Glencore - half-year production report
Glencore reported a strong first half of 2026, with increased production in zinc, nickel, gold, steelmaking coal, and energy coal, despite some declines in cobalt and zinc due to operational and regulatory factors. Copper production rose 15% to 397 000 tonnes, driven by higher grades and mining rates, while cobalt and zinc outputs decreased significantly. The company maintains its full-year 2026 guidance for copper, zinc, and nickel, with slight adjustments for coal. Expected marketing EBIT remains robust at approximately USD3.3 billion. Production guidance remains largely unchanged, with a notable H2 weighting, and unit costs have improved compared to H1 2025. Realised prices for key metals are slightly below market averages.
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