Glencore withdrew approximately 15,000 tonnes of Russian copper from London Metal Exchange warehouses in Rotterdam over three trading sessions, planning to deliver the metal to China amid severe supply tightness in the world’s largest copper market. The withdrawals pushed LME copper inventories to their lowest level in a year, highlighting the growing desperation among traders...
READ MOREIn Hachinohe, Japan, representatives from major metals traders and manufacturers—including Mitsubishi, Glencore, and Panasonic Energy—recently gathered at a nickel plant to examine samples of deep-sea ore retrieved from the Pacific Ocean floor. The event, organized by Canadian mining company The Metals Company (TMC), showcased materials collected from about 4,000 meters below the ocean’s surface. Attendees...
READ MORECobalt Holdings has confirmed plans to list on the London Stock Exchange in June through a $230 million initial public offering, marking a rare new entry for investors seeking direct exposure to the price of cobalt. Trading is expected to begin on or around June 10, with both institutional and UK retail investors able to...
READ MOREGlobal copper production overview The global copper industry continues to expand, driven by accelerating demand from energy transition technologies, electric vehicles, and infrastructure projects. In 2024, global copper production reached approximately 22.8 million metric tons, with significant contributions from Chile, Peru, China, and the Democratic Republic of Congo. Chile remains the leading producer, accounting for...
READ MOREGlencore increased its zinc metal production by 8% year-on-year in the first quarter of 2024, reaching 227,700 tonnes. The Anglo-Swiss commodities group attributed the rise to the restart of its Nordenham smelter in Germany, which had been offline since late 2022, and solid output from its Spanish subsidiary, Asturiana de Zinc. The company, led by...
READ MOREGlencore reported a sharp decline in copper production for the first quarter of 2025, with output falling 30% year-on-year to 167,900 metric tons. The company attributed the drop to lower ore mining rates, head grades, and recoveries at key operations in Chile, Peru, and the Democratic Republic of Congo. Despite the weak start, Glencore expects...
READ MOREGlencore 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...
READ MORESwiss mining group Glencore is facing a $4.7 billion revised tax bill from the Democratic Republic of Congo’s tax authority, according to a report published by Africa Intelligence on April 16. The assessment targets two of the company’s subsidiaries operating in the country: Kamoto Copper Company (KCC) and Mutanda Mining. The Congolese Directorate General of...
READ MOREGlencore has confirmed that its Mount Isa copper mine in north-west Queensland will cease production at the end of July 2025, marking the end of over 100 years of continuous operation. The closure, initially announced in October 2023, is attributed to low ore grades and aging infrastructure that render the mine no longer economically viable....
READ MOREAnglo-Swiss mining giant Glencore has entered negotiations with the Australian federal government and Queensland state authorities regarding the future of its Mount Isa copper complex, including two mines, the Mount Isa smelter, and the Townsville refinery. The company plans to close its Mount Isa mines by late 2025 due to declining ore grades and rising...
READ MOREGlencore PLC is set to further reduce costs at its copper and zinc plants in Canada as part of a broader review of its global smelting operations, prompted by declining processing margins. According to an internal memo cited by Bloomberg News on March 14, the company is restructuring its operations to improve efficiency. As part...
READ MOREMercuria Energy Group and Glencore have renewed agreements to purchase copper from the Democratic Republic of Congo’s state mining company, Gecamines, following the company’s decision to independently market its share of output from joint ventures. The two trading firms secured deals to buy copper from the Tenke Fungurume mine, a major operation majority-owned by China’s...
READ MOREThe company cited an “other expense” of $2.12 billion, a 67% increase from 2023, which included $445 million in foreign exchange losses, $295 million in legal and government proceedings, and $870 million in site rehabilitation provisions. Commodity price movements varied in 2024: Despite the loss, CEO Gary Nagle highlighted a strong operational year, with production...
READ MOREGlencore has released its full-year 2024 production report, highlighting a year of operational progress and strategic acquisitions. CEO Gary Nagle emphasized the importance of the acquisition of EVR and shareholder support for retaining Glencore’s coal business. The company saw a net addition to its mineral reserve base, particularly in copper at Antamina, bauxite at MRN,...
READ MORETwo of the world’s largest mining companies, Rio Tinto and Glencore, are reportedly in early-stage discussions about a potential merger valued at an estimated £130 billion. If successful, the deal would create the world’s largest mining company, surpassing current leader BHP, which is valued at approximately $126 billion (£103 billion). The merger would combine Rio...
READ MORETwo potential buyers have submitted offers for Glencore’s 49% stake in the struggling New Caledonian nickel producer Koniambo Nickel SAS (KNS), the company announced. The bids follow site visits conducted by the interested parties between late October and early December 2024. KNS President Alexandre Rousseau confirmed that shareholder evaluations of the proposals are underway but...
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