Glencore posts strong production showing in third quarter

“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.”

This was Glencore Chief Executive Officer, Gary Nagle, reflection on the mining company’s production performance in quarter three.

Nagle added, “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 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.