Glencore Reports Lower Q1 2025 Copper Output Across Global Operations in DRC, Chile, and Peru
Glencore Copper Production Drops 17% in Early 2025, Rebounds in Q3 with Higher Grades at Key Sites
Global mining giant Glencore produced 583,500 tonnes of copper in the first quarter of 2025 — a 17% decrease compared to the same period in 2024. According to an official company statement, the decline stemmed from lower ore grades and reduced recovery rates, consistent with its planned mining sequence.
The most significant reductions came from:
Collahuasi: -59,000 tonnes
Antamina: -23,400 tonnes
Antapaccay: -15,200 tonnes
Kamoto Copper Company (KCC): -16,800 tonnes
Strong Third-Quarter Recovery
In contrast, third-quarter production rose sharply by 63,600 tonnes (+36%) compared to Q2 2025, driven by improved grades at KCC, Antapaccay, and Antamina.
Key results across commodities included:
Cobalt: 28,500 tonnes (+8%) — supported by higher grades at Mutanda
Zinc: 709,400 tonnes (+10%) — boosted by Antamina and McArthur River
Nickel: 52,400 tonnes (–9%) — impacted by the Koniambo maintenance shutdown
Ferrochrome: 436,000 tonnes (–51%) — due to temporary suspensions at Boshoek and Wonderkop
Steel coal: 24.7 million tonnes, including 19.4 Mt from EVR (acquired in July 2024)
Energy coal: 73.5 million tonnes, stable year-on-year, with Australian output offsetting reduced volumes at Cerrejón
Improved Copper Grades and Outlook
Glencore reported notable grade improvements expected to continue into Q4 2025:
KCC: 3.63% (vs. 2.21% YTD)
Mutanda: 2.34% (vs. 1.40%)
Collahuasi: 1.02% (vs. 0.91%)
These gains were supported by the gradual commissioning of a new desalination plant and better inventory management.
Cobalt Export Quotas and Strategic Focus in the DRC
The Democratic Republic of Congo (DRC) recently lifted its temporary ban on cobalt exports, introducing new export quotas:
87,000 tonnes of contained cobalt annually for 2026–2027
18,125 tonnes for the remainder of 2025
An additional strategic quota of 9,600 tonnes per year
Glencore confirmed that it will operate within these limits, prioritizing copper production while leveraging existing cobalt inventories to meet export targets.
