Glencore (LSE:GLEN), the miner and commodities trader, said full-year 2026 production guidance for copper, zinc and nickel remains unchanged following the completion of the Kidd mine sale on 1 June.
The disposal strips out roughly 20,000 tonnes of zinc and 11,000 tonnes of copper from expected second-half output, meaning the unchanged guidance implies an effective like-for-like upgrade for both metals.
"We are pleased to report a strong production performance for the first six months of the year, where our key assets largely performed in line with expectations and previously communicated guidance," chief executive Gary Nagle said.
Own-sourced copper production rose 15% to 397,000 tonnes in the first half, driven by higher mining rates and improved grades at African Copper operations and at Antamina, partly offset by the planned closure of the Mount Isa mine in July 2025.
Zinc output fell 21% to 365,600 tonnes, reflecting the end of mine life at Lady Loretta in late 2025 and lower grades at Antamina.
Cobalt production dropped 46% to 10,200 tonnes as the Democratic Republic of Congo's export quota regime pushed the company to prioritise copper over cobalt processing.
Steelmaking coal output fell 14% to 13.5 million tonnes on lower throughput at its EVR operations, guidance for the full year has been trimmed by 1 million tonnes at the midpoint, while energy coal guidance rises by the same amount.
Glencore expects to report marketing division adjusted core profit of approximately $3.3 billion for the half-year.
News Intelligence what this means for the company
Glencore maintained full-year 2026 guidance for copper, zinc and nickel despite divesting the Kidd mine, which strips ~20,000 tonnes of zinc and ~11,000 tonnes of copper from expected second-half output. Unchanged guidance therefore signals an effective like-for-like upgrade for both metals, underpinned by first-half copper output up 15% to 397,000 tonnes driven by African Copper and Antamina performance. The company also flagged a $3.3bn marketing profit for the half-year, positioning it well above prior guidance.
The Kidd disposal removes a drag on second-half production while Glencore reaffirms full-year targets, suggesting operational momentum in core assets offsets mine-life declines. Marketing's $3.3bn half-year result on track to exceed the prior $2.3–3.5bn full-year range materially strengthens earnings visibility.
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