The behemoth in natural resources, Glencore, has reported a 7% increase in revenue, attributed to weaker coal prices and volatile commodity markets.
Revenue increased from $230.9-billion (approximately R3-trillion) in 2024 to $247.5-billion in the 2025 financial year, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) dropped by 6% to $13.5-billion as energy and steelmaking coal prices softened.
Gary Nagle, Glencore’s chief executive, said the results reflect a turbulent year for global commodities, shaped by shifting trade policies, geopolitical tensions, supply chain disruptions, and changing demand patterns that produced uneven performance across markets.
Glencore reported stronger copper production in the second half of the year, pushed by improved grades and recoveries at major operations, while higher metal prices supported earnings momentum later in the year.
Industrial adjusted EBITDA increased by 65% in the last six months compared with the first half of the year.
Overall, adjusted EBITDA for the latter half increased 49% compared with the first six months.
Nagle said the company continues to position itself for growing demand for energy-transition metals, with the highly in-demand copper at the centre of its long-term strategy.
“We expect to be producing over 1-million tonnes annualised by the end of 2028, with Glencore now targeting c.1.6-million tonnes of copper production by 2035, supported by our enviable portfolio of highly capital-efficient copper growth options,” said Nagle.
Acquisitions and disposals
During the year, the company reshaped its portfolio through acquisitions and disposals, including the purchase of the Quechua copper project in Peru and the sale of selected coal and smelting assets as it focuses on higher-growth commodities.
“Glencore’s standalone investment case is strong. Our regularly updated, illustrative annualised free cash flow generation at spot commodity prices is currently a very healthy c.$7-billion.
“We have a well-diversified business across a range of commodities, supported by one of the best marketing franchises in the industry.
“We are uniquely positioned to support the energy needs of today while providing many of the transition-enabling commodities the world needs as demand changes,” said Nagle.
Glencore also announced an agreement regarding land access for Kamoto Copper Company (KCC) with the Congolese commodity trading and mining company, Gécamines.
According to the company, the agreement secures a long-term set of mining titles and leases that will support operations at KCC.
It is also expected to allow the expansion of tailings and waste storage capacity to assist in expanding the mine’s lifespan.
Gécamines will retain the rights to any ore extracted from the leased land.
