Mining giant Glencore reported a fall in half-year profits, reflecting weaker coal prices and lower copper volumes.
Adjusted core earnings declined 14% to $5.4bn, while marketing operating profits slid 8% to $1.8bn, which the miner and commodities trader called a “solid” result against a macroeconomic environment affected by US tariff policy uncertainty and tensions in the Middle East.
The company last week 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