Glencore Cuts 2025 Copper Outlook Despite Strong Q3 Production Rebound

Analysts observed that Glencore is under pressure to match its peers’ aggressive growth plans.

SEATTLE (Scrap Monster): Global mining and trading giant Glencore plc has revised down the upper range of its 2025 copper production guidance, setting it between 850,000 and 875,000 tonnes, even after reporting a robust rebound in third-quarter performance.

The company’s Q3 copper output surged 36% compared to the previous quarter, largely supported by improved ore grades and operational strength at its African and Peruvian assets, including KCC, Mutanda, Antamina, and Antapaccay. However, year-to-date copper production stood at 583,500 tonnes, marking a 17% decline from the same period in 2024. The shortfall was primarily attributed to ongoing operational challenges at Chile’s Collahuasi mine.

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Reports indicate that Collahuasi’s output fell by 59,000 tonnes due to persistent water constraints and lower ore grades. The site is projected to produce between 185,000 and 190,000 tonnes this year — approximately 40% lower than 2018 levels.

Market analysts noted that Glencore faces growing competitive pressure as rivals, including Anglo American, adjust their production targets and ramp up investments in Chilean operations despite similar challenges.

Meanwhile, steelmaking coal production more than doubled to 24.7 million tonnes, compared with 11.1 million tonnes a year earlier, benefiting from the successful integration of Elk Valley Resources into Glencore’s portfolio.

The company’s strategic production adjustments reflect its effort to balance operational efficiency with market volatility, as it continues navigating complex mining conditions in key global regions.