Glencore Reports Strong Copper Output Growth as Marketing Division Eyes Top-End Earnings
Glencore Q1 Copper Production Jumps 19% on African Output Gains, Marketing Unit Set to Beat Earnings Guidance
Glencore reported a 19% increase in copper production for the first quarter, supported by improved ore grades at its African operations and higher output from its Antamina mine in Peru.
The Swiss-based commodities trader and mining group produced 199,600 tonnes of copper during the quarter, up from 167,900 tonnes in the same period last year.
While copper production strengthened, cobalt output declined sharply by 39%. The company attributed this drop to a strategic shift at its operations in the Democratic Republic of Congo, where it prioritised copper production in response to export quota restrictions.
Demand for copper continues to rise globally, driven by its critical role in electric vehicles, charging infrastructure, and power transmission networks.
Cobalt, meanwhile, remains an essential component in lithium-ion batteries used in electric vehicles and consumer electronics.
Glencore maintained its 2026 production guidance across its mining portfolio, despite ongoing operational challenges and the closure of two Australian mines that have reached the end of their economic life.
Chief Executive Gary Nagle said geopolitical tensions, including the Iran conflict, had limited impact on operations during the first quarter.
However, the company is beginning to see cost pressures emerge, particularly from rising diesel and sulphuric acid prices.
He noted that stronger commodity prices are expected to offset these higher input costs and support margin expansion.
Glencore’s marketing division continues to perform strongly and is on track to exceed the upper end of its full-year earnings before interest and tax (EBIT) guidance range of $2.3 billion to $3.5 billion.
The company indicated that favorable trading conditions and price volatility across commodity markets are contributing to the division’s robust outlook.
