Glencore (GLEN) Status update summary

Production performance

• Strong H1 2026 production with key assets performing in line with expectations and guidance.

• Copper output rose 15% year-on-year to 397,000 tonnes, driven by higher mining rates and grades in Africa and Antamina.

• Cobalt production fell 46% due to DRC export quotas, with material held in solution for future sale.

• Zinc output dropped 21% mainly from mine closures and lower grades, while nickel production was stable.

• Steelmaking coal and energy coal production declined 14% and 2% respectively, reflecting operational curtailments and market-driven adjustments.

Guidance and outlook

• Full-year 2026 production guidance for copper, zinc, and nickel remains unchanged; energy coal guidance midpoint increased by 1Mt, steelmaking coal reduced by 1Mt.

• Guidance for copper and zinc is effectively upgraded on a like-for-like basis after the Kidd mine sale, as guidance was not adjusted for the disposal.

• H2 2026 is expected to see stronger production volumes, especially for copper and coal, due to operational improvements and mine sequencing.

• Marketing segment is expected to deliver a strong H1 Adjusted EBIT of approximately $3.3 billion.

Cost and pricing environment

• Copper net unit cash costs fell to 208.4¢/lb, reflecting higher production but offset by increased input costs, especially in Africa.

• Realised H1 2026 prices: copper at $12,704/t, zinc at $3,284/t, nickel at $17,718/t.

• Steelmaking coal average realised price rose to $206.9/t, energy coal to $93.9/t, both up significantly year-on-year.