Glencore’s solo copper strategy: production, project and risk notes for engineers
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Glencore is pursuing a standalone copper-led growth strategy after ending merger talks with Rio Tinto and selling a 40% stake in its flagship DRC copper-cobalt assets to the US-backed Orion Critical Mineral Consortium, while targeting over 1 Mt of copper annually by 2028 and about 1.6 Mt by 2035. 2025 copper output fell 11% to 851,600 t on lower grades at Collahuasi, Antamina and Mount Isa, but second-half production rose nearly 50% versus H1 as grades improved. For 2026, Glencore guides 810,000–870,000 t of copper and up to 100 Mt of energy coal, with Katanga’s land access deal with Gécamines underpinning a path to roughly 300,000 t/y and extended mine life.
Technical Brief
- 2025 zinc output reached 969,400 t, partially offsetting copper and nickel underperformance in the metals portfolio.
- Revenue increased 7% to $247.5 billion, yet adjusted EBITDA fell 6% to $13.5 billion, compressing margins.
- Adjusted EBIT dropped 14% to $6 billion, reflecting coal price weakness despite strong coal cash generation.
- Net income swung from a $1.6 billion loss in 2024 to a $363 million profit in 2025.
- Portfolio reshaping included acquiring the Quechua copper project in Peru and divesting the Pasar smelter and Puerto Nuevo terminal.
Our Take
In our database, Glencore appears more frequently than other diversifieds in coal- and cobalt-tagged pieces, so the 2025 mix of rising revenue but falling adjusted EBIT/EBITDA will be closely watched by peers weighing whether to follow its strategy of funding copper expansion from a still-sizeable coal base.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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