(Alliance News) – Glencore PLC reported on Wednesday it had kept its 2025 production guidance mostly unchanged, though copper operations had a slow start this year, while coal tracked well.
The Barr, Switzerland based commodity trading and mining company delivered copper production of 167,900 tonnes in the first quarter of 2025, down 30% from 239,700 tonnes a year earlier, blaming mainly lower ore mining rates, head grades and overall recoveries at Collahuasi mine in Chile, Antapaccay mine in Peru and Kamoto Copper Co or KCC in the Democratic Republic of Congo.
While copper had a slow start to the year, Glencore expects the first quarter to be the lowest quarter, and a significantly stronger performance is anticipated over the remainder of the year.
In coal, both steelmaking and energy coal volumes were tracking well, the mining company said.
Steelmaking coal production multiplied to 8.3 million tonnes from 1.4 million tonnes, mainly due to the Elk Valley Resources business acquired in July 2024. Elk Valley produced 6.6 million tonnes in the first three months of 2025.
But energy coal output fell 7.1% to 23.4 million tonnes from 25.2 million tonnes, reflecting the progressive impact of two scheduled mine closures in Australia.
Zinc production was up 3.9% to 213,600 tonnes from 205,600 tonnes, while lead output rose 14% to 49,900 tonnes from 43,800 tonnes.
Ferrochrome production dropped 6.7% to 277,000 tonnes from 297,000 tonnes.
“Our full year 2025 production guidance remains unchanged from that presented at the beginning of the year, except for a c.5% reduction to energy coal’s range to reflect our recent proactive decision to reduce Cerrejon volumes, in support of rebalancing this market,” Glencore Chief Executive Officer Gary Nagle said.
Glencore predicts copper production of between 850,000 tonnes and 910,000 tonnes in 2025 from 951,600 tonnes in 2024.
Annual steelmaking coal production guidance is between 30 million tonnes and 35 million tonnes in 2025 from 19.9 million tonnes in 2024.
But energy coal output is estimated at between 87 million tonnes and 95 million tonnes, down from the previous guidance of between 92 million tonnes and 100 million tonnes. In 2024, energy coal production was 99.6 million tonnes.
Accounting for general market uncertainty and global economic growth scenarios trending lower, Glencore expects full-year Marketing adjusted earnings before interest and taxes or Ebit around the middle of its long-term USD2.2 billion and USD3.2 billion per annum guidance range.
“Since quarter-end, financial markets, including commodities, have been highly volatile and unpredictable, responding rapidly to US tariff newsflow and uncertainty,” it said.
Glencore shares fell 4.2% to 252.75 pence each on Wednesday morning in London, while in Johannesburg, they were down 4.8% at ZAR62.01 each.
By Artwell Dlamini, Alliance News reporter
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