Glencore has reported a strong production performance for the first half of 2026, keeping full-year targets for key metals unchanged despite mine sales and mine life expirations.
The company reported a mixed bag of volume operational performances across its global portfolio. Own-sourced copper production surged 15 per cent to 397,000 tonnes, underpinned by higher mining rates and improved grades at African Copper and Antamina.
The jump comfortably absorbed the impact of the planned closure of Queensland’s Mount Isa copper underground mine in July 2025, which lowered first half output by 20,400 tonnes.
Conversely, own-sourced zinc volumes dropped 21 per cent to 365,600 tonnes. The decline was driven by Queensland’s Lady Loretta mine reaching the end of its life in late 2025, together with lower grades at Antamina and the mid-year divestment of Canada’s Kidd mine.
Glencore CEO Gary Nagle highlighted the underlying strength across the company’s asset base.
“We are pleased to report a strong production performance for the first six months of the year, where our key assets largely performed in line with expectations and previously communicated guidance,” Nagle said.
“Quarter on quarter, own sourced production volumes were higher in zinc, nickel, gold, steelmaking coal and energy coal.
Despite selling the Kidd mine on June 1, which removes approximately 20,000 tonnes of zinc and 11,000 tonnes of copper from second-half output, Glencore maintained its full-year guidance for both metals.
Nagle noted this implies an effective like-for-like upgrade in guidance mid-points. Full-year production expectations remain steady at 810,000–870,000 tonnes for copper and 700,000–740,000 tonnes for zinc.
Coal operations saw shifted guidance, with full-year energy coal mid-points upgraded by one million tonnes to 96–101 million tonnes, primarily following strong operational performance across Australian sites.
Steelmaking coal guidance was slightly trimmed to 30–32 million tonnes following lower throughput and yields in Canada, though Australian coal volumes provided a partial offset.
Glencore expects another lucrative period for its trading arm, forecasting first-half earnings of around US$3.3 billion (AU$5 billion).
