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Glencore’s attributable copper-in-concentrate production from the Antamina joint venture in Peru rose by 41% year on year to 46,300 tonnes in the first quarter of 2026, while attributable zinc-in-concentrate output from the same mine fell by 22% to 22,200 tonnes, the company said on Thursday April 30.
The first-quarter production data, published on Thursday April 30, pointed to two concentrate shifts at Glencore: Antamina’s grade pivot toward copper at the expense of zinc and a reprioritization of the company’s DRC assets toward copper cathode following the introduction of the country’s cobalt export quota system in late 2025.
Fastmarkets calculated the weekly copper concentrates TC index, cif Asia Pacific — the midpoint between smelter and trader buying levels — at $(107.30) per tonne on Friday April 24, down by $2.20 per tonne from $(105.10) per tonne a week earlier.
Total own-sourced copper production was 199,600 tonnes in the first quarter, up by 31,700 tonnes (19%) year on year, according to the production report.
Glencore’s attributable copper-in-concentrate production from Antamina overtook output from the Collahuasi joint venture in Chile to become the company’s largest single source of copper in concentrate in the first quarter, according to the report.
Antamina contributed 46,300 tonnes against Collahuasi’s 38,800 tonnes — a reversal from the fourth quarter of 2025, when Collahuasi led with 47,000 tonnes against Antamina’s 40,100 tonnes.
Glencore attributed the Antamina shift to mine sequencing toward higher-copper, lower-zinc ore grades. Attributable copper-in-concentrate at Antamina rose by 13,500 tonnes (41%) year on year, while attributable zinc-in-concentrate fell by 6,300 tonnes (22%) to 22,200 tonnes.
Fastmarkets’ twice-monthly assessment of the zinc spot concentrate TC, cif China was at $(20)-5 per tonne on Friday, down from $(15)-15 per tonne on April 10.
Attributable silver-in-concentrate from Antamina also rose, climbing by 47% year on year to 1,553,000 ounces, the report showed.
The figures are reported on a 33.75% pro-rata basis, reflecting Glencore’s ownership share in the Antamina joint venture.
Own-sourced copper production from Glencore’s African copper assets — KCC and Mutanda — rose by 27,400 tonnes (68%) year on year to 67,900 tonnes, with KCC contributing 51,900 tonnes (up 72% year on year) and Mutanda 16,000 tonnes (up 55%), according to the production report. Glencore attributed the increase to improved grades at both operations.
The DRC assets “are now prioritizing copper production as existing finished cobalt inventories are sufficient to fully deliver into near-term quota levels,” Glencore said in the report, following the introduction of the DRC’s cobalt export quota system in late 2025.
African cobalt production fell to 5,100 tonnes, down by 42% year on year, with Mutanda producing no cobalt in the quarter compared with 2,900 tonnes a year earlier, according to the report.
Glencore, the world’s second-largest cobalt producer, further decreased its cobalt production mainly due to an ongoing export quota in the Democratic Republic of Congo, according to the production report.
For the first quarter of 2026, Glencore’s own-sourced cobalt production was 5,800 tonnes, down by 39% year on year.
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Most of this volume — 5,100 tonnes — came from KCC and Mutanda copper-cobalt mines in the DRC, the largest cobalt-producing country.
Glencore has been prioritizing copper production in the DRC as it maintains the cobalt export quota, valid since October 2025 “until at least the end of 2027.”
“Existing finished cobalt inventories are sufficient to fully deliver into near-term quota levels,” the company added, commenting on the production decrease..
Glencore received a DRC export allowance of 3,925 tonnes for the fourth quarter of 2025, according to a DRC government document seen by Fastmarkets. The DRC quota for the whole of 2026, including the 2025 carryover, is 22,800 tonnes, Glencore said.
After initial shipping hurdles, Glencore has been able to ship most of the allocated quota.
“In Q1 [the first quarter of] 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 June 30, 2026,” the report said, referring to the DRC authorities granting extensions for the export deadlines.
In January, Glencore had already decreased its annual cobalt production year on year, refraining from providing cobalt production guidance for this year because of the DRC’s export quota system.
Outside the DRC, the remaining 700 tonnes of Glencore’s own-sourced cobalt production came from the Integrated Nickel Operations comprising Sudbury and Raglan in Canada and Nikkelverk in Norway.
Sudbury, Raglan and Nikkelverk production from own sources reached 200 tonnes in the first quarter of 2026, with an additional 400 tonnes from processing third-party feed. Their production was down by 14% year on year including third-party feed.
Murrin Murrin production in the first quarter was 500 tonnes from own sources, with an additional 100 tonnes from third-party feed. Total Murrin Murrin production was 14% lower year on year.
The 31,700-tonne (19%) rise in total own-sourced copper production was driven by improved grades at African copper assets (up 27,400 tonnes) and higher throughput and grades at Antamina (up 13,500 tonnes), partly offset by the cessation of copper mining at the Mount Isa operations in Australia in 2025 (down 8,900 tonnes), the company said.
Glencore’s own-sourced copper-in-concentrate production totaled about 110,500 tonnes of contained copper in the first quarter, equivalent to about 442,000 dry metric tonnes of concentrate at an indicative 25% copper grade, based on Fastmarkets calculations from the production data.
The contained-copper figure comprised Antamina at 46,300 tonnes, Collahuasi at 38,800 tonnes, Antapaccay at 21,800 tonnes, Kidd at 3,400 tonnes and the Integrated Nickel Operations at 200 tonnes.
The remaining 89,100 tonnes of own-sourced copper was produced as cathode or other copper metal, including the entirety of the African copper output.
Glencore’s full-year 2026 copper production guidance remained unchanged at 810,000-870,000 tonnes, with output weighted 48% to the first half and 52% to the second half, the company said. Collahuasi was identified as the main contributor to the second-half weighting, with Glencore citing improving primary ore and desalinated water availability as the year progresses.
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Total copper metal production from Glencore’s Mount Isa copper smelter and Townsville refinery — which now rely entirely on third-party concentrate following the closure of the Mount Isa copper mine in July 2025 — fell by 69% year on year to 11,700 tonnes in the first quarter, from 37,900 tonnes a year earlier, according to the production report.
The Mount Isa smelter and Townsville refinery secured a support package of up to A$600 million ($395 million) from the Australian federal and Queensland state governments in October 2025 to continue operating for three years.
Glencore’s broader custom metallurgical copper anode production fell by 12% year on year to 113,300 tonnes in the first quarter, primarily reflecting the absence of production from the Pasar smelter in the Philippines, which contributed 38,300 tonnes a year earlier before being placed on care and maintenance in February 2025 and subsequently sold in September 2025, the report showed. The decline was partly offset by an additional 21,700 tonnes from the Altonorte smelter in Chile.
The future of Glencore’s Canadian custom smelting operations is also under review. Glencore applied for funding under Canada’s C$5 billion ($3.59 billion) Strategic Response Fund earlier in April to sustain its Horne copper smelter in Quebec and the Canadian Copper Refinery in Montreal.
Glencore is in a “net-long global sulfuric acid position” through its copper, zinc and nickel metallurgical asset footprint, chief executive officer Gary Nagle said in the production report.
Nagle said the effect of the Middle East conflict on Glencore’s industrial business, while limited in the first quarter, was “now manifesting, primarily as an increase in input costs, most notably diesel and acid consumption and the generally weaker USD.”
He added that based on stronger commodity prices — including copper up around 5% year to date, zinc up around 7% and energy coal up around 22% — Glencore expected the cost effects to be “more than offset, which would result in margin expansion.”
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