Glencore has reaffirmed its full-year 2025 production guidance despite reporting lower copper output in the first quarter. Copper production fell by 30% year-over-year to 167,900 tonnes, largely due to lower mining rates and ore grades at its Collahuasi and Antapaccay operations, along with a feedstock transition at KCC.
CEO Gary Nagle said copper production would significantly increase in the second half of the year, with a forecasted 42%–58% production split between the first and second halves. Cobalt output rose sharply by 44% to 9,500 tonnes, driven by higher grades at the Mutanda mine. Zinc production also grew by 4% to 213,600 tonnes, while nickel and ferrochrome outputs declined.
Steelmaking coal production reached 8.3 million tonnes, benefiting from the inclusion of Elk Valley Resources, acquired in July 2024. Energy coal output dropped by 7% to 23.4 million tonnes due to scheduled mine closures in Australia and an intentional production cut at Cerrejón in Colombia.
Glencore highlighted ongoing uncertainty in global markets triggered by new tariffs and geopolitical factors but indicated its marketing business remains resilient. Nagle expects marketing adjusted EBIT to align around the mid-range of its annual guidance of $2.2 to $3.2 billion.
