Glencore copper output up, 2026 production seen at low end of guidance (updated)
UPDATE 1-Glencore copper output up, 2026 production seen at low end of guidance Adds details throughout
LONDON, Oct 29 (Reuters) - Glencore GLEN.L on Thursday reported a 3% increase in copper production for the first nine months of the year on higher grades at some of its operations, and said its overall 2026 production will be at the lower end of its guidance.
The miner and trader's own-sourced copper production in the January to September period rose to 598,600 metric tons from 583,500 last year.
The company reaffirmed its 2026 copper production guidance of 810,000 to 870,000 tons. Copper is widely used in energy transition technologies.
Glencore is seeking to almost double copper production to 1.6 million tons by 2035, betting on robust long-term demand from electrification, grid expansion and artificial intelligence infrastructure.
Its own-sourced cobalt output more than halved to 13,700 tons in the first nine months, it said in a statement, as export quotas in the Democratic Republic of Congo continued to constrain shipments.
The DRC suspended cobalt exports in 2025 to support prices after the battery metal fell to nine-year lows, later replacing the ban with an export quota system.
The Swiss company is one of the largest producers and exporters of thermal coal, with expected output at the higher end of its guidance for between 96 million and 101 million tons this year. It has produced 73.9 million tons so far, compared to 73.5 million tons a year ago.
Its 2026 steelmaking coal production should be between 30 million and 32 million tons. It has produced 21.5 million tons so far this year, down 13% year on year.
(Reporting by Clara Denina; Editing by Jan Harvey)