Glencore's interim profit slips 14% on weaker coal prices, lower copper output
Glencore reported a 14% decline in first-half adjusted core profit, impacted by lower coal prices and copper output. The company's EBITDA fell to $5.43 billion from $6.34 billion last year. Despite considering a shift from its London listing, Glencore will retain it, stating no added value in moving to the U.S. The firm aims for $1 billion in cost savings by 2026 and anticipates challenges in meeting future commodity demand. Total shareholder returns for 2025 are projected at $3.2 billion.
Aug 6 (Reuters) - Global miner and trader Glencore (GLEN.L) reported a 14% drop in first-half adjusted core profit on Wednesday, weighed down by weaker coal prices, lower copper production, and operational challenges at some of its mines.
The company, which had considered shifting its primary listing from London, said it will retain the listing in the UK, citing that a move to the United States would not add value for shareholders.
Glencore’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $5.43 billion in the first half of the year, from $6.34 billion last year.
Last week, the company announced a target of $1 billion in cost savings by the end of 2026, as part of a review of its industrial assets, following a 26% slump in copper production.
“While there is much uncertainty around the impact of geopolitics and trade in the shorter term, we remain of the view that, in certain commodities, the scale and pace of required resource development will struggle to meet the demand projections for such materials into the future,” CEO Gary Nagle said.
“We are well-placed to participate in bridging this gap,” Nagle said.
Glencore said its total shareholder returns announced for 2025 stand at $3.2 billion.
