Wrap Text
First Quarter 2026 Production Report
GLENCORE PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
NEWS RELEASE
Baar, 30 April 2026
First Quarter 2026 Production Report
Glencore Chief Executive Officer, Gary Nagle:
"Building on our operational delivery over the past two years, first quarter production was largely in line with our
expectations, accounting for operational conditions and the Lady Loretta (zinc) and Mount Isa copper mines in
Australia reaching their planned economic end of lives during 2025. Accordingly, full year 2026 production guidance
remains unchanged from that presented at our Capital Markets Day in December 2025.
"While the Middle East conflict has created numerous dislocations, particularly around the supply of crude, refined
products and sulphuric acid, our energy marketing business has supported the supply of fuels to our assets. In
addition, our significant metallurgical asset footprint, across copper, zinc and nickel, puts Glencore in a net-long
global sulphuric acid position. Although the impact of the conflict on our industrial business was limited in the first
quarter, recent and emerging impacts are now manifesting, primarily as an increase in input costs, most notably
diesel and acid consumption, and the generally weaker USD.
"Critically, basis the current stronger commodity prices (e.g. year-to-date copper +c.5%, zinc +c.7% and energy coal
+c.22%), we expect these cost impacts to be more than offset, which would result in margin expansion. In addition,
extrapolating our Q1 Marketing performance, would see this segment's full-year EBIT performance comfortably
exceeding the top end of our long-term Adjusted EBIT guidance range of $2.3-3.5bn p.a."
Production from own sources – Total1
Q1 2026 Q1 2025 Change %
Copper kt 199.6 167.9 19
Cobalt kt 5.8 9.5 (39)
Zinc kt 176.9 213.6 (17)
Lead kt 41.2 49.9 (17)
Nickel kt 17.2 18.8 (9)
Gold koz 68 145 (53)
Silver koz 4,869 4,230 15
Chrome ore kt 830 807 3
Steelmaking coal mt 6.5 8.3 (22)
Energy coal mt 22.9 23.4 (2)
1. Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated later in this report.
Q1 production highlights
• Own sourced copper production of 199,600 tonnes was 31,700 tonnes (19%) above Q1 2025, primarily due to improved grades at
African copper (27,400 tonnes) and higher throughput and grades at Antamina (13,500 tonnes), partly offset by cessation of
copper mining at Mount Isa in 2025 (8,900 tonnes).
• Own sourced cobalt production of 5,800 tonnes was 3,700 tonnes (39%) lower than Q1 2025, mainly due to the introduction of
the DRC's export quota system in late 2025, as a result of which our DRC assets are now prioritising copper production as
existing finished cobalt inventories are sufficient to fully deliver into near-term quota levels.
• Own sourced overall zinc production of 176,900 tonnes was 36,700 tonnes (17%) lower than Q1 2025, mainly reflecting Lady
Loretta end of mine life in late 2025 (22,300 tonnes) and a lower contribution from Kazzinc (13,800 tonnes) due to sequencing
of own sourced feedstock.
• Own sourced nickel production of 17,200 tonnes was 1,600 tonnes (9%) lower than Q1 2025, primarily due to the 2025 furnace
disruption at Sudbury, with its corresponding impact on matte shipment lead times to Norway.
• Attributable chrome ore production of 830,000 tonnes was broadly in line with Q1 2025.
• Steelmaking coal production of 6.5 million tonnes was 1.8 million tonnes lower than Q1 2025, primarily due to pit sequencing at
EVR, wet weather in Queensland and a planned longwall move at Oaky Creek.
• Energy coal production of 22.9 million tonnes was broadly in line with Q1 2025, with higher Australian production offsetting the
Cerrejón production cuts actioned from Q2 2025.
HIGHLIGHTS
continued
2026 Production guidance
• Production guidance is unchanged from previous guidance.
Actual Previous Current
FY guidance guidance 2026 weighting
2025 2026 2026 H1 H2
Copper kt 851.6 810-870 810-870 48% 52%
Zinc kt 969.4 700-740 700-740 50% 50%
Nickel kt 71.9 70-80 70-80 50% 50%
Steelmaking coal mt 32.5 30-34 30-34 1
44% 56%
Energy coal mt 98.0 95-100 95-100 46% 54%
1 On an annualised basis, <2% of EVR's production is non-steelmaking quality coal, ordinarily sold into energy coal markets. Given the de minimis size, these volumes are not
disaggregated from Canadian steelmaking coal volumes.
The weighting of production guidance toward H2 reflects a stronger expected second-half volume profile as follows:
• For copper, Collahuasi is the main contributor as primary ore and desalinated water availability is projected to improve as the
year progresses;
• Steelmaking coal production is weighted toward H2, reflecting pit sequencing in Canada, with higher yields expected in H2, and
the planned H1 longwall move at Oaky Creek in Australia; and
• Energy coal is similarly weighted to H2, due to a planned longwall move at Ulan in H1 and expected lower strip ratios at Bulga and
Cerrejón in H2.
DRC Cobalt Update
• A quota system applies to DRC cobalt exports until at least the end of 2027. Cobalt produced at KCC and Mutanda in excess of
the allocated quotas is stored in-country and will be sold as circumstances allow. In this context, cobalt contained in mixed ore
may be held in solution and not reported as production, rather than processed into cobalt in hydroxides to minimise nearby
processing costs. KCC and Mutanda have sufficient cobalt inventories on hand to utilise their cobalt quotas over the near term.
• Given the time required to implement export processes under the cobalt quota system, the DRC government extended the
validity of producers' 2025 cobalt quotas to April 2026. In Q1 2026, Glencore exported the greater part of its 2025 quota, with the
balance exported in April 2026. Similarly, unused Q1 2026 quotas are valid for use until 30 June 2026.
• With the export and quota systems and processes now established, Glencore expects cobalt exports to normalise over the year,
in line with its remaining 2026 quotas. Glencore's expected cobalt export quotas are set out below.
2026 (including
Cobalt, kt 2025 carryover) 2027
KCC 16.1 13.3
Mutanda 6.7 5.5
Glencore allocation 22.8 18.8
To view the full report please click here: https://www.glencore.com/.rest/api/v1/documents/static/557bc7ad-3e7a-44d2-8975-
493b84da3d2c/GLEN_2026-Q1ProductionReport.pdf
For further information please contact:
Investors
Martin Fewings t: +41 41 709 2880 m: +41 79 737 5642 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 2462 m: +41 79 904 3320 charles.watenphul@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Please refer to the end of this document for disclaimers including on forward-looking statements.
Notes for Editors
Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more
than 60 commodities. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle,
source, market and distribute the commodities that advance everyday life.
HIGHLIGHTS
continued
With over 140,000 employees and contractors and a strong footprint in over 30 countries in both established and emerging regions
for natural resources, our marketing and industrial activities are supported by a global network of offices.
Glencore's customers are principally industrial consumers, such as those in the automotive, steel, power generation, battery
manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.
Important notice
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or
subscribe for any securities. This document does not purport to contain all of the information you may wish to consider.
Cautionary statement regarding forward-looking information
Certain descriptions in this document are oriented towards future events and therefore contain statements that are, or may be
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Readers, including, without limitation, investors and prospective investors, should review and consider these risks and uncertainties
(as well as the other risks identified in this document) when considering the information contained in this document. Readers
should also note that the high degree of uncertainty around the nature, timing and magnitude of climate-related risks, and the
uncertainty as to how the energy transition will evolve, makes it particularly difficult to determine all potential risks and
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HIGHLIGHTS
continued
contained in this document, particularly in light of the long-term time horizon which this document discusses in certain instances
and the inherent uncertainty in possible policy, market and technological developments in the future.
No statement in this document is intended as any kind of forecast (including, without limitation, a profit forecast or a profit
estimate), guarantee or prediction of future events or performance and past performance cannot be relied on as a guide to future
performance.
Except as required by applicable rules or laws or regulations, Glencore is not under any obligation, and Glencore and its affiliates
expressly disclaim any intention, obligation or undertaking, to update or revise any forward-looking statements, whether as a result
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has been no change in the business or affairs of Glencore since the date of this document or that the information contained herein
is correct as at any time subsequent to its date.
Sources
Certain statistical and other information included in this document is sourced from publicly available third-party sources. This
information has not been independently verified and presents the view of those third parties, and may not necessarily correspond to
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Certain information is derived from management accounts, is unaudited and based on information Glencore has available to it at
the time. Figures throughout this document are subject to rounding adjustments. The information presented is subject to change
at any time without notice and we do not intend to update this information except as required.
This document contains alternative performance measures which reflect how Glencore's management assesses the performance of
the Group, including results that exclude certain items included in our reported results. These alternative performance measures
should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance or position
reported in accordance with IFRS. Such measures may not be uniformly defined by all companies, including those in Glencore's
industry. Accordingly, the alternative performance measures presented may not be comparable with similarly titled measures
disclosed by other companies. Further information can be found in our reporting suite available at glencore.com/publications.
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or companies.
Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 30-04-2026 08:00:00
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