(Reuters) -Glencore on Wednesday reported lower copper prodction in the first half, and said it aims to save $1 billion in costs by the end of 2026, as part of a review of its industrial assets.
Glencore also revised its long-term full-year marketing earnings before interest and taxes (EBIT) to $2.3 billion to $3.5 billion this year, from $2.2 billion to $3.2 billion previously, after the completion of the sale of its agribusiness Viterra in July, which contributed around $200 million to it.
In the first half, profit at its trading division reached $1.35 billion.
Glencore reported a 26% drop in first-half copper production to 343,900 metric tons, mostly due to declining grades, but reiterated its full-year forecast for 2025 at 850,000 to 910,000 tons, expecting higher output in coming months.
Last year, the miner and trader produced around 952,000 tons of the metal used in building wiring, electric vehicle batteries, renewable energy plants and data centres.
It said it will close its last two copper mines in Australia’s Mount Isa.
Glencore is the world’s second-largest cobalt-producing company, mining 18,900 tons of the battery metal in the first half, up 19% from the same period last year.
(Reporting by Clara Denina, Editing by Louise Heavens)
