(Reuters) -Global miner and trader Glencore reported a 14% drop in first-half adjusted core profit on Wednesday, weighed down by weaker coal prices, lower copper production, and operational challenges at some of its mines.
The company, which had considered shifting its primary listing from London, said it will retain the listing in the UK, citing that a move to the United States would not add value for shareholders.
Glencore’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $5.43 billion in the first half of the year, from $6.34 billion last year.
Last week, the company announced a target of $1 billion in cost savings by the end of 2026, as part of a review of its industrial assets, following a 26% slump in copper production.
“While there is much uncertainty around the impact of geopolitics and trade in the shorter term, we remain of the view that, in certain commodities, the scale and pace of required resource development will struggle to meet the demand projections for such materials into the future,” CEO Gary Nagle said.
“We are well-placed to participate in bridging this gap,” Nagle said.
Glencore said its total shareholder returns announced for 2025 stand at $3.2 billion.
(Reporting by Pushkala Aripaka in Bengaluru and Pratima Desai in London; Editing by Sherry Jacob-Phillips)
