Glencore (LSE:GLEN) said first-quarter production was largely in line with expectations, noting the Lady Loretta zinc and Mount Isa copper mines reached planned end of life in 2025 and that guidance remains as presented at its December 2025 Capital Markets Day.
Own-sourced copper of 199,600 tonnes was 31,700 tonnes (19%) higher than Q1 2025, own-sourced cobalt fell 39% to 5,800 tonnes principally because of the DRC export quota system, and own-sourced zinc was 176,900 tonnes, down 36,700 tonnes (17%) reflecting the Lady Loretta closure and lower feedstock sequencing at Kazzinc.
"We expect these cost impacts to be more than offset, which would result in margin expansion," said Gary Nagle, Chief Executive Officer.
Glencore said the DRC cobalt quota system, in place until at least the end of 2027, has led to some cobalt being held in-country and in solution rather than processed, and that most of its 2025 quota was exported in Q1 with the balance shipped in April and unused Q1 quotas valid until 30 June.
The company said 2026 production is weighted to the second half as Collahuasi ore and desalinated water availability is expected to improve and as steelmaking and energy coal volumes are boosted by pit sequencing and planned longwall moves.
Glencore highlighted year-to-date commodity strength (copper +c.5%, zinc +c.7%, energy coal +c.22%) and said extrapolating Q1 Marketing performance would see Marketing's full-year Adjusted EBIT comfortably exceed the top end of its $2.3-3.5bn guidance range.
