Glencore’s third quarter production report, published on October 29, shows a portfolio being reshaped by closures and disposals as much as by operating performance. Own sourced copper production was 201,600 tonnes in the quarter, up 2 percent on the second quarter, and 598,600 tonnes for the first nine months, up 3 percent year on year. After adjusting for the Mount Isa copper closure in July 2025 and the Kidd disposal on June 1, 2026, nine month copper production was 12 percent higher, helped by higher mining rates and grades in Africa and better grades at Antamina, partly offset by weaker output at Antapaccay and Collahuasi.
Full year guidance was maintained for all key commodities, but the mix inside the ranges matters. Copper and steelmaking coal are expected toward the lower end of their ranges, zinc and energy coal toward the upper end, and nickel around the middle. Glencore also reiterated that it expects full year 2026 Marketing adjusted EBIT to exceed $5 billion, following its October 2 methodology update.
The sharpest falls are in cobalt and zinc. Cobalt production was 3,500 tonnes in the quarter, down 20 percent quarter on quarter, and 13,700 tonnes for the nine months, down 52 percent year on year, reflecting export restrictions in the Democratic Republic of Congo. Zinc production was 181,600 tonnes in the quarter and 547,200 tonnes for the nine months, down 23 percent, mainly on the closure of the Lady Loretta mine at the end of 2025 and the Kidd disposal. Nickel was steadier, at 54,600 tonnes for the nine months, up 4 percent.
Coal and ferrochrome carried the sequential growth. Steelmaking coal rose 14 percent quarter on quarter to 8.0 million tonnes, energy coal rose 8 percent to 26.5 million tonnes, and the progressive restart of ferrochrome smelting lifted attributable ferrochrome production 29 percent quarter on quarter to 125,000 tonnes, with Boshoek restarting in September and Wonderkop in October after Lion earlier in the year. Nine month ferrochrome production of 235,000 tonnes is still 46 percent below a year earlier, because smelting spent much of 2026 on care and maintenance.
Chief executive Gary Nagle described a strong third quarter in line with expectations and previously communicated guidance. The honest summary is narrower: the copper growth story is real only on an adjusted basis, the fourth quarter needs the higher grades and recoveries Glencore expects at Collahuasi to land the lower end of copper guidance, and the marketing business, at more than $5 billion of expected adjusted EBIT, remains the earnings anchor while the industrial portfolio absorbs closures.