Glencore Plc

GLEN · LSE GLCNF · OTC

glencore

$86.6B

USD

Market cap · 2026–08 · week 33

🇨🇭 Switzerland, Baar

Country

Diversified

Sector

Coal · Senior · Producer · South America · Africa · Australia

Last updated 21 June 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: Glencore plc is a senior diversified natural-resource company headquartered in Baar, Switzerland, with portfolio exposure across the Americas, Australia, Africa, Europe, and Asia. The portfolio comprises around 40 industrial assets spanning operating mines, metallurgical facilities, and oil production and refining assets, integrated with a global marketing and logistics business. Key assets include Collahuasi, Antamina, Kamoto Copper Company, Mutanda, and the steelmaking-coal business Elk Valley Resources. The business model combines industrial extraction and processing with marketing, allowing the enterprise to capture value across the commodity supply chain. Processing capabilities include custom metallurgical assets such as smelters and refineries that treat both own-sourced and third-party material. A defining competitive advantage is the marketing business's ability to leverage global relationships, blending, and optimisation to generate fee-like income and arbitrage margins that complement industrial earnings. This integrated structure differentiates the group from pure-play miners. The business remains subject to commodity price cycles, geopolitical risks, and the global transition to a low-carbon economy.

Strategy: Strategic focus centers on blending cash flow from current operations with a copper-led growth strategy and the responsible phase-down of the thermal coal portfolio. The enterprise intends to pursue growth opportunities that unlock value, targeting production of over 1 million tonnes of annualised copper by the end of 2028 and approximately 1.6 million tonnes by 2035. Capital allocation is prioritised toward high-return growth, including the MARA and El Pachón copper projects in Argentina and the restart of the Alumbrera operation. The organisation is executing a disciplined cost-management programme targeting approximately US$1 billion of recurring savings by the end of 2026. The company also optimises its portfolio through the divestment of non-core assets, exemplified by the sales of the Pasar copper smelter and the Viterra agriculture business. The marketing business is positioned to generate resilient, fee-like earnings through commodity cycles, complementing the more price-exposed industrial segment and funding capital returns. This combination of copper-led growth, cost discipline, portfolio simplification, and a differentiated marketing franchise underpins the long-term value strategy across the industrial and marketing segments.

Management: Executive leadership is headed by Chief Executive Officer Gary Nagle, who has been with the company since 2000 and previously led its coal and ferroalloys assets. The Board is chaired by Kalidas Madhavpeddi, who has over 40 years of experience in the international mining industry, including as Chief Executive Officer of CMOC International. The 8-member Board of Directors includes 4 women, meeting a 50% gender-diversity threshold, and oversees corporate strategy through 5 standing committees: Audit; Ethics, Compliance and Culture; Health, Safety, Environment and Communities; Nomination; and Remuneration. Governance practices are structured to manage risk and ensure compliance, supported by the early termination of the U.S. Department of Justice independent compliance monitorships in March 2025. The Ethics, Compliance and Culture Committee reflects the company's continued emphasis on embedding compliance and ethical conduct following prior regulatory settlements. The Health, Safety, Environment and Communities Committee oversees operational safety and community impacts, while the Audit Committee and the Ethics, Compliance and Culture Committee anchor financial integrity and conduct standards. This governance structure balances industrial-operations oversight with the distinct risk profile of the global marketing business, with the Board emphasizing the embedding of a strengthened compliance culture following the conclusion of external monitorships.

Sustainability: The organisation's sustainability framework is guided by policies covering health, safety, environment, social performance, and human rights. A central environmental commitment is the 2024-2026 Climate Action Transition Plan, which targets a 15% reduction in Scope 1, 2, and 3 industrial emissions by the end of 2026, 25% by 2030, and 50% by 2035 against a restated 2019 baseline. The company publishes an annual Sustainability Report and ESG Data Book aligned with the Global Reporting Initiative and the Task Force on Climate-related Financial Disclosures. Social programmes focus on community engagement and respecting the rights of Indigenous Peoples across its operating jurisdictions. The enterprise participates in the Fair Cobalt Alliance to support responsible artisanal and small-scale mining in the Democratic Republic of the Congo. A defining feature of the transition plan is the responsible, managed decline of the thermal coal portfolio, balancing emissions reduction against energy-security obligations during the transition. It is also working to integrate the newly acquired Elk Valley Resources business into its climate strategy and emissions accounting, with certain interim targets reported both including and excluding EVR to maintain comparability.

Structure: A significant structural change occurred in July 2024 when the company acquired a 77% interest in Elk Valley Resources, a steelmaking-coal business in Canada, for approximately US$7 billion. In July 2025, the enterprise completed the sale of its approximately 50% stake in Viterra to Bunge Global SA, receiving US$2.6 billion in Bunge shares and US$940 million in cash and resulting in a 16.4% shareholding in the enlarged company. Corporate development was further shaped by strategic divestments, including the sale of the Pasar copper smelter in the Philippines in September 2025 for US$142 million and the divestment of 9 million shares of Century Aluminum in November 2025. The corporate structure includes numerous material operational subsidiaries and joint ventures, such as a 44% interest in the Collahuasi joint venture in Chile and a 33.75% interest in the Antamina associate in Peru. The Antapaccay operation, including the Coroccohuayco deposit, anchors the company's Peruvian copper position, and the integrated marketing and logistics business is operated through dedicated subsidiaries that connect industrial output to global customers. These moves reflect a strategy of recycling capital from non-core positions toward the copper-led growth pipeline while building the steelmaking-coal franchise and retaining the marketing engine at the centre of the group.

Hedge: The Board-approved treasury policy maintains a comprehensive risk-management framework to mitigate commodity-price, foreign-exchange, and interest-rate risks. The marketing business manages commodity-price risk primarily through futures and options traded on global exchanges, monitored via a Value at Risk model with a Board-approved one-day 95% confidence limit of US$200 million. Foreign-exchange policy mandates hedging of specific future commitments in currencies other than the US dollar through forward exchange contracts, while cross-currency swaps hedge the currency risk on principal and interest obligations for bonds issued in Euros, Swiss Francs, Canadian dollars, and Sterling. Interest-rate policy involves matching the interest-rate characteristics of assets and liabilities and using interest-rate swaps to manage exposure. As of December 31, 2025, the Group implemented cash flow hedges using a collar strategy to manage gold price volatility on specific forecast sales, covering approximately 100,000 ounces per year over three years.

Source: Glencore plc - Annual Report - 2025

Portfolio Aggregate · 2 projects

Portfolio mode — asset rows are for context only; tab totals use the company aggregation.

Glencore Total Group

Portfolio

Switzerland

Open project page

Mining

Type

Operating

Status

🇨🇭 Switzerland

Country

Project information

As at 31 December 2025

Aggregation level: Company portfolio

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Glencore plc consolidated industrial-activities portfolio across 7 commodity departments (Copper, Zinc, Nickel, Ferroalloys, Coal, Aluminium/Alumina, Oil). 2025 industrial revenue US$61.3B; adjusted EBITDA US$9.95B; mining margin 30%. Industrial capex US$7.57B. Production from own sources (controlled assets + JV attributable share). Reserves & Resources statement as at 31 December 2025 published 29 January 2026 per JORC/SAMREC/CIM standards.

Portfolio Aggregate

Multiple effective dates

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Glencore-Merafe Chrome Venture

Portfolio · Ownership 79.5%

South Africa, Bushveld Igneous Complex

Open project page

Mining

Type

Operating

Status

Bushveld Igneous Complex

Country

Project information

As at 31 December 2025

Aggregation level: Company portfolio

Report standard: Samrec

Ownership %: 79.5

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

79.5% interest in the Glencore-Merafe Chrome Venture (Bushveld Complex). Includes Western and Eastern Chrome Mines; ferrochrome smelters (Boshoek, Wonderkop, Lion). Boshoek and Wonderkop smelters suspended May/June 2025 due to weak conversion margins. Lion smelter on extended maintenance / planned furnace rebuilds. 2025 ferrochrome production 436 kt (-63% YoY) reflecting smelter idling.

Portfolio Aggregate

As at 31 December 2025

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Operating · 24 projects

Cerrejón

Asset

Colombia

Open project page

Mining

Type

Operating

Status

🇨🇴 Colombia

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Major thermal-coal open-pit operation in northeastern Colombia. Voluntary production cuts announced March 2025. 2025 EBITDA US$162M.

Mining metrics

Multiple effective dates · exclusive

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Reserves & resources — detail

As at 31 December 2025

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Mutanda

Asset · Ownership 95%

Democratic Republic Of Congo, Central African Copperbelt

Open project page

Mining

Type

Operating

Status

Central African Copperbelt

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 95

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Cu-Co open-pit operation in the DRC. Restarted production in 2022 after 2019 care-and-maintenance suspension. 2025 production prioritised Cu over Co due to DRC cobalt export restrictions.

Mining metrics

As at 31 December 2025 · inclusive

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Reserves & resources — detail

As at 31 December 2025

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Kamoto Copper Company (KCC)

Asset · Ownership 75%

Democratic Republic Of Congo, Central African Copperbelt

Open project page

Mining

Type

Operating

Status

Central African Copperbelt

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 75

Operator: Yes

Extraction: Open Pit Underground

Ore type: Sulphide

Processing route: Grinding and flotation, or CIL

Description

As at 31 December 2025

Large Cu-Co operation in the Katanga (Central African) Copperbelt, DRC. Includes Kamoto Concentrator (KTC), Luilu metallurgical plant and the KOV open pit and underground mines. H1 2025 constrained by mine sequencing forcing reliance on lower-grade stockpiles; H2 2025 primary-ore access at higher grades drove +99% half-on-half uplift (125.5 kt H2 vs 63.2 kt H1). 2025 Cu metal production 247.8 kt (combined with Mutanda), Co 33.5 kt.

Mining metrics

Multiple effective dates · inclusive

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Reserves & resources — detail

As at 31 December 2025

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Collahuasi

Asset · Ownership 44%

Chile, Andean Porphyry Belt

Open project page

Mining

Type

Operating

Status

Andean Porphyry Belt

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 44

Operator: No

Operator name: Compañía Minera Doña Inés de Collahuasi SCM (Glencore 44%, Anglo American 44%, JCR 12%)

Extraction: Open Pit

Description

As at 31 December 2025

Cu-Mo open-pit operation in northern Chile. 44% Glencore non-operated JV with Anglo American (44%) and Japan Collahuasi Resources (12%). Lower 2025 production reflecting mine sequencing, complex stockpile ore, and water constraints. Desalination plant staged commissioning began July 2025 — expected to ease water-related constraints. Adjusted EBITDA US$1,080M (58% margin).

Mining metrics

As at 31 December 2025 · inclusive

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Reserves & resources — detail

As at 31 December 2025

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McArthur River

Asset

Australia

Open project page

Mining

Type

Operating

Status

🇦🇺 Australia

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Major Zn-Pb-Ag open-pit operation in Northern Territory, Australia. 2025 production +14.9 kt Zn YoY recovering from prior-year tropical-cyclone impact.

Mining metrics

Multiple effective dates · exclusive

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Reserves & resources — detail

As at 31 December 2025

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Murrin Murrin

Asset

Australia

Open project page

Mining

Type

Operating

Status

🇦🇺 Australia

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Ore type: Laterite

Processing route: HPAL, or RKEF smelting

Description

As at 31 December 2025

Laterite Ni-Co operation with HPAL processing in Western Australia. 2025 production -6% YoY due to maintenance downtime.

Mining metrics

As at 31 December 2025 · exclusive

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Reserves & resources — detail

As at 31 December 2025

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Antamina

Asset · Ownership 33.75%

Peru, Andean Porphyry Belt

Open project page

Mining

Type

Operating

Status

Andean Porphyry Belt

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 33.75

Operator: No

Operator name: Compañía Minera Antamina S.A. (BHP 33.75%, Glencore 33.75%, Teck 22.5%, MMC 10%)

Extraction: Open Pit

Description

As at 31 December 2025

Polymetallic Cu-Zn-Mo-Ag open-pit operation in the Andes of Peru. Glencore holds 33.75% non-operated interest. 2025 attributable production: Cu in concentrates 130.1 kt, Zn in concentrates 152.6 kt (+66% YoY reflecting higher Zn grades), Ag 5,974 koz. Adjusted EBITDA US$1,434M (76% margin). H2 2025 Cu rebounded after Q2 safety-stoppage.

Mining metrics

As at 31 December 2025 · inclusive

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Reserves & resources — detail

As at 31 December 2025

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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Antapaccay (incl. Coroccohuayco)

Asset

Peru, Andean Porphyry Belt

Open project page

Mining

Type

Operating

Status

Andean Porphyry Belt

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Cu-Au-Ag operation in southern Peru, including the Coroccohuayco satellite deposit. Leaching circuit restarted Q3 2025. Lower 2025 production due to harder ore and lower grades.

Mining metrics

As at 31 December 2025 · inclusive

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Reserves & resources — detail

As at 31 December 2025

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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Kazzinc Gold (Vasilkovsky)

Asset

Kazakhstan, Akmola Region

Open project page

Mining

Type

Operating

Status

🇰🇿 Kazakhstan, Akmola Region

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: -

Description

As at 31 December 2025

Vasilkovsky open-cut gold operation within the Kazzinc complex. One of the largest gold mines in Central Asia. Operating asset within Glencore's zinc/lead/polymetallic department; reported separately for R&R purposes.

Mining metrics

As at 31 December 2025 · exclusive

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Reserves & resources — detail

As at 31 December 2025

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Lomas Bayas

Asset

Chile, Andean Porphyry Belt

Open project page

Mining

Type

Operating

Status

Andean Porphyry Belt

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Ore type: Oxide

Processing route: Heap leach, or acid leach and SX-EW

Description

As at 31 December 2025

Cu open-pit/SX-EW operation in northern Chile. Acid and water supply interruptions impacted 2025 production.

Mining metrics

As at 31 December 2025 · inclusive

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Reserves & resources — detail

As at 31 December 2025

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Mineração Rio do Norte (MRN)

Asset · Ownership 12.39%

Brazil

Open project page

Mining

Type

Operating

Status

🇧🇷 Brazil

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 12.39

Operator: No

Operator name: Mineração Rio do Norte S.A.

Extraction: Open Pit

Ore type: Laterite

Processing route: HPAL, or RKEF smelting

Description

As at 31 December 2025

Major bauxite operation in northern Brazil. Glencore non-operated minority interest (~12.4%).

Mining metrics

As at 31 December 2025 · exclusive

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Reserves & resources — detail

As at 31 December 2025

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Glencore Manganese Operations

Asset

South Africa, Northern Cape

Open project page

Mining

Type

Operating

Status

🇿🇦 South Africa, Northern Cape

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Glencore-operated manganese mining operations in South Africa's Kalahari Manganese Field. Distinct from Samancor (Anglo/South32 JV). R&R figures per Glencore 2025 R&R report.

Mining metrics

As at 31 December 2025

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Reserves & resources — detail

As at 31 December 2025

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Kidd Operations

Asset

Canada

Open project page

Mining

Type

Operating

Status

🇨🇦 Canada

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Underground

Description

As at 31 December 2025

Deep underground polymetallic Cu-Zn-Ag mine in Timmins, Ontario. Adjusted EBITDA US$144M in 2025.

Mining metrics

Multiple effective dates

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Rhovan Vanadium Operations

Asset

South Africa, North West Province, Bushveld Igneous Complex

Open project page

Mining

Type

Operating

Status

🇿🇦 South Africa, North West Province (Bushveld Igneous Complex)

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Rhovan vanadium operations in South Africa producing vanadium pentoxide (V₂O₅) and ferrovanadium. Located on the Bushveld Complex.

Mining metrics

Multiple effective dates

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Reserves & resources — detail

As at 31 December 2025

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Eastern Chrome Mines

Asset · Ownership 79.5%

South Africa, Mpumalanga / Limpopo

Open project page

Mining

Type

Operating

Status

🇿🇦 South Africa, Mpumalanga / Limpopo

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 79.5

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Eastern Bushveld chrome mining operations within the Glencore-Merafe Chrome Venture (79.5% Glencore / 20.5% Merafe). Feeds ferrochrome production at Glencore's smelters.

Mining metrics

As at 31 December 2025

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Reserves & resources — detail

As at 31 December 2025

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Western Chrome Mines

Asset · Ownership 79.5%

South Africa, North West Province

Open project page

Mining

Type

Operating

Status

🇿🇦 South Africa, North West Province

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 79.5

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Open-pit and underground chrome ore mining operations on the western limb of the Bushveld Complex, South Africa. Part of the 79.5% Glencore / 20.5% Merafe joint venture. Feeds ferrochrome smelters.

Mining metrics

As at 31 December 2025

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Reserves & resources — detail

As at 31 December 2025

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Elk Valley Resources (EVR)

District · Ownership 77%

Canada, British Columbia

Open project page

Mining

Type

Operating

Status

🇨🇦 Canada, British Columbia

Country

Project information

As at 31 December 2025

Aggregation level: District / complex

Report standard: Jorc

Ownership %: 77

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Steelmaking-coal portfolio in southeast British Columbia, Canada. Acquired by Glencore from Teck Resources in July 2024. 4 active mines: Fording River, Greenhills, Line Creek, Elkview. 2025 production 25.2 Mt (full-year baseline). 2025 EBITDA US$1,575M (37% margin); capex US$1,566M.

Mining metrics

As at 31 December 2025 · exclusive

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Reserves & resources — detail

As at 31 December 2025

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Mount Isa Mines complex

District

Australia

Open project page

Mining

Type

Operating

Status

🇦🇺 Australia

Country

Project information

As at 31 December 2025

Aggregation level: District / complex

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Underground

Description

As at 31 December 2025

Underground polymetallic Zn-Pb-Ag complex (George Fisher Mine + Lady Loretta) in Queensland, Australia. Mount Isa copper mine closed July 2025 (MICO mine closure caused 13.3 kt Cu reduction in 2025). Lady Loretta reached end of life in December 2025 (contributed ~110 kt Zn 2025). Future Cu smelting and refining will utilise third-party feedstocks.

Mining metrics

As at 31 December 2025 · exclusive

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Reserves & resources — detail

As at 31 December 2025

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Glencore Australian Coal portfolio

Segment

Australia

Open project page

Mining

Type

Operating

Status

🇦🇺 Australia

Country

Project information

As at 31 December 2025

Aggregation level: Reporting segment

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Australian thermal and steelmaking coal portfolio (Hunter Valley, Bulga, Mount Owen, Liddell, Ulan, Mangoola, Ravensworth, Newlands, Collinsville, Oaky Creek). 2025 thermal-coal production 64.6 Mt (+0.7 Mt) and Australian steelmaking-coal production 7.3 Mt. Adjusted EBITDA: Thermal Australia $1,230M; Steelmaking Australia $360M.

Mining metrics

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Reserves & resources — detail

As at 31 December 2025

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Glencore Oil Assets (Equatorial Guinea / Cameroon)

Segment · Ownership 25%

Global

Open project page

Oil Gas

Type

Operating

Status

🌍 Global

Country

Project information

As at 31 December 2025

Aggregation level: Reporting segment

Report standard: Prms

Ownership %: 25

Operator: No

Operator name: Non-operated (third-party operators)

Extraction: Offshore

Description

As at 31 December 2025

Non-operated upstream oil & gas working interests in Equatorial Guinea and Cameroon. 2025 entitlement-interest production: 2,995 kboe (EG 2,834 kboe + Cameroon 161 kbbl), down 25% YoY due to natural field decline plus temporary curtailment in EG. Net 2P reserves on a working-interest basis at 31-Dec-2025: 11.2 mmboe combined (EG: 2.4 mmbbl oil + 47.1 bcf gas; Cameroon: 0.8 mmbbl oil). Net 2C contingent resources: 80.0 mmboe (EG only — 27.0 mmbbl oil + 310.0 bcf gas, unchanged from 31-Dec-2024). Reserves prepared under PRMS framework as part of Glencore's 2025 R&R report (effective 31 December 2025, published 29 January 2026).

Oil & Gas metrics

Multiple effective dates · 2P

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Reserves & resources — detail

As at 31 December 2025

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Reserves walk · Gross (disclosed)

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Reserves walk · Net change by year

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Integrated Nickel Operations (INO)

Segment

Canada

Open project page

Mining

Type

Operating

Status

🇨🇦 Canada

Country

Project information

As at 31 December 2025

Aggregation level: Reporting segment

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Underground

Description

As at 31 December 2025

Integrated Ni-Cu-PGM operation: Sudbury (Ontario), Raglan (Quebec), and Nikkelverk refinery (Kristiansand, Norway). 2025 INO Ni metal production 39.8 kt (-7% YoY) impacted by June 2025 Sudbury furnace disruption. Q4 normalisation drove 124% half-on-half production uplift.

Mining metrics

As at 31 December 2025 · exclusive

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Reserves & resources — detail

As at 31 December 2025

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South African Coal (Glencore SA)

Segment

South Africa

Open project page

Mining

Type

Operating

Status

🇿🇦 South Africa

Country

Project information

As at 31 December 2025

Aggregation level: Reporting segment

Report standard: Samrec

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

South African thermal-coal portfolio (iMpunzi, Tweefontein, Wonderfontein, Goedgevonden). 2025 EBITDA US$102M (11% margin).

Mining metrics

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Reserves & resources — detail

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Kazzinc

Segment · Ownership 69.61%

Kazakhstan

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Mining

Type

Operating

Status

🇰🇿 Kazakhstan

Country

Project information

As at 31 December 2025

Aggregation level: Reporting segment

Report standard: Jorc

Ownership %: 69.61

Operator: Yes

Extraction: Underground

Description

As at 31 December 2025

Polymetallic Zn-Pb-Cu-Au-Ag mining-and-smelting complex in eastern Kazakhstan. Includes Maleevsky, Tishinsky, Ridder-Sokolny, Vasilkovsky (Au), Shaimerden, Zhairem, and others. Mining transitioning from exhausted Zapadny pit to new Dalnezapadny pit at Zhairem in 2025. 2025 EBITDA US$1,642M.

Mining metrics

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Reserves & resources — detail

As at 31 December 2025

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Other Zinc Assets (North America & Ireland)

Segment

Global

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Mining

Type

Operating

Status

🌍 Global

Country

Project information

As at 31 December 2025

Aggregation level: Reporting segment

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: -

Description

As at 31 December 2025

Multi-jurisdictional zinc rollup — primary jurisdiction Canada (per Vale Glencore reporting). Aggregated Glencore zinc operations in North America (excluding Kidd) and Ireland (Tara mine — care & maintenance). Per AR R&R table — combined polymetallic Zn/Pb/Cu/Ag rows.

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Reserves & resources — detail

As at 31 December 2025

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Exploration · 5 projects

El Pachón

Asset · Feasibility

Argentina, Andean Porphyry Belt

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Mining

Type

Exploration

Status

Andean Porphyry Belt

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Large Cu-Mo-Ag porphyry development project in San Juan Province, Argentina. No current reserves; long-term development pipeline asset.

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Reserves & resources — detail

As at 31 December 2025

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MARA

Asset · Feasibility · Ownership 50%

Argentina, Andean Porphyry Belt

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Mining

Type

Exploration

Status

Andean Porphyry Belt

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 50

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Cu-Au-Mo-Ag project in Catamarca Province, Argentina — successor project at the former Bajo de la Alumbrera mine area combined with the Agua Rica deposit. Joint venture (Glencore 50%, Newmont 25%, Yamana 25% pre-acquisition basis).

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Reserves & resources — detail

As at 31 December 2025

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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Aurukun Bauxite

Asset · Pre-feasibility

Australia

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Mining

Type

Exploration

Status

🇦🇺 Australia

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Ore type: Laterite

Processing route: HPAL, or RKEF smelting

Description

As at 31 December 2025

Aurukun bauxite tenement on Cape York Peninsula, Queensland. Identity row — full extraction queued for supplement pass.

Mining metrics

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Reserves & resources — detail

As at 31 December 2025

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West Wall Copper Project

Asset · Pre-feasibility · Ownership 50%

Chile, Andean Porphyry Belt

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Mining

Type

Exploration

Status

Andean Porphyry Belt

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 50

Operator: No

Operator name: West Wall JV (Glencore 50%, Anglo American 50%)

Extraction: Open Pit

Description

As at 31 December 2025

Cu-Mo porphyry exploration / pre-feasibility project in central Chile. 50/50 JV with Anglo American.

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Reserves & resources — detail

As at 31 December 2025

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Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

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Mount Margaret

Asset · Pre-feasibility

Australia, Queensland — Mt Isa region

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Mining

Type

Exploration

Status

🇦🇺 Australia, Queensland — Mt Isa region

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Mt Margaret copper-gold exploration project in northwest Queensland, within Glencore's Mt Isa operations region. M+I resource declared.

Mining metrics

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Reserves & resources — detail

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Suspended · 1 project

Koniambo

Asset · Suspended · Ownership 49%

New Caledonia, North Province

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Mining

Type

Suspended

Status

🇳🇨 New Caledonia, North Province

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Jorc

Ownership %: 49

Operator: Yes

Extraction: Open Pit

Ore type: Laterite

Processing route: HPAL, or RKEF smelting

Description

As at 31 December 2025

Nickel laterite operation in New Caledonia. JV with Société Minière du Sud Pacifique (SMSP, 51%). Placed on care & maintenance February 2024 after years of operational difficulties. No 2025 production. R&R retained.

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Reserves & resources — detail

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Processing facilities · 1 project

Astron Energy

Asset · Other · Ownership 75%

South Africa

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Project information

As at 31 December 2025

Type: Processing Facility

Aggregation level: Asset

Status: Operating

Report standard: Samrec

Ownership %: 75

Operator: Yes

Extraction: Processing Facility

Country: South Africa

Facility kind: Other

Licensed capacity: -

Capacity unit: -

Capacity period: -

Capacity kind: -

Description

As at 31 December 2025

Cape Town refinery and related fuel-marketing business in South Africa. Oil refining segment EBITDA US$218M in 2025.

Processing facilities

Multiple effective dates

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Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

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How to read this tab

MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Diversified

Diversified miners report under several codes (NI 43-101 + JORC + SEC, or mining + O&G). Portfolio presents each project under its native standard; this tab shows the full unit enum.
Cross-standard comparability caveats apply — see the categories detail sections below.

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
Cost / other — a passive or fair-value holding, excluded from the group total.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.

Gold

Score

Production

Resource base

Grade

1 / 5

0–50 koz Au

0–1 Moz Au

0–1 g/t Au

2 / 5

50–125 koz Au

1–2.5 Moz Au

1–2 g/t Au

3 / 5

125–250 koz Au

2.5–5 Moz Au

2–5 g/t Au

4 / 5

250–500 koz Au

5–10 Moz Au

5–8 g/t Au

5 / 5

≥ 500 koz Au

≥ 10 Moz Au

≥ 8 g/t Au

Silver

Score

Production

Resource base

Grade

1 / 5

0–1 Moz Ag

0–25 Moz Ag

0–50 g/t Ag

2 / 5

1–3 Moz Ag

25–75 Moz Ag

50–100 g/t Ag

3 / 5

3–7 Moz Ag

75–150 Moz Ag

100–200 g/t Ag

4 / 5

7–12 Moz Ag

150–225 Moz Ag

200–300 g/t Ag

5 / 5

≥ 12 Moz Ag

≥ 225 Moz Ag

≥ 300 g/t Ag

Copper

Score

Production

Resource base

Grade

1 / 5

0–50 kt Cu

0–500 kt Cu

0–0.5 % Cu

2 / 5

50–125 kt Cu

500–2 000 kt Cu

0.5–1 % Cu

3 / 5

125–250 kt Cu

2 000–5 000 kt Cu

1–1.5 % Cu

4 / 5

250–500 kt Cu

5 000–10 000 kt Cu

1.5–2 % Cu

5 / 5

≥ 500 kt Cu

≥ 10 000 kt Cu

≥ 2 % Cu

Zinc

Score

Production

Resource base

Grade

1 / 5

0–50 kt Zn

0–1 Mt Zn

0–2.5 % Zn

2 / 5

50–150 kt Zn

1–3 Mt Zn

2.5–5 % Zn

3 / 5

150–300 kt Zn

3–7 Mt Zn

5–8 % Zn

4 / 5

300–500 kt Zn

7–15 Mt Zn

8–12 % Zn

5 / 5

≥ 500 kt Zn

≥ 15 Mt Zn

≥ 12 % Zn

Lead

Score

Production

Resource base

Grade

1 / 5

0–25 kt Pb

0–0.5 Mt Pb

0–1 % Pb

2 / 5

25–75 kt Pb

0.5–1.5 Mt Pb

1–2.5 % Pb

3 / 5

75–150 kt Pb

1.5–4 Mt Pb

2.5–5 % Pb

4 / 5

150–300 kt Pb

4–8 Mt Pb

5–8 % Pb

5 / 5

≥ 300 kt Pb

≥ 8 Mt Pb

≥ 8 % Pb

Nickel

Score

Production

Resource base

Grade

1 / 5

0–10 kt Ni

0–100 kt Ni

0–0.6 % Ni

2 / 5

10–25 kt Ni

100–300 kt Ni

0.6–1.2 % Ni

3 / 5

25–50 kt Ni

300–700 kt Ni

1.2–1.8 % Ni

4 / 5

50–100 kt Ni

700–1 500 kt Ni

1.8–2.5 % Ni

5 / 5

≥ 100 kt Ni

≥ 1 500 kt Ni

≥ 2.5 % Ni

Cobalt

Score

Production

Resource base

Grade

1 / 5

0–1 kt Co

0–20 kt Co

0–0.05 % Co

2 / 5

1–5 kt Co

20–50 kt Co

0.05–0.15 % Co

3 / 5

5–15 kt Co

50–150 kt Co

0.15–0.3 % Co

4 / 5

15–30 kt Co

150–300 kt Co

0.3–0.6 % Co

5 / 5

≥ 30 kt Co

≥ 300 kt Co

≥ 0.6 % Co

Thermal coal

Score

Production

Resource base

Grade

1 / 5

0–1 Mtpa coal

0–50 Mt coal

0–4 500 kcal/kg

2 / 5

1–3 Mtpa coal

50–200 Mt coal

4 500–5 500 kcal/kg

3 / 5

3–10 Mtpa coal

200–1 000 Mt coal

5 500–6 000 kcal/kg

4 / 5

10–30 Mtpa coal

1 000–3 000 Mt coal

6 000–6 500 kcal/kg

5 / 5

≥ 30 Mtpa coal

≥ 3 000 Mt coal

≥ 6 500 kcal/kg

Met coal

Score

Production

Resource base

Grade

1 / 5

0–0.8 Mtpa coal

0–35 Mt coal

0–4 500 kcal/kg

2 / 5

0.8–2.5 Mtpa coal

35–100 Mt coal

4 500–5 500 kcal/kg

3 / 5

2.5–8 Mtpa coal

100–350 Mt coal

5 500–6 000 kcal/kg

4 / 5

8–22 Mtpa coal

350–1 200 Mt coal

6 000–6 500 kcal/kg

5 / 5

≥ 22 Mtpa coal

≥ 1 200 Mt coal

≥ 6 500 kcal/kg

Oil equivalent (BOE)

Score

Production

Resource base

1 / 5

0–0.5 MMboe/yr

0–5 MMboe

2 / 5

0.5–5 MMboe/yr

5–25 MMboe

3 / 5

5–20 MMboe/yr

25–100 MMboe

4 / 5

20–75 MMboe/yr

100–500 MMboe

5 / 5

≥ 75 MMboe/yr

≥ 500 MMboe

Oil

Score

Production

Resource base

1 / 5

0–0.5 MMbbl/yr

0–5 MMbbl

2 / 5

0.5–5 MMbbl/yr

5–25 MMbbl

3 / 5

5–20 MMbbl/yr

25–100 MMbbl

4 / 5

20–75 MMbbl/yr

100–500 MMbbl

5 / 5

≥ 75 MMbbl/yr

≥ 500 MMbbl

Natural gas

Score

Production

Resource base

1 / 5

0–4 Bcf/yr

0–50 Bcf

2 / 5

4–20 Bcf/yr

50–500 Bcf

3 / 5

20–75 Bcf/yr

500–2 000 Bcf

4 / 5

75–180 Bcf/yr

2 000–10 000 Bcf

5 / 5

≥ 180 Bcf/yr

≥ 10 000 Bcf

Palladium

Score

Production

Resource base

Grade

1 / 5

0–0.2 Moz 4E PGM

0–5 Moz 4E PGM

0–1.5 g/t 4E PGM

2 / 5

0.2–0.7 Moz 4E PGM

5–20 Moz 4E PGM

1.5–3 g/t 4E PGM

3 / 5

0.7–1.5 Moz 4E PGM

20–50 Moz 4E PGM

3–5 g/t 4E PGM

4 / 5

1.5–3 Moz 4E PGM

50–100 Moz 4E PGM

5–8 g/t 4E PGM

5 / 5

≥ 3 Moz 4E PGM

≥ 100 Moz 4E PGM

≥ 8 g/t 4E PGM

Platinum

Score

Production

Resource base

Grade

1 / 5

0–0.2 Moz 4E PGM

0–5 Moz 4E PGM

0–1.5 g/t 4E PGM

2 / 5

0.2–0.7 Moz 4E PGM

5–20 Moz 4E PGM

1.5–3 g/t 4E PGM

3 / 5

0.7–1.5 Moz 4E PGM

20–50 Moz 4E PGM

3–5 g/t 4E PGM

4 / 5

1.5–3 Moz 4E PGM

50–100 Moz 4E PGM

5–8 g/t 4E PGM

5 / 5

≥ 3 Moz 4E PGM

≥ 100 Moz 4E PGM

≥ 8 g/t 4E PGM

Molybdenum

Score

Production

Resource base

Grade

1 / 5

0–5 Mlb Mo

0–50 Mlb Mo

0–0.03 % Mo

2 / 5

5–15 Mlb Mo

50–200 Mlb Mo

0.03–0.06 % Mo

3 / 5

15–30 Mlb Mo

200–500 Mlb Mo

0.06–0.12 % Mo

4 / 5

30–50 Mlb Mo

500–1 000 Mlb Mo

0.12–0.2 % Mo

5 / 5

≥ 50 Mlb Mo

≥ 1 000 Mlb Mo

≥ 0.2 % Mo

Aluminum

Score

Production

Resource base

Grade

1 / 5

0–0.5 Mt Al

0–50 Mt bauxite ore

0–35 % Al2O3

2 / 5

0.5–1.5 Mt Al

50–200 Mt bauxite ore

35–42 % Al2O3

3 / 5

1.5–3 Mt Al

200–500 Mt bauxite ore

42–48 % Al2O3

4 / 5

3–6 Mt Al

500–1 000 Mt bauxite ore

48–55 % Al2O3

5 / 5

≥ 6 Mt Al

≥ 1 000 Mt bauxite ore

≥ 55 % Al2O3

Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.