Glencore reports profit of $13.5B for 2025

While still making money, mining giant Glencore reported a $13.5 billion profit this week, down six per cent compared to a year earlier. (File)

While still making money, mining giant Glencore reported a $13.5 billion profit this week, down six per cent compared to a year earlier.

The news comes weeks after merger talks with Rio Tinto were called off when the companies couldn’t agree on terms.

Glencore CEO Gary Nagle said in a news release that the results showed “significant progress” in a year filled with challenges.

The results are “marked by a strong operational performance, continued portfolio optimisation and clear momentum for our copper-led growth strategy, Nagle said.

Copper assets

“At our recent Capital Markets Day, we highlighted our exceptional portfolio of copper assets and projects, outlining our pathway from an already significant copper producer to become one of the world’s largest producers over the next decade. We expect to be producing over one million tonnes annualised by the end of 2028.”

Glencore is aiming to produce 1.6 million tonnes of copper by 2035, he added. And for the second year in a row, the company hit its production targets for key commodities, “reflecting the ongoing benefits of our recently optimised and simplified operating structures promoting greater accountability and delivery.”

The company is well-positioned to continue as a standalone company, Nagle added.

“Our regularly updated, illustrative annualised free cash flow generation at spot commodity prices, is currently a very healthy $7 billion,” he said.

“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 whilst providing many of the transition-enabling commodities the world needs as demand changes.”

“As always, we remain focused on operating safely, responsibly and ethically,” Nagle added.