Third Quarter 2026 Production Report
Summary by AI BETAClose X
NEWS RELEASE
Baar, 29 October 2026
Third Quarter 2026 Production Report
Glencore Chief Executive Officer, Gary Nagle:
"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.
"We have also continued the progressive restart of our ferrochrome smelting operations, with Boshoek restarting in September and Wonderkop in October, following Lion earlier in the year. As a result, attributable ferrochrome production increased 29% quarter on quarter.
"Full year 2026 production guidance for our key commodities has been maintained, with zinc and energy coal expected towards the upper end of their respective ranges, copper and steelmaking coal towards the lower end and nickel around the middle.
"As communicated in our recent (October 2nd) Marketing guidance methodology update, we expect 2026 full-year Marketing Adjusted EBIT to exceed $5bn."
Production from own sources - Total1
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Q3 |
Q2 |
Change % |
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YTD |
YTD |
Change % |
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Copper |
kt |
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201.6 |
197.4 |
2 |
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598.6 |
583.5 |
3 |
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Cobalt |
kt |
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3.5 |
4.4 |
(20) |
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13.7 |
28.5 |
(52) |
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Zinc |
kt |
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181.6 |
188.7 |
(4) |
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547.2 |
709.4 |
(23) |
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Lead |
kt |
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38.9 |
42.6 |
(9) |
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122.7 |
132.7 |
(8) |
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Nickel |
kt |
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18.8 |
18.6 |
1 |
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54.6 |
52.4 |
4 |
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Gold |
koz |
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94 |
100 |
(6) |
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262 |
448 |
(42) |
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Silver |
koz |
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3,992 |
4,437 |
(10) |
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13,298 |
14,818 |
(10) |
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Chrome ore |
kt |
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906 |
817 |
11 |
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2,553 |
2,754 |
(7) |
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Steelmaking coal |
mt |
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8.0 |
7.0 |
14 |
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21.5 |
24.7 |
(13) |
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Energy coal |
mt |
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26.5 |
24.5 |
8 |
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73.9 |
73.5 |
1 |
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1 Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated later in this report.
YTD production highlights
• Own sourced copper production of 598,600 tonnes was 15,100 tonnes (3%) above the comparable 2025 period, driven by increased mining rates and improved grades at African Copper (56,700 tonnes) and higher grades at Antamina (32,300 tonnes), more than offsetting the planned closure of the Mount Isa copper mine in Q3 2025 and disposal of the Kidd mine on 1 June 2026 (together, 49,700 tonnes) and lower production at Antapaccay (16,700 tonnes) and Collahuasi (7,200 tonnes). Adjusting for Mount Isa and Kidd, own sourced production was 12% higher.
• Own sourced cobalt production of 13,700 tonnes was 14,800 tonnes (52%) below the comparable 2025 period, reflecting the ongoing DRC cobalt export quota regime and a continued focus on copper production. Consequently, cobalt contained in mixed ore is increasingly being retained in solution rather than processed into saleable hydroxide, with value expected to be realised as export regulations evolve.
• Own sourced zinc production of 547,200 tonnes was 162,200 tonnes (23%) lower than the comparable 2025 period, primarily reflecting Lady Loretta having reached the end of its mine life in late 2025 (73,700 tonnes), lower zinc grades at Antamina (69,400 tonnes) in line with planned higher copper/lower zinc mine sequencing, and disposal of the Kidd mine on 1 June 2026 (6,500 tonnes). Adjusting for Lady Loretta and Kidd, own sourced production was 13% lower, mainly reflecting the planned lower Antamina zinc grades.
• Own sourced nickel production of 54,600 tonnes was 4% above the comparable 2025 period.
• Attributable chrome ore production of 2,553,000 tonnes was 201,000 tonnes (7%) lower than the comparable 2025 period, reflecting varied operating conditions over the period.
• Steelmaking coal production of 21.5 million tonnes was 3.2 million tonnes (13%) below the comparable 2025 period, primarily reflecting lower plant throughput and yields at EVR.
• Energy coal production of 73.9 million tonnes was broadly in line with the comparable 2025 period.
2026 production guidance
Production guidance is unchanged from previous guidance.
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Actual |
Previous Guidance |
Current |
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Expected |
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2025 |
2026 |
2026 |
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outcome 2026 |
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Copper |
kt |
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851.6 |
810-870 |
810-870 |
1 |
Lower end |
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Zinc |
kt |
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969.4 |
700-740 |
700-740 |
1 |
Higher end |
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Nickel |
kt |
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71.9 |
70-80 |
70-80 |
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Middle |
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Steelmaking coal |
mt |
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32.5 |
30-32 |
30-32 |
2 |
Lower end |
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Energy coal |
mt |
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98.0 |
96-101 |
96-101 |
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Higher end |
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1 Notwithstanding completion of the Kidd mine sale on 1 June 2026, our original 2026 copper and zinc guidance ranges, provided in December 2025, were not adjusted. Reflecting the c.20kt of zinc and c.11kt of copper that Kidd would otherwise have expected to contribute over June-December 2026, implies a strong like-for-like outcome for zinc (still expecting towards upper end of its range), while contributing to the expected copper outcome towards the lower end of its range.
2 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.
Other guidance comments
• Copper production guidance implies an uptick in Q4 2026, primarily reflecting higher expected grades and recoveries at Collahuasi.
• Steelmaking coal production guidance implies an uptick in Q4 2026, primarily reflecting pit sequencing and a stronger expected performance following recent plant upgrades in Australia and the completion of planned plant maintenance in Canada.
To view the full report please click here: https://www.glencore.com/.rest/api/v1/documents/static/7ed50c65-7d84-4cc1-a2c4-216060583297/GLEN_2026-Q3_ProductionReport.pdf
For further information please contact:
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Investors |
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Martin Fewings |
t: +41 41 709 2880 |
m: +41 79 737 5642 |
martin.fewings@glencore.com |
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m: +61 428 657 415 |
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Australian investors |
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australia.investors@glencore.com.au |
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Media |
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Charles Watenphul |
t: +41 41 709 2462 |
m: +41 79 904 3320 |
charles.watenphul@glencore.com |
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Francis De Rosa |
t: +61 2 8247 6352 |
m: +61 417 074 751 |
francis.de.rosa@glencore.com |
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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.
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