Glencore's interim profits fall 14% due to lower coal prices and reduced copper output

Glencore, the global miner and trader, reported on Wednesday a drop of 14% in its first-half core profit, due to lower coal prices, a decrease in copper production and operational issues at some mines.

The company had previously considered moving its primary listing to the United States, but has decided to keep the listing in London. It cited that the move would not bring value to shareholders.

Glencore's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) dropped to $5.43bn in the first six months of this year from $6.34bn last year.

The company announced last week that it would aim to save $1 billion by the year 2026 as part of an assessment of its industrial assets following a decline of 26% in copper production.

Gary Nagle, CEO of Gary Nagle Group, said that "while there is much uncertainty about the impact of trade and geopolitics in the short term, we are of the opinion that the pace and scale of resource development required for certain commodities will struggle to meet demand projections in the future."

Nagle stated that "we are well placed to help bridge this gap."

Glencore announced that its total shareholder return for 2025 is $3.2 billion.

(source: Reuters)