Glencore Aims for $1 Billion Cost Savings in the Near Term.

Glencore expects to fully deliver cost savings of $1 billion across its industrial businesses by the end of 2026, the mining and commodity trading giant said on Wednesday.  

In a preview of first-half production, Glencore also raised its long-term earnings guidance for the first time since 2017 to reflect the growth in its core metals and energy businesses with entry into new markets and expansion of existing products, including LNG, alumina, steelmaking coal, and lithium.  

This growth, coupled with “inflationary progression to today’s dollars,” prompted Glencore to raise its long-term Marketing Adjusted EBIT guidance to a range of $2.3 billion to $3.5 billion per year, up from the $2.2 billion – $3.2 billion guidance which had been in place since 2017. 

For the first half of this year, Glencore expects to report a half-year Marketing Adjusted earnings before interest and tax of about $1.35 billion. The result reflects a strong metals and minerals contribution, balanced out by the challenging energy market backdrop, the company said. 

Glencore’s copper production of 343,900 tons for the first half of 2025 was 26% lower compared to the same period last year, primarily due to lower head grades and recoveries at several major copper mines globally.

Own-sourced cobalt production jumped by 19% to 18,900 tons, mainly reflecting higher cobalt grades and volumes at the Mutanda copper and cobalt site in the Democratic Republic of the Congo.  

Source: Oilprice