Glencore Reports Increased Losses in First Half of 2025
Mining and commodity trading behemoth Glencore has announced a net loss for the first half of 2025, a stark contrast to the same timeframe last year. The company’s industrial segment suffered, primarily due to falling coal prices and a dip in copper production.
Based in Switzerland, Glencore reported a net loss of $655 million for the first half of this year, a significant increase from a $233 million loss during the same period in 2024.
Adjusted core revenue, which reflects earnings before interest, tax, depreciation, and amortization (EBITDA), saw a 14% decrease, settling at $5.43 billion. Overall revenue reached $117.4 billion, down from the previous year’s figures.
The decline in core revenues is largely attributed to “the effects of lower coal prices and reduced copper output over the period.”
Nagle noted, “While our zinc and coal assets are largely on track to meet full-year volumes, our copper business is currently facing a range of temporary operational challenges. These include mining sequences, declining grades, water shortages, and issues with cobalt stockpiles.”
Last week, Glencore revealed that its copper production for the first half of 2025, totaling 343,900 tonnes, was 26% lower compared to the same period last year. This decline was chiefly due to lower head grades and recovery rates at several major copper mines worldwide.
In the same communication, Glencore expressed aspirations for achieving $1 billion in cost savings across its industrial operations by the end of 2026.
Last year, Glencore had shelved plans to separate its coal business, as shareholders still find value in the company’s combined operations, even amidst uncertainty in the metal markets.
In its latest revenue announcement, the company conveyed a positive outlook regarding long-term demand for essential metals.
Nagle remarked, “There is considerable uncertainty due to short-term geopolitical and trade issues, but we believe that the scale and speed of resource development needed is likely to challenge the forecasts for future demand.”
