A section of the Glencore Merafe Chrome Venture. Glencore reported a strong production performance for the first six months to June 30, 2026, where key assets largely performed in line with expectations.
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Glencore’s mining assets performed in line with guidance in the six months to 30 June and copper, zinc, and nickel prices were broadly unchanged, while steelmaking coal prices increased.
The share price increased by 4.38% to R117.61 on the JSE Wednesday afternoon, a price that was also 57.3% higher than R74.69 a year ago.
“We are pleased to report a strong production performance for the first six months, where our key assets largely performed in line with expectations. Quarter on quarter, own-sourced production volumes were higher in zinc, nickel, gold, steelmaking coal, and energy coal,” CEO Gary Nagle said in a production report Wednesday.
He said full-year 2026 production guidance for copper, zinc, and nickel was unchanged, while the mid-points of energy and steelmaking coal guidance were up by 1 million tons and down by 1 million tons, respectively.
Own-sourced copper production of 397,000 tons for the first half was 53,100 tons or 15% above the first half of 2025. This reflected higher contributions across the portfolio, primarily due to increased mining rates and improved grades at African Copper (55,000 tons) and higher grades at Antamina (27,700 tons), partly offset by the planned closure of Mount Isa mine in July 2025.
Own-sourced cobalt production was 46% lower at 10,200 tons below the first half of 2025, primarily reflecting the DRC government's cobalt export quota regime, with operating activities requiring careful consideration of quota allocations, whereby focus was given to copper production.
Cobalt contained in mixed ore was increasingly being held in solution, rather than processed and dried into saleable cobalt hydroxides. This material would ultimately be processed and sold at a later date, as export regulations evolve.
Own-sourced zinc production was 21% lower at 365,600 tons, primarily reflecting Lady Loretta’s end of mine life in late 2025 (51,000 tons) and lower zinc grades at Antamina (39,200 tons), in line with its higher copper/lower zinc grade phasing. The decrease also reflected the disposal of Kidd mine in Canada on June 1, 2026.
Own-sourced nickel production of 35,800 tons was in line with the first half of 2025. Attributable chrome ore production of 1,647,000 tons was 4% lower.
Steelmaking coal production of 13.5 million tons was 14% lower, due to lower EVR (Elk Valley Resources) production in Canada, primarily reflecting lower throughput and yields, which are expected to normalise in the second half, somewhat offset by higher Australian volumes.
Energy coal production of 47.4 million tons was 0.9 million tons or 2% lower than the first half of 2025, primarily reflecting the impact of the voluntary production curtailment implemented at Cerrejón from the second quarter of 2025 in response to market conditions.
“Maintaining our original copper and zinc guidance, despite the completion of the Kidd mine sale on June 1, 2026, with its corresponding rest-of-year loss of approximately 20,000 tons and 11,000 tons of zinc and copper respectively, implies a like-for-like upgrade in the guidance mid-points for these two commodities,” said Nagle.
The group’s marketing segment was expected to report strong half-year adjusted earnings before interest and tax of £3.3 billion, he added.
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