Glencore - third quarter 2025 production report
Glencore ("GLEN" [JSE]) reported a strong third quarter in 2025, driven by increased copper and coal production. Copper output rose 36% quarter-on-quarter, with notable improvements at KCC, Mutanda, Antamina, and Antapaccay, despite a 17% decline year-to-date compared to 2024. Zinc production increased by 10%, and cobalt was up 8%. However, ferrochrome production dropped 51% due to smelter suspensions. The company maintained its full-year 2025 guidance for key commodities, with copper expected between 850-890 kt and zinc between 940-980 kt. Glencore also announced the completion of the Pasar copper smelter sale and the cessation of Mount Isa copper operations, shifting reliance to third-party feedstocks. The DRC cobalt export quotas were lifted, with Glencore allocated 22% of the total quotas for 2025-2027.
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