Glencore copper output rises 15% to 397,000 tonnes in first half of 2026
Key Facts
Glencore’s own-source copper production reached 397,000 tonnes in the first half of 2026, up 15% from 343.9 thousand tonnes in the corresponding period of 2025, according to the company’s half-year production report. The performance puts first-half output in the context of its full-year guidance, which it kept at 810 to 870 thousand tonnes. Chief Executive Gary Nagle said the key assets had "generally performed in line with expectations and previously stated guidance" during the first six months. The report said the guidance assumes a greater weighting to the second half, making delivery of the production plan dependent on improved recoveries from primary ore and mining performance at Collahuasi. The report does not substantiate the nine-month figures or the assessment that the lower end of the annual range is more likely, both of which appeared in the previous draft.
The company attributed the year-on-year increase mainly to higher mining rates and improved ore grades at its African copper operations, which added 55 thousand tonnes compared with the first half of 2025. Higher ore grades at Antamina also supported the results, with copper production cited among the improvement factors reaching 27,700 tonnes in the first half of 2026. The growth drivers thus combined higher mining volumes with improved ore quality across more than one operation. The report cited these two factors as the main reason own-source production rose to 397 thousand tonnes. The year-on-year comparison provides a measure of the improvement, with production rising from 343.9 thousand tonnes in the first half of 2025 to its level in the same period of 2026.
The increase was partly offset by production lost in connection with the planned closure of the Mount Isa copper mine in July 2025; the company estimated the comparable impact at about 20,400 tonnes in its first-half 2026 results. This factor was cited alongside contributions from Africa and Antamina in explaining the year-on-year change, meaning production grew despite the closure’s impact. On its assets, Glencore said the sale of the Kidd mine was completed on 1 June 2026. The company estimated the mine would have contributed about 11 thousand tonnes of copper during the remainder of the year, from June to December. Glencore nevertheless made no change to its 2026 copper production guidance as a result of the sale.
Glencore kept its 2026 copper production guidance at 810 to 870 thousand tonnes, the same range given in its previous guidance and first-half report. The company’s figures allocate 53% of production to the second half, compared with 47% in the first half. Glencore said its second-half outlook is based on expected higher recoveries from primary ore and improved mining performance at Collahuasi. The greater weighting to the second half means the annual production estimate depends on delivering those stated improvements after 397 thousand tonnes were recorded in the first six months. The available evidence did not include a verified nine-month production figure or a subsequent guidance update, nor the share’s trading range on 28 October; the available share price was a close of $14.41 on that date.