Glencore's 2025 Copper Output Hit by Lower Grades in Chile, Peru

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Written by Amir Richani for IIR News Intelligence (Sugar Land Texas)

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Summary

Glencore recorded year-on-year declines across several commodities, while copper production dropped 11% due to lower grades at multiple assets.

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Lower Production

In 2025, Glencore reported lower production of copper, cobalt, lead, nickel and gold as its copper operations struggled with lower head grades.

Copper output during the second half of the year hit 507,200 tons, up 48% from the volumes seen in the first six months of the year. The increase was driven by higher grades and recoveries from the Kamoto and Mutanda mines in Congo, and from the Antapaccay and Antamina assets in Peru.

Despite gains in the second half, Glencore closed 2025 with annual copper output 11% below 2024 levels at 851,600 tons. Lower head grades and recoveries caused production declines of 68,100 tons at Collahuasi in Chile, 14,600 tons at Antamina, 9,900 tons at Antapaccay, while 13,300 tons were lost from the Mount Isa mine in Australia due to the closure of the MICO mine in 2025.

The owners of Collahuasi forecasted lower grades from the mine as the companies transition to the Rosario pit, expected to be completed by the end of 2026. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing the related project reports.

Subscribers can click here for other Glencore plant profiles.

For this year, however, the company has issued copper production guidance of 810,000-870,000 tons.

Other Commodities

Glencore's cobalt production in 2025 reached 36,100 tons, about 5% lower than in 2024, reflecting a focus on copper output and Congolese export restrictions. During Q4, the Congolese government lifted its cobalt export ban and introduced quota systems.

Zinc volumes, another key mineral for Glencore, reached 969,400 tons, up 7% from 2024, thanks to higher grades from Antamina and stronger production from McArthur River mine in Australia.

This year, zinc production is expected to be between 700,000 and 740,000 tons.

Markets & Projects

Glencore's lower copper production adds to operational setbacks that have reduced output for other major producers such as Codelco, Teck and Anglo American.

These setbacks have tightened the copper sector, where demand is rising due to cleaner technologies and electrification, both of which require significant copper supplies.

Copper prices broke the US$6-per-pound mark in early January before dropping again. However, on January 29, copper prices rose above US$6 per pound, according to data from Trading Economics.

For this year, Chilean state-owned mining agency Cochilco forecasts an average copper price of US$4.55 per pound, but continued operational disruptions, lower grades and delays in new projects could keep prices high.

Industrial Info is currently tracking 243 projects owned by Glencore International across commodities worldwide, amounting to US$21.5 billion.

Key Takeaways

• Glencore's copper output in 2025 was 851,600 tons, 11% lower year on year.
• Glencore reported lower year-on-year production of cobalt, lead, nickel and gold.
• Copper prices in January are reaching new highs.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).