Commodities Buzz: Glencore Copper production down 17% on year in first three quarters of 2025

Global mining major Glencore stated that its sourced copper production of 583,500 tonnes was 121,700 tonnes in first three quarters of 2025, marking a drop of 17% compared to first three quarters of 2024, primarily due to lower head grades and recoveries associated with planned mine sequencing and the resultant ore fed to the plants, contributing to the reductions at Collahuasi (59,000 tonnes), Antamina (23,400 tonnes), Antapaccay (15,200 tonnes) and KCC (16,800 tonnes). Own sourced copper production in Q3 2025 was 63,600 tonnes (36%) higher than Q2 2025, mainly reflecting higher grades at KCC (21,700 tonnes), Antapaccay (16,800 tonnes) and Antamina (11,800 tonnes) as planned mine sequencing advanced.

Its own sourced cobalt production of 28,500 tonnes was 2,000 tonnes or 8% higher than the comparable 2024 period, reflecting higher cobalt grades and volumes at Mutanda. Own sourced overall zinc production of 709,400 tonnes was 65,800 tonnes (10%) higher than the comparable 2024 period, mainly reflecting higher zinc grades at Antamina (58,700 tonnes) and higher McArthur River production (16,000 tonnes). Adjusting for 5,000 tonnes of Koniambo production in the base period (prior to its transition to care and maintenance), Glencore’s nickel production of 52,400 tonnes was 4,900 tonnes (9%) lower than the comparable 2024 period.

However, 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. Copper production volumes increased 36% quarter on quarter.

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