Source: Sharecast
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 also said it had abandoned plans to move its main listing to New York from London in what would have been yet another blow to the UK's reputation as a financial hub.
"Of the major global equity exchanges, the scale and depth of US capital markets is unrivalled, but having considered the costs and benefits, including in respect of indexation, we do not believe that becoming a US domestic issuer or having a sponsored American depositary receipt program would be value," it said.
Glencore 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
