Glencore sets 1-million-tonne copper target after annual profit swing
Glencore PLC reported on Wednesday it had swung to annual profit, owing to strong operational performance, as the diversified miner set ambitious target for copper operations.
The Barr, Switzerland-based commodity trading and mining company posted net attributable income of $363 million in 2025, flipped from a loss $1.63 billion in 2024. Pretax income was $321 million, swung from $998 million.
In 2024, Glencore took an impairment charge of $2.26 billion, compared to just $868 million in 2025.
Revenue for the year was $247.54 billion, up 7.2% from $230.94 billion, unable to boost profitability. It was higher than an increase of 1.9% to $235.3 billion that was expected by analysts at First National Bank.
Adjusted Earnings before interest, taxes, depreciation and amortisation fell 5.9% to $13.51 billion from $14.36 billion.
Basic earnings per share were $0.03, swung from loss per share of $0.13.
Glencore declared a base distribution of 10 US cents per share, and topped it up with 7 cents after the Viterra deal.
In July last year, Glencore concluded the merger between its former agriculture investment Viterra and New York-listed Bunge Global SA, securing a multi-billion-dollar return from the transaction.
‘2025 was a year of significant progress, marked by a strong operational performance, continued portfolio optimisation and clear momentum for our copper-led growth strategy,’ Glencore Chief Executive Officer Gary Nagle said.
For the second consecutive year, the mining group met its guidance for full year production volumes for its key commodities, reflecting the ongoing benefits of simplified operating structures, Nagle said.
Copper production for the second half of 2025 was over 500,000 tonnes. Output for the full year fell 11% to 851,600 tonnes in 2025 from 951,600 tonnes in 2024.
Glencore said it wants to become one of the world’s largest producers over the next decade, predicting production of over 1 million tonnes annualised by the end of 2028. it is targeting 1.6 million tonnes of copper production by 2035.
In a separate filing, Glencore said on Wednesday it has reached an agreement with Gecamines in the Democratic Republic of Congo, regarding land access for Kamoto Copper Co. Gecamines is Glencore’s existing partner in KCC.
The agreement unlocks a ‘comprehensive package’ of long-term mining titles and leases, the company said.
Gecamines maintains the rights to any ore reserves extracted from within the leased land package.
Going forward, Glencore said it remains focused on delivering on its 2026 priorities, achieving its operational targets, derisking and progressing its organic production growth options.
Shares in Glencore rose 4.4% to R 108.00 in Johannesburg on Wednesday morning.
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