Glencore PLC's (LSE:GLEN) third-quarter numbers showed a miner in control of its operations and on course for a solid finish to the year.
Deutsche Bank’s Liam Fitzpatrick, who kept his 'buy' rating and 400p price target, noted that production was strong across the board and guidance unchanged.
Copper output of 240,000 tonnes came in 3% ahead of expectations and 36% higher than the previous quarter as grades improved and African mines recovered.
The company expects further gains in the final quarter. Total coal production was 34.2 million tonnes, comfortably beating consensus forecasts of 30 million, helped by robust results from the EVR complex and Australian mines.
Coal volumes are now tracking at the top end of Glencore’s 2025 guidance range.
Marketing, the trading arm that smooths earnings volatility, is performing steadily, with operating profit expected around the midpoint of its $2.3bn to $3.5bn guidance, close to Deutsche’s $2.9bn forecast.
Cobalt sales from the Democratic Republic of Congo are set to resume from late 2025 following new export quotas, providing another potential lift next year.
Fitzpatrick sees Glencore’s valuation as appealing at current levels, with the shares still well below his £4 target. Strong production, tight cost control and stable marketing profits have the company in position to finish 2025 on a high note.