Glencore's copper production up 15% and sees $3.3 billion in marketing EBIT

Glencore announced 'on Wednesday that its first-half production of copper rose by a whopping 15% due to higher grades in key operations. Its'marketing unit, on the other hand, is expected to generate about $3?billion?in core adjusted earnings. This puts it on course to exceed its top end annual guidance.

The Swiss commodities trader and mining company produced 397,000 metric tonnes of copper in its first six months of this year. This is up from the 343,900 tons it produced in 2025. The increase was mainly due to improved grades in its African operations, and at its Antamina Mine in Peru.

The company's full-year production forecast is 810,000 to 870,000 tons.

Marketing is on track for another record-breaking year, with an adjusted EBIT of about $3.3 billion in the first half of this year already exceeding its annual guidance range between $2.3 billion and $3.5 billion.

Cobalt production dropped 46% to 10,200 tonnes in the first half of the year as export quotas continued to limit shipments in the Democratic Republic of Congo. Glencore stated that it prioritized copper production and deferred some cobalt for processing and sale once export restrictions ease.

In?2025, the DRC suspended exports of cobalt to help support the price after it fell to a nine-year low. The?ban was later replaced by an export quota in 'October.

Glencore will report its first-half results to the market on August 5, as a six month pause that has prevented any new?merger discussions with Rio Tinto is about to expire. The company has long signaled its desire for transformative deals but has failed to pursue the mining giant. (Reporting and editing by Louise Heavens, Clara Denina)

(source: Reuters)