Glencore's copper production is on the rise again as of the first half of 2026

From January through the end of June, Glencore produced 397,000 metric tons of copper, according to the production report published on Wednesday. This represents a 15 percent increase year-over-year. Following a significant decline in the same period last year due to lower copper grades and reduced output at some mines, production volumes have thus stabilized again.

Production of power plant coal fell by 2 percent to 47.4 million metric tons due to voluntary production cuts. Production of coking coal, which is essential for steel production, declined by as much as 14 percent to 13.5 million metric tons. However, production is expected to return to normal in the second half of the year.

Cobalt Production Clearly on the Decline

The picture was mixed for other metals. For example, cobalt production nearly halved to just 10.2 million metric tons. The main reason for this is said to be export restrictions imposed by the government of the Democratic Republic of the Congo. As a result, copper production has been given priority. The cobalt that has already been mined is to be processed and exported at a later date.

Zinc production also plummeted by 21 percent, primarily due to the closure of a mine in Australia and lower zinc grades. Lead production also declined (-8%).

There was only a relatively slight decline in the production of nickel (-2%) and chromite (-4%). Among precious metals, gold production fell by 44 percent, while silver production posted a slight increase of 2 percent.

Production targets largely confirmed

Glencore management has largely confirmed its production targets for 2026. The targets for copper and zinc remain unchanged, despite the sale of a mine in June. “This represents an increase in the forecast averages for these two commodities on a comparable basis,” Glencore CEO Gary Nagle is quoted as saying.

The nickel target was also confirmed. The only slight adjustment was to the midpoint for the production of coking coal (-1 kiloton) and thermal coal (+1 kiloton).

For the first half of the year, Glencore management expects adjusted marketing EBIT of approximately $3.3 billion. The comparable figure for the prior year was $1.4 billion.