Glencore looks to better second half of 2025

DISLOCATION of global commodity trade routes over the next few months as a result of US tariff hikes could represent opportunities rather than threats for global miner and trader Glencore, CEO Gary Nagel said in the group’s first quarter production report.Nagel said the group’s marketing division is likely to post full-year adjusted EBIT in the middle of its guidance range of US$2.2-3.2 billion. Glencore is exposed to various complex supply chains, mainly involving the US, Europe, China and Canada.For all the commodities it mines, Glencore has maintained its previous full-year production guidance, except for energy coal. It now expects to produce 87-95 million tonnes (Mt) of energy coal this year (from 92-100Mt previously guided), as it has purposely cut production at Cerrejón in response to weaker global prices. In most commodities, group production will be weighted more to the second half of the year.In the first quarter, copper sourced from Glencore’s own mines fell by 30% to 167,900t compared with Q1 2024, reflecting lower ore mining rates, head grades and overall recoveries at Collahuasi, Antapaccay and KCC. Nagel said a significantly stronger performance from the copper division is expected for the rest of the year. Own sourced cobalt production rose 44% to 9,500t, largely due to higher grades and volumes at Mutanda.Glencore’s zinc and lead production was higher than a year ago but nickel production, excluding Koniambo, which has been put on care and maintenance, was flat. Attributable ferrochrome production dropped 7% or 20,000t to 277,000t as the Glencore-Merafe Joint Venture has suspended various smelters in response to thinner margins. A significant increase in output of steelmaking coal to 8.3Mt mainly reflects the purchase of Elk Valley Resources in July 2024. Energy coal production fell 7% to 23.4Mt due to the closures of Glendell and Integra mines in Australia last year. In South Africa, thermal coal output rose 5% to 4.2Mt as a result of improved fleet performance and reclamation from stockpiles.The post Glencore looks to better second half of 2025 appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com