Glencore reports lower production of copper in the first nine months

Glencore (GLEN.L), on Wednesday, reported a 17% drop in copper production during the first nine-months of the year. The company also tightened its guidance for 2025 due to lower ore grade at some of its mining operations. However, the third-quarter output was up.

The company's statement said that the miner and traders own-sourced production of copper in the period from January to September fell by 17%, to 583 500 metric tons, compared to last year. However, its own-sourced cobalt production rose by 2,000 tonnes to 28,500 ton.

Glencore's 2025 copper production forecast was between 850,000-875,000 tons, down from an earlier guidance of 850,000-890,000 tons.

The company expects to achieve its marketing earnings before tax and interest (EBIT) for the full year in the middle of its $2.3 billion-$3.5 billion range.

The trading division of the company, which will reach a record profit of $6.4 billion by 2022, is responsible for coal, oil and liquefied gas, along with other products.

This Swiss company will be one of the biggest producers and exporters in thermal coal this year, with a production of between 92 and 97 millions tons. The company has produced 73.5 millions tons, up from 73.1 million tonnes a year earlier.

After producing 24.7 millions tons of steelmaking coal, the production in 2025 should range between 30 and 35 million tonnes.

Glencore restructured in May its coal business, moving the recently acquired Canadian mines to a single unit managed out of Australia after abandoning plans to spin-off the entire division.

(source: Reuters)