REG - Glencore PLC - First Quarter 2026 Production Report

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RNS Number : 4433C  Glencore PLC  30 April 2026

NEWS RELEASE

Baar, 30 April 2026

First Quarter 2026 Production Report

 

 

Glencore Chief Executive Officer, Gary Nagle:

"Building on our operational delivery over the past two years, first quarter
production was largely in line with our expectations, accounting for
operational conditions and the Lady Loretta (zinc) and Mount Isa copper mines
in Australia reaching their planned economic end of lives during 2025.
Accordingly, full year 2026 production guidance remains unchanged from that
presented at our Capital Markets Day in December 2025.

"While the Middle East conflict has created numerous dislocations,
particularly around the supply of crude, refined products and sulphuric acid,
our energy marketing business has supported the supply of fuels to our assets.
In addition, our significant metallurgical asset footprint, across copper,
zinc and nickel, puts Glencore in a net-long global sulphuric acid position.
Although the impact of the conflict on our industrial business was limited in
the first quarter, recent and emerging impacts are now manifesting, primarily
as an increase in input costs, most notably diesel and acid consumption, and
the generally weaker USD.

"Critically, basis the current stronger commodity prices (e.g. year-to-date
copper +c.5%, zinc +c.7% and energy coal +c.22%), we expect these cost impacts
to be more than offset, which would result in margin expansion. In addition,
extrapolating our Q1 Marketing performance, would see this segment's full-year
EBIT performance comfortably exceeding the top end of our long-term Adjusted
EBIT guidance range of $2.3-3.5bn p.a."

 

Production from own sources - Total(1)

                                          Q1 2026                Q1 2025               Change %
 Copper                      kt                  199.6                  167.9                    19
 Cobalt                      kt                    5.8                    9.5                   (39)
 Zinc                        kt                  176.9                  213.6                   (17)
 Lead                        kt                   41.2                   49.9                   (17)
 Nickel                      kt                   17.2                   18.8                    (9)
 Gold                       koz                     68                    145                   (53)
 Silver                     koz                  4,869                  4,230                    15
 Chrome ore                  kt                    830                    807                     3

 Steelmaking coal            mt                    6.5                    8.3                   (22)
 Energy coal                 mt                   22.9                   23.4                    (2)

1. Controlled industrial assets and joint ventures only. Production is on a
100% basis, except as stated later in this report.

 

Q1 production highlights

·      Own sourced copper production of 199,600 tonnes was 31,700
tonnes (19%) above Q1 2025, primarily due to improved grades at African copper
(27,400 tonnes) and higher throughput and grades at Antamina (13,500 tonnes),
partly offset by cessation of copper mining at Mount Isa in 2025 (8,900
tonnes).

·      Own sourced cobalt production of 5,800 tonnes was 3,700 tonnes
(39%) lower than Q1 2025, mainly due to the introduction of the DRC's export
quota system in late 2025, as a result of which our DRC assets are now
prioritising copper production as existing finished cobalt inventories are
sufficient to fully deliver into near-term quota levels.

·         Own sourced overall zinc production of 176,900 tonnes was
36,700 tonnes (17%) lower than Q1 2025, mainly reflecting Lady Loretta end of
mine life in late 2025 (22,300 tonnes) and a lower contribution from Kazzinc
(13,800 tonnes) due to sequencing of own sourced feedstock.

·         Own sourced nickel production of 17,200 tonnes was 1,600
tonnes (9%) lower than Q1 2025, primarily due to the 2025 furnace disruption
at Sudbury, with its corresponding impact on matte shipment lead times to
Norway.

·          Attributable chrome ore production of 830,000 tonnes was
broadly in line with Q1 2025.

·         Steelmaking coal production of 6.5 million tonnes was 1.8
million tonnes lower than Q1 2025, primarily due to pit sequencing at EVR, wet
weather in Queensland and a planned longwall move at Oaky Creek.

·         Energy coal production of 22.9 million tonnes was broadly
in line with Q1 2025, with higher Australian production offsetting the
Cerrejón production cuts actioned from Q2 2025.

2026 Production guidance

·          Production guidance is unchanged from previous guidance.

                                         Actual         Previous    Current guidance       2026 weighting

       FY
guidance
                                      2025              2026        2026                   H1            H2
 Copper                 kt                851.6         810-870       810-870              48%           52%
 Zinc                   kt                969.4         700-740       700-740              50%           50%
 Nickel                 kt                 71.9            70-80        70-80              50%           50%
 Steelmaking coal       mt                 32.5            30-34        30-34         (1)  44%           56%
 Energy coal            mt                 98.0           95-100       95-100              46%           54%

1 On an annualised basis, <2% of EVR's production is non-steelmaking
quality coal, ordinarily sold into energy coal markets. Given the de minimis
size, these volumes are not disaggregated from Canadian steelmaking coal
volumes.

 

The weighting of production guidance toward H2 reflects a stronger expected
second-half volume profile as follows:

•     For copper, Collahuasi is the main contributor as primary ore and
desalinated water availability is projected to improve as the year progresses;

•      Steelmaking coal production is weighted toward H2, reflecting
pit sequencing in Canada, with higher yields expected in H2, and the planned
H1 longwall move at Oaky Creek in Australia; and

•     Energy coal is similarly weighted to H2, due to a planned
longwall move at Ulan in H1 and expected lower strip ratios at Bulga and
Cerrejón in H2.

 

DRC Cobalt Update

•      A quota system applies to DRC cobalt exports until at least the
end of 2027. Cobalt produced at KCC and Mutanda in excess of the allocated
quotas is stored in-country and will be sold as circumstances allow. In this
context, cobalt contained in mixed ore may be held in solution and not
reported as production, rather than processed into cobalt in hydroxides to
minimise nearby processing costs. KCC and Mutanda have sufficient cobalt
inventories on hand to utilise their cobalt quotas over the near term.

•     Given the time required to implement export processes under the
cobalt quota system, the DRC government extended the validity of producers'
2025 cobalt quotas to April 2026. In Q1 2026, Glencore exported the greater
part of its 2025 quota, with the balance exported in April 2026. Similarly,
unused Q1 2026 quotas are valid for use until 30 June 2026.

•      With the export and quota systems and processes now established,
Glencore expects cobalt exports to normalise over the year, in line with its
remaining 2026 quotas. Glencore's expected cobalt export quotas are set out
below.

 Cobalt, kt                 2026 (including 2025 carryover)  2027
 KCC                                16.1                             13.3
 Mutanda                             6.7                              5.5
 Glencore allocation                22.8                             18.8

 

To view the full report please click here:
https://www.glencore.com/.rest/api/v1/documents/static/557bc7ad-3e7a-44d2-8975-493b84da3d2c/GLEN_2026-Q1ProductionReport.pdf
(https://www.glencore.com/.rest/api/v1/documents/static/557bc7ad-3e7a-44d2-8975-493b84da3d2c/GLEN_2026-Q1ProductionReport.pdf)

 

For further information please contact:

 Investors
 Martin Fewings        t: +41 41 709 2880      m: +41 79 737 5642      martin.fewings@glencore.com
 Media
 Charles Watenphul     t: +41 41 709 2462      m: +41 79 904 3320      charles.watenphul@glencore.com

www.glencore.com (http://www.glencore.com)

Glencore LEI: 2138002658CPO9NBH955

Please refer to the end of this document for disclaimers including on
forward-looking statements.

Notes for Editors

Glencore is one of the world's largest global diversified natural resource
companies and a major producer and marketer of more than 60 commodities.
Through a network of assets, customers and suppliers that spans the globe, we
produce, process, recycle, source, market and distribute the commodities that
advance everyday life.

With over 140,000 employees and contractors and a strong footprint in over 30
countries in both established and emerging regions for natural resources, our
marketing and industrial activities are supported by a global network of
offices.

Glencore's customers are principally industrial consumers, such as those in
the automotive, steel, power generation, battery manufacturing and oil
sectors. We also provide financing, logistics and other services to producers
and consumers of commodities.

 

Important notice

This document does not constitute or form part of any offer or invitation to
sell or issue, or any solicitation of any offer to purchase or subscribe for
any securities. This document does not purport to contain all of the
information you may wish to consider.

Cautionary statement regarding forward-looking information

Certain descriptions in this document are oriented towards future events and
therefore contain statements that are, or may be deemed to be,
"forward-looking statements" which are prospective in nature. Such statements
may include, without limitation, statements in respect of trends in commodity
prices and currency exchange rates; demand for commodities; reserves and
resources and production forecasts; expectations, plans, strategies and
objectives of management; expectations regarding financial performance,
results of operations and cash flows; climate scenarios; sustainability
(including, without limitation, environmental, social and governance)
performance-related goals, ambitions, targets, intentions and aspirations;
approval of certain projects and consummation and impacts of certain
transactions (including, without limitation, acquisitions, disposals or other
corporate transactions); closures or divestments of certain assets, operations
or facilities (including, without limitation, associated costs); capital costs
and scheduling; operating costs and supply of materials and skilled employees;
financings; permitting, anticipated project timelines, productive lives of
mines and facilities; provisions and contingent liabilities; and tax, legal
and regulatory developments.

These forward-looking statements may be identified by the use of
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By their nature, forward-looking statements involve known and unknown risks,
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uncertainties include, without limitation, those disclosed in the risk
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and counterparty risks; changes in economic and financial market conditions
generally or in various countries or regions; political or geopolitical
uncertainty; and wars, political or civil unrest, acts of terrorism, cyber
attacks or sabotage.

Readers, including, without limitation, investors and prospective investors,
should review and consider these risks and uncertainties (as well as the other
risks identified in this document) when considering the information contained
in this document. Readers should also note that the high degree of uncertainty
around the nature, timing and magnitude of climate-related risks, and the
uncertainty as to how the energy transition will evolve, makes it particularly
difficult to determine all potential risks and opportunities and disclose
these and any potential impacts with precision. Neither Glencore nor any of
its affiliates, associates, employees, directors, officers or advisers,
provides any representation, warranty, assurance or guarantee as to the
accuracy, completeness or correctness, likelihood of achievement or
reasonableness of any forward-looking information contained in this document
or that the events, results, performance, achievements or other outcomes
expressed or implied in any forward-looking statements in this document will
actually occur. Glencore cautions readers against reliance on any
forward-looking statements contained in this document, particularly in light
of the long-term time horizon which this document discusses in certain
instances and the inherent uncertainty in possible policy, market and
technological developments in the future.

No statement in this document is intended as any kind of forecast (including,
without limitation, a profit forecast or a profit estimate), guarantee or
prediction of future events or performance and past performance cannot be
relied on as a guide to future performance.

Except as required by applicable rules or laws or regulations, Glencore is not
under any obligation, and Glencore and its affiliates expressly disclaim any
intention, obligation or undertaking, to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. This document shall not, under any circumstances, create any
implication that there has been no change in the business or affairs of
Glencore since the date of this document or that the information contained
herein is correct as at any time subsequent to its date.

Sources

Certain statistical and other information included in this document is sourced
from publicly available third-party sources. This information has not been
independently verified and presents the view of those third parties, and may
not necessarily correspond to the views held by Glencore and Glencore
expressly disclaims any responsibility for, or liability in respect of, and
makes no representation or guarantee in relation to, such information
(including, without limitation, as to its accuracy, completeness or whether it
is current). Glencore cautions readers against reliance on any of the
industry, market or other third-party data or information contained in this
document.

Information preparation

In preparing this document, Glencore has made certain estimates and
assumptions that may affect the information presented. Certain information is
derived from management accounts, is unaudited and based on information
Glencore has available to it at the time. Figures throughout this document are
subject to rounding adjustments. The information presented is subject to
change at any time without notice and we do not intend to update this
information except as required.

This document contains alternative performance measures which reflect how
Glencore's management assesses the performance of the Group, including results
that exclude certain items included in our reported results. These alternative
performance measures should be considered in addition to, and not as a
substitute for, or as superior to, measures of financial performance or
position reported in accordance with IFRS. Such measures may not be uniformly
defined by all companies, including those in Glencore's industry. Accordingly,
the alternative performance measures presented may not be comparable with
similarly titled measures disclosed by other companies. Further information
can be found in our reporting suite available at glencore.com/publications.

Subject to any terms implied by law which cannot be excluded, Glencore accepts
no responsibility for any loss, damage, cost or expense (whether direct or
indirect) incurred by any person as a result of any error, omission or
misrepresentation in information in this document.

Other information

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are made to Glencore plc and its subsidiaries in general. These collective
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are also used to refer collectively to members of the Group or to those who
work for them. These expressions are also used where no useful purpose is
served by identifying the particular company or companies.

 

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