Glencore(US:GLNCY) HUAXI Securities·2025-06-11 07:48Investment Rating - Industry rating: Recommended [5] Core Insights - In Q1 2025, the company's own copper production decreased by 30% year-on-year to 167,900 tons, and by 32% quarter-on-quarter, primarily due to lower ore extraction rates and overall recovery rates at Collahuasi, Antapaccay, and KCC [1][2] - The company's own cobalt production increased by 44% year-on-year to 9,500 tons, reflecting improved grades and output at Mutanda, despite a 19% quarter-on-quarter decrease [1][2] - Zinc production in Q1 2025 was 213,600 tons, a 4% year-on-year increase, but a decrease of 18% quarter-on-quarter, driven by higher grades at Antamina and increased output from Australia [1][2] Production Summary - Q1 2025 production figures include: - Lead: 49,900 tons, a 14% year-on-year increase [2] - Nickel: 18,800 tons, a 21% year-on-year decrease [2] - Gold: 145,000 ounces (4.51 tons), a 28% year-on-year decrease [2] - Silver: 4,230,000 ounces (131.57 tons), a 6% year-on-year decrease [2] - Ferrochrome: 277,000 tons, a 7% year-on-year decrease [2] - Steelmaking coal: 8.3 million tons, a 493% year-on-year increase [2] - Energy coal: 23.4 million tons, a 7% year-on-year decrease [2] - Oil entitlement interest: 883,000 barrels of oil equivalent, a 23% year-on-year decrease [2] 2025 Guidance - The company expects 2025 production to be: - Copper: 850,000 to 910,000 tons [3] - Cobalt: 40,000 to 45,000 tons [3] - Zinc: 930,000 to 990,000 tons [3] - Nickel: 74,000 to 86,000 tons [3] - Steelmaking coal: 30 million to 35 million tons [3] - Energy coal: 87 million to 95 million tons [3]