Glencore expects to save $1 billion by 2026 following a review of its assets

Glencore reported on Wednesday lower copper production in the first half and said that it hopes to save $1 billion by the end 2026 as part of an industrial asset review.

Glencore revised its full-year long-term marketing earnings before taxes and interest (EBIT) from $2.2 billion in 2012 to $3.5 billion for this year. This was a change of $2.2 billion to $3 billion, following the sale of Viterra, its agribusiness, in July. Viterra contributed $200 million.

The trading division of the company generated a profit of $1.35 billion in the first half.

Glencore reported that its first-half production of copper fell by 26% to 343,900 tons. This was mainly due to deteriorating grades. However, it reiterated the full-year forecast at 850,000-910,000 tons for 2025, anticipating higher outputs in the coming months.

The miner and the trader produced about 952,000 tons last year of the metal that is used to build wiring, batteries for electric vehicles, renewable energy plants, and data centres.

The company said that it would close the last two copper mines located in Mount Isa, Australia.

Glencore, the second largest cobalt producer in the world, mined 18,900 tons of battery metal during the first half. This is a 19% increase from the same period a year ago.

(source: Reuters)