Kazakhstan-based KazZinc generated $5.1 billion in revenue in 2025, according to preliminary financial results published by its main shareholder, the Anglo-Swiss commodity group Glencore, which owns nearly 70% of the company. The remaining stake is largely held by state mining holding Tau-Ken Samruk.
In addition to revenue, the report disclosed key performance indicators for KazZinc in 2025, including adjusted EBITDA of $1.642 billion, depreciation of $666 million and adjusted EBIT of $976 million.
For comparison, in 2024 KazZinc recorded revenue of $4.2 billion, adjusted EBITDA of $1.185 billion, depreciation of $725 million and adjusted EBIT of $460 million.
Operating costs in 2025 amounted to $4.333 billion, resulting in net profit of $774 million for the year. Of this, approximately $540 million was attributable to Glencore as the controlling shareholder. Dividends paid to the non-controlling shareholder, primarily Tau-Ken Samruk, reached $242 million. In 2024, KazZinc’s net profit stood at $308 million with costs of $3.9 billion.
The improved financial performance was largely driven by higher prices for key metals produced by the company, including zinc, gold and copper. In its annual presentation, Glencore reported that adjusted EBITDA for its metals and minerals segment rose 18% year-on-year to $7 billion, supported by stronger zinc margins, gold-related investments at Altyntau Kokshetau and increased copper volumes and prices in the second half of the year.
Glencore also recorded a non-cash balance sheet capitalisation of $249 million related to the extension of KazZinc’s lease of the Bukhtarma hydropower plant. The group noted expectations of closures of several smaller Kazakh mines.
According to Interfax-Kazakhstan, Glencore’s net profit in 2025 amounted to $363 million on revenue of $247.54 billion, while its net debt at year-end stood at $11.17 billion.
Earlier reports indicated that as part of its portfolio restructuring, Glencore may announce in the coming weeks the sale of its 70% stake in KazZinc. Analysts estimate the asset’s value at approximately $5 billion.
