Glencore's cobalt output falls 52% to 13,700 tonnes in first nine months
Key Facts
Glencore reported own-source cobalt production of 13,700 tonnes in the first nine months of 2026, down 14,800 tonnes, or 52%, from the same period in 2025. The company said the decline reflected the continued cobalt export quota system in the Democratic Republic of the Congo, as well as its ongoing focus on copper production. The figure measures output from the start of the year through the end of the third quarter, not production in the third quarter alone. In that quarter, cobalt production was 3,500 tonnes, down 20% from 4,400 tonnes in the second quarter. Glencore reports these figures as own-source production, which includes its controlled industrial assets and joint ventures and is calculated on a 100% basis unless otherwise stated.
Congolese cobalt exports shifted to a quota system after the suspension of exports was extended through 15 October 2025, before the new system began on 16 October of the same year, according to the International Energy Agency. The 2026 quotas set the total at 96,600 tonnes, split between a base quota of 87,000 tonnes and a strategic quota of 9,600 tonnes. These restrictions place mineral exports within an ongoing regulatory context during the comparison period in which Glencore recorded lower production. In its 2025 production report, the company said the quota system would apply to Congolese exports through at least the end of 2027. The company also did not provide 2026 cobalt production guidance because of uncertainty, according to its previous report.
Glencore outlined another aspect of its handling of the metal, saying cobalt contained in mixed ore is increasingly being retained in solution rather than processed into saleable hydroxide. It added that the value of this cobalt is expected to be realised as export regulations evolve. This means the company is retaining some cobalt at the solution stage instead of currently converting it into the saleable product it identified. The company linked this practice to evolving regulations, while citing the quota system and its focus on copper as reasons for the production decline. In its 2025 report, Glencore said own-source cobalt production was 36,100 tonnes, down 2,100 tonnes, or 5%, from 2024, attributing the decline at the time to the priority given to copper and Congolese export restrictions.
By contrast, Glencore's own-source copper production was 598,600 tonnes in the first nine months of 2026, up 15,100 tonnes, or 3%, from the corresponding period a year earlier. The company said the increase was 12% excluding the impact of the Mount Isa mine closure and the disposal of the Kid mine. It attributed the production improvement to higher mining rates and better grades at its African copper operations, which contributed 56,700 tonnes, and to higher grades at Antamina, which contributed 32,300 tonnes. These factors were offset by a combined 49,700-tonne impact from the Mount Isa closure and the Kid disposal, alongside lower production at Antapaccay and Collahuasi. The contrast appears in the report as the company also cited its continued focus on copper as a reason for lower cobalt production.
Glencore kept its 2026 production guidance ranges for key commodities unchanged, but expects copper and coking coal to come in near the lower ends of their ranges. By contrast, the company expects zinc and thermal coal to be near the upper ends, and nickel around the midpoint of its range. Chief Executive Gary Nagle said the key assets had generally performed in line with expectations and previously announced guidance. Copper guidance points to higher production in the fourth quarter of 2026, which the company attributes mainly to expected improvements in grades and recovery rates at Collahuasi. In the metal market, the International Energy Agency said the Democratic Republic of the Congo accounts for nearly two-thirds of global cobalt supply and prices rose about 130% during 2025 and early 2026, largely because of export restrictions.