JOHANNESBURG (miningweekly.com) – Diversified mining and marketing company Glencore has delivered another strong operational and financial performance for the first half of the year.

The assets of the London- and Johannesburg-listed Glencore performed in line with market guidance, which alongside substantially higher period-over-period average prices for its core commodities and a favourable marketing backdrop, underpinned a material increase in earnings.

The first half of this year was characterised by the significant repricing of energy and, closely related, markets and risks, following escalation of the Middle East conflict.

“What began the year as a relatively well-supplied energy complex, quickly shifted towards a focus on security of supply and access to physical commodities. Constraints across oil, refined products, LNG and freight capacity, drove heightened volatility across global energy and other markets,” Glencore CEO Gary Nagle reported.

Against that backdrop, group adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) increased by 86% to $10.1-billion, while net income attributable to equity holders increased by more than $5-billion period on period to $4.4-billion. 

Marketing adjusted Ebit was $3.3-billion, up 142% compared with the prior period, which Nagle said demonstrated the resilience and responsiveness of the business amid heightened geopolitical uncertainty and market volatility.

“This environment continues to highlight the value of the group's marketing, logistics and risk management capabilities, enabling us to efficiently source, transport and deliver essential energy and metals products to customers around the world,” Nagle pointed out.

Glencore’s industrial segment contributed adjusted Ebitda of $6.5-billion, up 72% compared with the prior period, reflecting the significantly stronger commodity price environment and solid operational performance across the portfolio.

These benefits were partially offset by a generally weaker dollar and higher operating costs, exacerbated by the Middle East conflict supply-chain disruptions, materially impacting the availability and pricing of key inputs and consumables, such as diesel, sulphur and sulphuric acid, beyond normal inflationary considerations.

“In terms of asset development, we remain well positioned to reach copper production volumes of one-million tonnes annualised by the end of 2028 and our 1.6-million target by 2035.

“We’re making good progress across the various projects presented at our December 2025 Capital Markets Day. Some, including the Alumbrera restart, are running ahead of schedule, with its first production now expected in H2 2027 compared to original guidance of H1 2028,” Nagle added in a media release to Mining Weekly.

Glencore has also announcing that it intends to apply for a secondary listing on the ASX and is targeting admission in October 2026.