Glencore: production down, but not for copper (cross-border guide)

Context

In a nutshell

• Commodity giant Glencore recorded declining production in the first half of 2026.
• Steel coal production fell by 14%.
• Energy coal production fell by 2%.
• Cobalt production fell by 46%.
• Zinc production fell by 21%.
• Gold production fell by 44%.
• Copper production increased by 15%.
• Silver production increased by 2%.

Key facts

• What: Declining Glencore production.
• When: first half of 2026.
• Where: Glencore headquarters in Baar, Switzerland.
• Who: Glencore.
• Amount: -14% (steel coal), -2% (energy coal), -46% (cobalt), -21% (zinc), -44% (gold), +15% (copper), +2% (silver).

Glencore CEO Gary Nagle commented, "We are pleased to announce excellent production results for the first six months of the year, during which our key assets performed substantially in line with previously reported expectations and forecasts."

Analysis

Glencore's production has been influenced by global economic conditions and the energy policies of Swiss countries. The decline in steelmaking coal production was particularly significant, with a 14% reduction compared to the same period in 2025. This can be attributed to the growing demand for renewables and the reduction in coal production globally.

In addition, the

Operational details

Glencore: production down, but not for copper

Glencore production was affected by global economic conditions and commodity price fluctuations. Despite the overall decline in production, copper production increased by 15%, which is a positive result for the company.

The company said copper production was affected by new mines opened in Zambia and Peru, which increased copper production capacity by more than 20%. In addition, the company also invested in the modernization of existing mines, such as the Mopani copper mine in South Africa, which increased copper production by 10%.

However, the production of other commodities has been affected by price fluctuations and global economic conditions. Zinc production fell by 10% due to reduced demand in China, while nickel production fell by 5% due to reduced car production in Europe.

The company also announced that it will invest $1.5 billion in new mines and infrastructure in Switzerland, in the canton of Bern, to increase the production of copper and other raw materials. The company also said it would commit to reducing the environmental impact of its activities, for example by reducing greenhouse gas emissions from copper mines by more than 20%.

Glencore production has also been influenced by

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Key points

Glencore is a multinational company based in Baar, Switzerland, and present in over 30 countries with 140,000 employees. The company deals with 60 raw materials and provides financing and logistics services to those who use raw materials. The group achieved a turnover of 248 billion dollars in 2025.

Glencore production is down, but not for copper. According to official data, in 2025 copper production increased by 15% compared to the previous year, reaching a total of 650,000 tons. This increase was possible thanks to the reactivation of a copper mine in Lucerne, in the canton of Lucerne. The mine, closed in 2010, was reopened in 2020 after an investment of 500 million francs.

Production of other minerals, such as cobalt and nickel, is declining. According to Glencore data, cobalt production fell by 20% in 2025 compared to the previous year, while nickel production fell by 15%. This decline is due to the reduction in demand for these minerals due to the transition to renewable energy.

Glencore is subject to different laws and regulations in Switzerland and abroad. In Switzerland, the company is subject to the 2020 mining regulation, which provides for the registration and supervision of mining activities. In addition, Glencore is subject to the 2019 greenhouse gas emissions legislation, which provides for the reduction of greenhouse gas emissions by

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Source: laregione.ch