Glencore copper output grows 19% in Q1
LONDON - Glencore's first‑quarter copper production rose 19%, benefiting from improved ore grades in Africa, while its marketing division remains on track to exceed the top end of its annual earnings guidance.
The Swiss-based commodities trader and miner produced 199 600 t of copper in the first quarter, up from 167 900 t a year earlier, driven by better grades at its African operations and higher output at its Antamina mine in Peru.
Cobalt production fell 39% in the quarter as Glencore prioritised copper output at its assets in the Democratic Republic of Congo because of export quota restrictions, the company said in a statement.
Copper demand has been climbing as the metal is widely used in electric vehicles, charging infrastructure and power grids. Cobalt is a key ingredient in lithium-ion batteries that power electric vehicles and consumer electronics.
Glencore maintained its 2026 production guidance for its resources despite operational challenges and the closure of two Australian mines that reached the end of their economic lives.
Chief Executive Gary Nagle said the Iran war had limited impact on operations in the first quarter, but cost pressures were emerging from higher diesel and sulphuric acid prices.
Stronger commodity prices, however, would more than offset those pressures and help expand margins, he said.
Its full-year earnings before interest and tax guidance range for the marketing business stands at between $2.3-billion and $3.5 billion a year.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.
VISIT SHOWROOM
Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
