LONDON, Jan 29 (Reuters) – Glencore’s copper production declined by 11% in 2025, though higher copper grades and recoveries at several mines boosted output in the second half, the company said on Thursday.
At 851,600 metric tons, the year’s production was at the lower end of an earlier forecast of 850,000-to-875,000 metric tons.
The market awaits a possible takeover offer from rival Rio Tinto for Glencore that is expected to be announced by February 5.
The price of copper, needed for the global shift to lower carbon energy, AI, and defence, has hit record levels as traders anticipate tightening supply.
LOWER GRADES AND TIGHTER SUPPLY
Glencore’s copper guidance for this year is between 810,000 tons and 870,000 tons, in part because of lower ore grades and water constraints at Chilean mine Collahuasi, which it co-owns with Anglo American.
This range is in line with its December forecast that had a midpoint of 840,000 tons, down from 930,000 previously.
Glencore aims to lift annual copper output to 1.6 million tons by 2035 through a mixture of new and restarted mines. However, if talks with Rio Tinto progress toward creating the world’s largest mining group, valued above $200 billion, the company’s long-term outlook could shift.
Glencore also produces cobalt, another critical mineral for the energy transition, in the Democratic Republic of Congo, which accounts for more than 70% of global mined production.
It said it produced 36,100 tons of cobalt last year, down 5% on 2024.
The central African country in October launched a system of export quotas. Glencore expects to export 22,800 tons this year.
The miner and trader said it expects its full-year marketing earnings before interest and tax at the mid-point of its $2.3 billion to $3.5 billion range.
Its 2025 steelmaking coal production increased to 32.5 million tons from 19.9 million tons.
Glencore produced 98 million tons of thermal coal in 2025, down from 99.6 million tons in 2024, maintaining its position as one of the world’s largest producers and exporters of the fuel.
(Reporting by Clara Denina; editing by Barbara Lewis)
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