Glencore’s (LON: GLEN) copper production fell 11% in 2025, hitting the low end of guidance as weaker ore grades and operational constraints weighed on output, amid intensified investor attention on a potential takeover by larger rival Rio Tinto (ASX, LON: RIO). The Swiss miner and commodities trader produced 851,600 tonnes of copper, within its forecast range of 850,000 to 875,000 tonnes, after output rebounded in the final quarter. Copper production rose 12% quarter over quarter to 268,000 tonnes in the three months to December, in line with BMO Capital Markets estimates, analyst Alexander Pearce. RBC Capital Markets said Rio’s primary motivation would be to fold Glencore’s copper assets into its own portfolio. Davis described Glencore’s copper portfolio as the “real prize,” highlighting its 44% stake in the Collahuasi mine as a crown jewel.