29th Oct 2026 11:07
(Alliance News) - Glencore PLC on Thursday reiterated full-year production guidance after a mixed third quarter.
In response, shares in the Switzerland-based miner and commodities trader fell 1.7% to 532.30 pence each in London on Thursday. They were down 2.0% to ZAR117.59 in Johannesburg.
Copper production rose 2.1% to 201,600 tonnes in the quarter ended September 30 from 197,400 tonnes in the second quarter, but was 4.0% lower than market consensus of 210,000 tonnes.
Fourth-quarter copper production is guided to improve reflecting higher grades and recoveries at Collahuasi, with consensus looking for a pick-up to 219,000 tonnes.
Cobalt production dropped 20% to 3,500 tonnes from 4,400 tonnes on-quarter, 42% below market consensus for 6,100 tonnes.
Glencore said cobalt production continues to be hurt by the ongoing Democratic Republic of Congo cobalt export quota regime and a continued focus on copper production.
Zinc production of 181,600 tonnes, was down 3.8% from 188,700 tonnes in the prior quarter but was 5.0% above consensus of 173,000 tonnes.
Energy coal production of 26.5 million tonnes was up 8.2% from the prior quarter's 24.5 million but below 25.2 million consensus.
Steelmaking coal production of 8.0 million tonnes was up 14% from 7.0 million in the second quarter but 4.8% below consensus for 8.4 million.
Glencore guided to an upturn in steelmaking coal in the fourth quarter, primarily reflecting pit sequencing and stronger quarter-on-quarter performance following previous plant upgrades in Australia and completion of maintenance activities at its Canadian operations.
Nickel production edged up to 18,800 tonnes from 18,600 tonnes on quarter, gold production was 94,000 ounces versus 100 ounces and silver production around 4.0 million ounces versus 4.4 million.
Chief Executive Gary Nagle said: "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."
The CEO said 2026 production guidance for 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.
Glencore previously said it expects Marketing adjusted earnings before interest and tax to exceed USD5 billion in 2026.
Glencore expects full-year copper production of 810,000 to 870,000 tonnes, zinc production of 700,000 to 740,000 tonnes, nickel production of 70,000 to 80,000 tonnes, steelmaking coal production of 30 million to 32 million tonnes, and energy coal production of 96 million to 101 million tonnes.
By Jeremy Cutler, Alliance News reporter
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