prime hard coking coal (PHCC) settlement price      188.3     240.7
 Steelmaking coal: portfolio mix adjustment(1)                                 (19.6)    (39.2)
 Steelmaking coal: average realised price(2)                                   168.7     201.5

 Energy coal: average Newcastle coal (NEWC) settlement price                   105.4     134.8
 Energy coal: portfolio mix adjustment(3)                                      (25.1)    (34.2)
 Energy coal: average realised price(4)                                        80.3      100.6

1 Component of our regular cash flow modelling guidance, mainly reflecting
movements in pricing of non-PHCC quality coals

2 Average quality-adjusted realised price to be applied across all 2025
steelmaking coal sales volumes

3 Component of our regular cash flow modelling guidance, mainly reflecting
movements in the pricing of non-NEWC quality coals

4 Average quality-adjusted realised price to be applied across all 2025 energy
coal sales volumes (including semi-soft)

 

Production guidance

                           Actual  Actual    Guidance

FY
FY
FY
                           2024    2025      2026
 Copper            kt      951.6   851.6     810-870
 Cobalt            kt      38.2    36.1      n/a       (1)
 Zinc              kt      905.0   969.4     700-740
 Nickel            kt      82.3    71.9      70-80
 Steelmaking coal  mt      19.9    32.5      30-34     (2)
 Energy coal       mt      99.6    98.0      95-100

1 A quota system applies to DRC cobalt exports until at least the end of 2027.
Cobalt produced at KCC and Mutanda in excess of the allocated quotas continues
to be stored in-country and will be sold as circumstances allow. In this
context, cobalt contained in mixed ore may be held in solution (and not
reported as production), rather than processed into cobalt in hydroxides to
minimise nearby processing costs. KCC and Mutanda have sufficient cobalt
inventories on hand to satisfy their cobalt quotas over the near term. Given
the dynamic backdrop as to cobalt export restrictions and the required
continuous operational optimisation, there is currently too much uncertainty
to provide reliable 2026 FY cobalt production guidance.

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.

 

DRC cobalt update

•       The DRC lifted its cobalt export ban in Q4 2025, and
introduced export quotas. The DRC is ramping up its quota systems and
controls, however there were delays to exports initially intended for Q4 2025.
The DRC has agreed that quotas unutilised in Q4 2025 can be used up to 31
March 2026. KCC and Mutanda did not export any cobalt in Q4 2025, with their
2025 quotas therefore available for use up to 31 March 2026. Glencore's
resulting expected cobalt export quotas are set out in the table below.

•       Glencore intends to export cobalt according to its allocations
in 2026-2027. Given that the business has sufficient inventories to fully
utilise its allocated quotas, copper production in the DRC will be prioritised
over cobalt, where it makes commercial sense. This strategy is expected to
continue while the quotas are in effect. Cobalt in ore processed above sales
quota levels, will either build as work in process inventory or be stored as
final product in-country.

 Cobalt, kt                 2026 (including 2025 carryover)  2027
 KCC                        16.1                             13.3
 Mutanda                    6.7                              5.5
 Glencore allocation        22.8                             18.8

 

Estimated Unit Costs

                              2025    2024
 Copper(1)            c/lb    183.0   169.1
 Zinc(2)              c/lb    (25.4)  30.1
 Steelmaking coal(3)  $/t     109.1   115.6
 Energy coal(3)       $/t     65.3    68.1

1 Net unit cash cost after by-product, excluding costs expensed related to our
MARA, El Pachón and New Range development projects. Impacted by no cobalt
by-product sales from the DRC since introduction of export restrictions in
early 2025, as noted above.

2 Net unit cash cost after by-product.

3 FOB unit cash cost

 

Other matters

•       Glencore's 2025 Resources and Reserves Report is also
published today (29 January 2026) on our website.

 

To view the full report please click here:
https://www.glencore.com/.rest/api/v1/documents/static/a8114247-02e8-4bd8-bc04-81f411ba631c/GLEN_2025-FY-Production-Report.pdf
(https://www.glencore.com/.rest/api/v1/documents/static/a8114247-02e8-4bd8-bc04-81f411ba631c/GLEN_2025-FY-Production-Report.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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Profit estimate

The following statement contained within this document constitutes a profit
estimate (Profit Estimate) for the purposes of Rule 28 of the City Code on
Takeovers and Mergers:

"We expect to report FY 2025 Marketing Adjusted EBIT around the mid-point of
our recently upgraded (in July 2025) $2.3-3.5 billion p.a. long-term through
the cycle guidance range."

In line with Rule 28.1(c), the Takeover Panel has granted Glencore plc
(Glencore) a dispensation from the requirement to include reports from
reporting accountants and Glencore's financial advisers in relation to the
Profit Estimate. Other than the Profit Estimate, nothing in this document is
intended, or is to be construed, as a profit estimate or a profit forecast for
any period.

The board of Glencore confirms that, as at the date of this document, the
Profit Estimate is valid and has been properly compiled on the basis of the
assumptions set out below and that the basis of the accounting used is
consistent with Glencore's accounting policies, which are in accordance with
IFRS.

The Profit Estimate is based on the unaudited condensed financial statements
of Glencore for the twelve months ended 31 December 2025. The basis of
accounting used is consistent with the accounting policies of Glencore which
are in accordance with IFRS and are those that Glencore expects to apply in
preparing its Annual Report and financial statements for the financial year
ending 31 December 2025. Given that the period to which the Profit Estimate
relates has been completed, there are no other principal assumptions
underpinning the Profit Estimate.

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, disposals or other
corporate transactions); 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; permitting, anticipated project timelines, productive lives of
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By their nature, forward-looking statements involve known and unknown risks,
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uncertainties include, without limitation, those disclosed in the risk
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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
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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; labour
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 enforcement or regulatory proceedings;
the effect of foreign currency exchange rates on market prices and operating
costs; actions by governmental authorities, such as changes in taxation or
laws or regulations or changes in the decarbonisation policies and plans of
other countries; breaches of Glencore's policy framework, applicable laws or
regulations; the availability of sufficient credit and management of liquidity
and counterparty risks; changes in economic and financial market conditions
generally or in various 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, employees, directors, officers or advisers,
provides any representation, warranty, assurance or guarantee as to the
accuracy, completeness or correctness, likelihood of achievement or
reasonableness of any forward-looking information contained in this document
or that the events, results, performance, achievements or other outcomes
expressed or implied in any forward-looking 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.

Other than as expressly set out herein, 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.

For further information on the basis of our approach and the definitions of
certain non-financial metrics, refer to the 2024 Basis of Reporting, which is
available on our website 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

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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.

 

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