Glencore plc (LSE:GLEN) reported an improvement in third-quarter 2026 production across several key commodities, including copper, nickel and coal, while maintaining its full-year production guidance and forecasting Marketing Adjusted EBIT of more than $5 billion.
The mining and commodities group produced 201,600 tonnes of copper during the third quarter, an increase of 2% from the preceding quarter, while nickel output rose 1% to 18,800 tonnes.
For the first nine months of 2026, copper production reached 598,600 tonnes, up 3% from the corresponding period last year. Excluding the effects of mine closures and disposals, underlying copper production increased 12%.
Glencore also reported stronger quarterly coal production and continued the restart of its ferrochrome smelting operations.
Copper Production Rises as African Operations Improve
Glencore’s own-sourced copper production totalled 598,600 tonnes during the first nine months of 2026, compared with 583,500 tonnes a year earlier.
The increase of 15,100 tonnes was supported by higher mining rates and improved grades at the company’s African Copper operations, which contributed an additional 56,700 tonnes.
Higher copper grades at Antamina added a further 32,300 tonnes.
These gains more than offset the impact of the planned closure of the Mount Isa copper mine in the third quarter of 2025 and the disposal of the Kidd mine in June 2026.
Together, those two operations accounted for a reduction of 49,700 tonnes.
Production was also lower at Antapaccay and Collahuasi, declining by 16,700 tonnes and 7,200 tonnes respectively.
After adjusting for Mount Isa and Kidd, Glencore reported a 12% increase in copper production compared with the first nine months of 2025.
Third-quarter copper output rose to 201,600 tonnes from 197,400 tonnes in the second quarter.
Zinc Output Falls 23% Following Mine Closure and Lower Grades
Glencore reported own-sourced zinc production of 547,200 tonnes for the first nine months of 2026, down 23% from 709,400 tonnes in the comparable period.
The decline reflected several operational factors, including the closure of the Lady Loretta mine in late 2025, which accounted for a reduction of 73,700 tonnes.
Lower zinc grades at Antamina reduced output by 69,400 tonnes, reflecting planned mine sequencing that prioritised copper production.
The disposal of the Kidd mine also reduced zinc output by 6,500 tonnes.
Excluding Lady Loretta and Kidd, zinc production declined 13%, primarily because of the planned reduction in grades at Antamina.
Third-quarter zinc production reached 181,600 tonnes, compared with 188,700 tonnes in the preceding quarter, representing a 4% decline.
Despite the lower output, Glencore continues to expect full-year zinc production towards the upper end of its existing guidance range.
Nickel Production Increases While Cobalt Output Declines
Nickel production reached 54,600 tonnes during the first nine months of 2026, representing a 4% increase from 52,400 tonnes a year earlier.
Third-quarter nickel output rose 1% to 18,800 tonnes from 18,600 tonnes in the second quarter.
In contrast, cobalt production declined sharply.
Glencore reported 13,700 tonnes of cobalt production during the first nine months, down 52% from 28,500 tonnes in the corresponding period of 2025.
The company attributed the reduction to the Democratic Republic of Congo’s cobalt export quota regime and its continued focus on copper production.
As a result, increasing quantities of cobalt contained in mixed ore are being retained in solution rather than processed into saleable hydroxide.
Glencore expects the value of this material to be realised as export regulations evolve.
Third-quarter cobalt production totalled 3,500 tonnes, down 20% from the previous quarter.
Steelmaking and Energy Coal Production Improve in Third Quarter
Glencore reported stronger quarterly production across both its steelmaking and energy coal operations.
Steelmaking coal output increased 14% to 8.0 million tonnes in the third quarter, compared with 7.0 million tonnes in the preceding period.
However, production for the first nine months declined 13% to 21.5 million tonnes, primarily reflecting lower plant throughput and yields at EVR.
Energy coal production increased 8% quarter on quarter to 26.5 million tonnes.
For the first nine months, energy coal output reached 73.9 million tonnes, compared with 73.5 million tonnes a year earlier, representing a 1% increase.
Glencore expects steelmaking coal production to improve during the fourth quarter, supported by mine sequencing, recent plant upgrades in Australia and the completion of planned maintenance in Canada.
Ferrochrome Operations Restart as Chrome Ore Production Rises
Glencore continued the phased restart of its ferrochrome smelting operations during the third quarter.
The Boshoek smelter resumed operations in September, followed by Wonderkop in October, while the Lion facility had restarted earlier in the year.
The company reported a 29% quarter-on-quarter increase in attributable ferrochrome production as a result of the progressive restarts.
Chrome ore production increased 11% during the third quarter to 906,000 tonnes from 817,000 tonnes in the preceding period.
However, production for the first nine months declined 7% to 2.55 million tonnes, reflecting varying operating conditions.
Gold production for the first nine months fell 42% to 262,000 ounces, while silver output declined 10% to approximately 13.3 million ounces.
Glencore Maintains Full-Year Production Guidance
Glencore reaffirmed its existing production guidance for 2026 across its principal commodities.
Copper production remains forecast at between 810,000 and 870,000 tonnes, with the company expecting an outcome towards the lower end of the range.
Zinc production guidance remains between 700,000 and 740,000 tonnes, with output expected towards the upper end.
Nickel production is forecast at between 70,000 and 80,000 tonnes, with an outcome around the middle of the range.
Steelmaking coal guidance remains between 30 million and 32 million tonnes, with production expected towards the lower end.
Energy coal output is forecast at between 96 million and 101 million tonnes, with an outcome towards the upper end.
The company expects copper production to increase during the fourth quarter, primarily because of anticipated improvements in grades and recoveries at Collahuasi.
Glencore also reaffirmed its expectation that full-year Marketing Adjusted EBIT will exceed $5 billion.
Chief Executive Highlights Operational Performance
Glencore Chief Executive Officer Gary Nagle said the third-quarter results reflected generally stable performance across the company’s major operations.
“We are pleased to report a strong third quarter production performance, where our key assets largely performed in line with expectations and previously communicated guidance. After adjusting for disposals and closures (Mount Isa copper and Kidd), YTD copper production was 12% higher than the comparable 2025 period. Quarter on quarter, own sourced production volumes were higher in copper and nickel and notably higher in steelmaking coal and energy coal.”
Nagle also highlighted the restart of ferrochrome operations and the decision to maintain the company’s existing annual production targets.
Glencore Outlook
Glencore enters the final quarter of 2026 with production guidance unchanged and expectations for improved copper and steelmaking coal output.
Copper production is expected to benefit from higher grades and recoveries at Collahuasi, while coal output should receive support from operational improvements and completed maintenance activities.
The company continues to anticipate zinc and energy coal production towards the upper end of their respective guidance ranges, while copper and steelmaking coal are expected towards the lower end.
Glencore’s forecast for Marketing Adjusted EBIT of more than $5 billion remains unchanged.
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