While its copper operations experienced decreased production during the March 2025 quarter, Glencore’s other commodities saw a surge compared to the prior corresponding period.
Cobalt production saw a 44 per cent increase, totalling 9500 tonnes (t), and zinc saw a four per cent jump, bringing in 213,600t for the quarter.
The cobalt increase was credited to higher grades and volumes from the Mutanda Mining business in the Democratic Republic of Congo, and the zinc growth was due to higher grades from the Antamina mine in Peru and stronger production from Glencore’s zinc operations in Australia.
Lead production saw a 14 per cent increase and steelmaking coal saw a sizeable 493 per cent rise compared to the prior corresponding period, the latter of which was made possible thanks to Glencore acquiring Elk Valley Resources, Teck Resources’ steelmaking coal subsidiary in July 2024.
“While copper had a slow start to the year, Q1 (the March quarter) is expected to be the lowest quarter, and a significantly stronger performance is anticipated over the remainder of 2025,” Glencore chief executive officer Gary Nagle said.
“Copper production is expected to weight approximately 42 per cent/58 per cent over H1 (the first half) and H2 2025 respectively, with all other guided commodities being in the 45–51 per cent range over H1. 2024 also experienced a stronger H2 performance, where ultimately full year production guidance was met.”
While Glencore’s copper operations saw a 30 per cent decrease compared to the March 2024 quarter, Nagle explained that key infrastructure is being installed to help increase the production going forward.
“At Collahuasi (in Chile), completion of the planned reorientation of the pit, along with additional trucks and improved water availability, is expected to underpin its delivery of full year guidance,” Nagle said.
“In Peru, a planned initially higher strip ratio at Antapaccay is forecast to reduce progressively through the year, boosting H2 volumes, while the transition at (the Kamoto Copper Company in the Democratic Republic of Congo) of plant feed, from predominately ore stocks to run-of-mine feed, is expected to lift throughput rates and production over the balance of 2025.”