Commodities Buzz: Glencore says own sourced Copper production gains 19% on year in Q1 2026, Zinc output slides 17%

Mining major Glencore stated yesterday that its own sourced copper production stood at 199,600 tonnes, 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).

Glencore’s 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.

Importantly, the company provided a Copper production guidance of 810-870 thousand tonnes for 2026 compared to 851.6 thousand tonnes in last year.

Powered by Commodity Insights