London, Jan 30, 2026, 08:01 GMT — Regular session
- Glencore shares slipped 2.8% in early London trading, following Thursday’s close at 507.9 pence
- Copper output in 2025 dropped 11%. The company projects 2026 production between 810,000 and 870,000 tonnes.
- Traders are focused on the Feb. 5 “put up or shut up” deadline for any Rio Tinto offer, followed by Glencore’s results on Feb. 18
Glencore shares slipped 2.8% to 493.8 pence soon after Friday’s London open, dropping below Thursday’s 507.9 pence finish. 1
Shares slipped as investors absorbed Glencore’s full-year production update. The miner reported an 11% drop in 2025 copper output, down to 851,600 tonnes, and set 2026 guidance between 810,000 and 870,000 tonnes. Attention is also fixed on a possible takeover bid from Rio Tinto by Feb. 5. Copper prices hitting record highs are only adding to the pressure on the stock. 2
Chief Executive Gary Nagle highlighted a sharp rebound in the second half, with copper production topping 500kt—nearly 50% higher than the first half—driven by better grades and recoveries at several mines. He also pointed to Glencore’s updated resources and reserves, which boosted its copper mineral resource base, mentioning NewRange, Antapaccay, Coroccohuayco, Lomas Bayas, and El Pachón. Nagle reaffirmed expectations for 2025 “Marketing Adjusted EBIT” to land near the midpoint of the $2.3 billion-$3.5 billion range. 3
That marketing figure reflects profit from Glencore’s trading division before interest and tax, adjusted for the company’s excluded items. It’s important because this unit can offset weaker mining output — or boost results when markets improve.
By 5 p.m. London time on Feb. 5, Rio Tinto must either declare a firm intention to bid for Glencore or step back, according to Rule 2.6 of the UK Takeover Code. The Takeover Panel does have the power to grant an extension. 4
Glencore’s figures paint a tricky picture for its share price: copper dipped over the year but rallied strongly in the second half. Coal volumes climbed, yet investors remain fixated on copper and the company’s short-term outlook.
There’s still risk here. Lower ore grades and operational hurdles could hit again, while Glencore’s cobalt arm in Congo faces export limits that disrupt sales timing and cash flow. If Rio stays silent, any deal premium baked into the stock might evaporate fast.
On Feb. 18, investors will get a clearer picture of earnings and cash flow as Glencore releases its 2025 full-year results. The company will also hold a webcast that morning in London. 5
