Glencore Copper and Nickel Output Weakens as Grade Pressure Hits 2025 Performance

Glencore

Glencore copper and nickel output weakened in 2025 as grade pressure and operational constraints reduced production across key assets. Own-sourced copper production fell 11pc to 851,600t. Own-sourced nickel production also declined. As a result, Glencore copper and nickel output reflected a difficult year for ore quality, maintenance, and mine sequencing.

The copper decline was driven by several large operations. Collahuasi posted the biggest drop because of complex stockpiled ore and water constraints. Antamina also saw lower grades from planned mining sequences. Meanwhile, Antapaccay faced harder ore and throughput limits. Mount Isa production also fell after the MICO mine closure.

Nickel performance showed similar pressure. Glencore’s own-sourced nickel output totalled 71,900t in 2025. Lower production at INO in Canada and Murrin Murrin in Australia weighed on results. Furnace disruption and maintenance downtime were the main causes. Therefore, Glencore copper and nickel output declined for both geological and operational reasons.

Second-Half Recovery Helped Glencore Copper Production Stabilise

Glencore copper production improved sharply in the second half of the year. Own-sourced output in July-December rose 48pc from the first half. Better grades at KCC in the DRC supported that recovery. Antamina also improved after an earlier safety stoppage, while Antapaccay benefited from resumed leaching operations.

This rebound matters because it shows the company still has recovery potential inside its portfolio. The second-half improvement did not erase the annual decline, but it changed the tone. It suggests the worst operating conditions may not persist through 2026. However, mine sequencing remains a continuing risk.

Collahuasi remains especially important to watch. Water constraints there began easing after commissioning of a new desalination plant in the second half. If that support continues, copper production could become more stable. Consequently, Glencore copper production may hold firmer in 2026 than the 2025 headline suggests.

Glencore Nickel Production Outlook Points to Only Modest Recovery

Glencore nickel production also improved late in the year, but the recovery remained limited. Fourth-quarter nickel output rose nearly a quarter from July-September to 19,500t. INO recovered after earlier smelter disruption. However, Murrin Murrin still faced maintenance-related pressure.

That explains why 2026 guidance looks cautious rather than aggressive. Copper guidance of 810,000-870,000t is broadly in line with 2025. Nickel guidance of 70,000-80,000t suggests only a modest recovery. Therefore, management still expects grade variability and operational discipline to define performance.

The broader message is clear. Glencore is not facing a collapse in production capacity. It is dealing with portfolio complexity, asset-specific constraints, and uneven recovery across operations. As a result, Glencore copper and nickel output may remain stable, but not yet fully restored to earlier levels.

The Metalnomist Commentary

Glencore’s 2025 results show how quickly diversified mining portfolios can still be hit by grade and sequencing issues. The second-half rebound is encouraging, but the 2026 outlook remains cautious for good reason. This is a recovery story, but not yet a full reset.