Glencore posts mixed H1 output, maintains FY production guidance

29th Jul 2026 09:00

(Sharecast News) - Commodity trading and mining giant Glencore posted mixed first‑half production numbers on Wednesday, with stronger copper output offset by declines across several other commodities, while the miner reiterated its full‑year guidance ranges for all major products.

Glencore said own‑sourced copper production rose 15% to 397,000 tonnes, driven by higher mining rates and improved grades at African Copper and Antamina, partly offset by the closure of its Mount Isa site last year.

Cobalt output fell 46% to 10,200 tonnes as the Democratic Republic of Congo's export quota regime continued to constrain processing, with more mixed‑ore cobalt held in solution for future sale.

Zinc production dropped 21% to 365,600 tonnes, reflecting Lady Loretta's end‑of‑life, lower grades at Antamina and the disposal of the Kidd mine, while nickel was broadly steady at 35,800 tonnes, and chrome ore eased 4% to 1.65m tonnes.

Steelmaking coal output declined 14% to 13.5m tonnes, mainly due to lower throughput and yields at EVR, with volumes expected to normalise in the second half, while energy coal slipped 2% to 47.4m tonnes, reflecting ongoing voluntary curtailments at Cerrejón.

Realised prices were mixed - copper averaged $5.76 per pound, around 3% below the LME benchmark, while zinc and nickel also trailed market averages. Steelmaking coal realised $206.9 per tonne, up from $167.1 at the same time a year ago, and energy coal averaged $93.9 per tonne, compared with $78.6 twelve months earlier.

Unit costs improved across copper operations, with net cash costs falling to roughly $1.84 per pound, down from $2.25.1 a year earlier, helped by lower divisional overheads and a larger streaming impact. Zinc unit costs moved into negative territory at ‑8.5 cents, while steelmaking and energy coal costs rose to $127 per tonne and $76 per tonne, respectively.

Looking ahead, Glencore reaffirmed its 2026 production guidance, noting higher H2 copper volumes expected at Collahuasi, unchanged zinc and nickel ranges, a modestly reduced steelmaking coal outlook with stronger H2 weighting, and a slightly increased energy coal range following better‑than‑expected Australian output in H1.

As of 0900 BST, Glencore shares were up 4.40% at 528.80p.

Reporting by Iain Gilbert at Sharecast.com

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