Glencore posts lower copper production, sees $1bn in savings

(Sharecast News) - Glencore reported lower first-half copper production and targeted $1bn in cost savings by the end of next year after a review of its industrial asset portfolio. The miner and commodities trader said output was down 26% to 343,900 metric tons, mostly due to declining grades, and tightened its 2025 forecast to 850,000 to 890,000 tonnes from 850,000 to 910,000.

It also revised its long-term full-year marketing operating earnings to $2.3bn - $3.5bn from $2.2bn - $3.2bn after completing the sale of its agribusiness Viterra in July.

Production of cobalt, a key component in electric car batteries, rose 19% year on year to 18,900 tonnes.

Reporting by Frank Prenesti for Sharecast.com