Glencore plc (LSE: GLEN) produced 36,100 tonnes of cobalt and approximately 862,000 tonnes of copper in FY2025, making it one of the largest suppliers of Glencore critical minerals to global battery, defence, and industrial markets. Revenue reached $247.5 billion for the year, with adjusted EBITDA of $13.5 billion.
Glencore Overview
Headquartered in Baar, Switzerland, Glencore operates across mining, processing, and commodity trading in more than 35 countries. Its primary listing is on the London Stock Exchange, with a market capitalisation of approximately £44 billion (~$58 billion) as of early 2026. The group’s mineral portfolio spans cobalt, copper, nickel, and zinc — four metals with direct exposure to the energy transition and defence supply chains.
FY2025 net income recovered to $363 million from a $1.6 billion loss in 2024, though adjusted EBIT fell 14% year-on-year to $6 billion, reflecting weaker coal prices. Net debt stands at $11.2 billion. A cost savings programme targeting approximately $1 billion against the 2024 baseline is on track for full delivery by end-2026.
Cobalt and Nickel — Critical Minerals Production
Cobalt remains Glencore’s most strategically significant battery material. Own-sourced cobalt output fell 5% in FY2025 to 36,100 tonnes, constrained by the DRC’s ARECOMS quota system, which replaced the country’s export ban in Q4 2025. The 2026–2027 quota is set at 87,000 tonnes per year across all exporters; Glencore holds allocated quotas for both years and carries sufficient stockpile to utilise its full 2026 allocation. No cobalt was exported from Katanga (KCC) or Mutanda in Q4 2025 — that quota was carried forward to 31 March 2026. No production guidance for cobalt has been issued for 2026, reflecting ongoing uncertainty over quota administration.
Glencore’s two principal cobalt and copper operations in the DRC — KCC and Mutanda — sit at the centre of its long-term production strategy. A land access agreement with state miner Gécamines supports a path to approximately 300,000 tonnes per annum of copper output from these assets, with extended mine life. For current cobalt price data, see CMN’s cobalt price tracker.
Nickel output fell 7% in FY2025 to 71,900 tonnes. The Murrin Murrin operation in Western Australia reported a loss of approximately $40 million in H1 2025, and the Koniambo nickel operation in New Caledonia remains on care and maintenance. Weak nickel prices have made both assets commercially marginal in the current price environment. Current nickel price data is available on CMN.
Copper Growth Strategy
Copper is Glencore’s primary growth vector. The group produced approximately 862,000 tonnes in FY2025, within its 850,000–875,000 tonne guidance range, and has set 2026 guidance at 810,000–870,000 tonnes. The long-term targets are more ambitious: 1 million tonnes annually by 2028, rising to 1.6 million tonnes by 2035.
In February 2026, Glencore walked away from merger discussions with Rio Tinto, confirming a standalone copper-led growth strategy. Recent portfolio moves support that direction: the group acquired the Quechua copper project in Peru’s Antapaccay district and divested the Pasar copper smelter in the Philippines and the Puerto Nuevo coal terminal in Colombia. Key copper assets include a 44% stake in Collahuasi in Chile and a 33.75% stake in Antamina in Peru.
Glencore has also signed a non-binding memorandum of understanding to sell a 40% interest in its DRC copper and cobalt assets to the US-backed Orion Critical Mineral Consortium. The MoU is non-binding and no transaction timeline has been confirmed. See CMN’s Top 10 Cobalt Mining Companies for competitive context.
Glencore’s Trading and Recycling Operations
The marketing division — Glencore’s commodity trading arm — provides through-cycle earnings resilience. The group’s guidance for marketing adjusted EBIT is $2.3–3.5 billion per annum. Metals and minerals marketing remained strong in FY2025; energy marketing was offset by challenging conditions following the divestment of the Viterra grain trading business.
Glencore’s Recyclix battery recycling division positions the group within the emerging battery circularity supply chain. As EV penetration drives battery end-of-life volumes higher through the late 2020s, recycling capacity is expected to become a material source of cobalt and nickel feedstock for battery manufacturers seeking non-primary supply.
Glencore Critical Minerals — Risks and Outlook
Several structural risks bear monitoring. The DRC’s quota system introduces production planning uncertainty for cobalt that is absent from most other mining jurisdictions; Glencore’s decision to issue no cobalt guidance for 2026 reflects this directly. Nickel assets in Western Australia and New Caledonia are loss-making at current prices, with limited near-term recovery catalysts. Coal exposure — Glencore remains the world’s largest exporter of thermal coal — continues to complicate the group’s ESG investment case and access to certain institutional capital pools. Historical bribery settlements in multiple jurisdictions remain a legal overhang, though active enforcement proceedings have largely concluded.
On the upside, Glencore’s scale across cobalt and copper gives it structural leverage to the energy transition and defence procurement trends that are reshaping critical minerals demand. Its trading division provides earnings diversification not available to pure-play miners. The cost savings programme, standalone copper growth strategy, and DRC quota clarity — once it materialises — are the near-term catalysts to watch.
For broader sector context, see CMN’s global critical minerals market overview.
Company Snapshot
| Founded | 1974 (Marc Rich + Co); rebranded Glencore 1994 |
|---|---|
| Headquarters | Baar, Switzerland |
| Primary listing | London Stock Exchange (LSE: GLEN) |
| Primary minerals | Cobalt, copper, nickel, zinc |
| Key assets | KCC & Mutanda (DRC), Collahuasi (Chile, 44%), Antamina (Peru, 33.75%), Murrin Murrin (Australia) |
| FY2025 revenue | $247.5 billion |
| FY2025 adj. EBITDA | $13.5 billion |
| Market cap (Mar 2026) | ~£44 billion (~$58 billion) |
| Employees | ~135,000 (own and managed operations) |
Sources: Glencore FY2025 Annual Results; USGS National Minerals Information Center.
What critical minerals does Glencore produce?
Glencore produces cobalt, copper, nickel, and zinc across operations in the DRC, Australia, Chile, Peru, and Canada. Cobalt and copper are its most strategically significant battery and energy transition materials, with FY2025 output of 36,100 tonnes and approximately 862,000 tonnes respectively.
Where does Glencore mine cobalt?
Glencore’s primary cobalt operations are in the Democratic Republic of Congo, specifically the Katanga (KCC) and Mutanda mines. It also recovers cobalt as a by-product at its Murrin Murrin nickel operation in Western Australia.
How large is Glencore’s cobalt production?
Glencore produced 36,100 tonnes of own-sourced cobalt in FY2025, down 5% year-on-year due to DRC export quota constraints under the ARECOMS system. No guidance has been issued for 2026 given ongoing quota uncertainty.
What is Glencore’s copper production target?
Glencore is targeting approximately 1 million tonnes of copper per annum by 2028, rising to 1.6 million tonnes by 2035. FY2025 output was approximately 862,000 tonnes, and 2026 guidance is 810,000–870,000 tonnes.
Is Glencore a good investment for critical minerals exposure?
Glencore offers diversified exposure to cobalt, copper, and nickel through both mining production and commodity trading operations. FY2025 adjusted EBITDA was $13.5 billion on revenue of $247.5 billion, with net debt of $11.2 billion. Key risks include DRC cobalt quota uncertainty, loss-making nickel assets at current prices, and coal exposure that affects ESG-screened capital access. This profile is for informational purposes only and does not constitute investment advice.
