Glencore plc has reported solid third-quarter production results for 2025, underpinned by steady performance across its key commodities and improving output from its African copper and cobalt operations.
Despite a challenging macroeconomic environment and fluctuating commodity prices, the diversified miner remains on track to meet its full-year production guidance.
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Copper and cobalt
Glencore’s Katanga Copper Company (KCC) and Mutanda Mining operations in the Democratic Republic of Congo (DRC) continue to form the backbone of its “African Copper” portfolio. Combined year-to-date copper output reached 153,900 tonnes, nearly matching 2024 levels.
Quarterly production rebounded strongly, with KCC delivering 54,700 tonnes of copper in Q3 — a 66% increase from the previous quarter, thanks to higher-grade ore feed and more consistent processing performance. Mutanda also recorded steady improvement, with higher throughput and better cobalt grades contributing to stronger results.
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Cobalt production rose to 29,100 tonnes year-to-date, up 5% year-on-year, as Mutanda ramped up its cobalt circuit. However, export quota limitations in the DRC continue to affect the flow of cobalt volumes, with some production held in-country awaiting clearance.
Coal: South African operations stable
Glencore’s South African coal business maintained stable output despite logistics constraints and infrastructure challenges. The company reported consistent production volumes from its thermal coal assets supplying both export and domestic markets.
The company remains one of the largest producers of high-quality coal in the region, balancing its thermal output with ongoing commitments to reduce carbon intensity and invest in decarbonisation initiatives.
Nickel and Zinc
Outside Africa, Glencore’s nickel and zinc divisions saw mixed results, affected by maintenance schedules and lower grades at certain operations. Nickel production stood at 72,100 tonnes year-to-date, down 9% compared to 2024, while zinc output reached 625,200 tonnes, broadly in line with prior-year figures.
Guidance and outlook
The company reaffirmed its 2025 full-year production guidance, signalling confidence in its operational stability across all commodity groups. Management noted that sequential improvements in copper and cobalt output at its African assets are expected to continue into Q4, positioning the group for a stronger finish to the year.
Glencore Chief Executive Officer, Gary Nagle: “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.
“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,” added Nagle.
“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.”
Glencore is prioritising operational excellence and capital discipline while advancing its responsible sourcing and climate goals. Its African operations — rich in copper and cobalt — are expected to play a crucial role in meeting global demand for battery materials as electrification accelerates.