Glencore's third-quarter production report shows own-sourced cobalt output down 52% in the first nine months of 2026, at 13,700 tonnes versus 28,500 tonnes a year earlier and down 20% quarter on quarter to 3,500 tonnes, because DRC export quotas led it to keep more cobalt from mixed ore in solution rather than converting it into saleable hydroxide; the retained metal is excluded from reported output and its amount is undisclosed, and the company expects to recover its value as export rules evolve.
Summary
Glencore's third-quarter production report shows own-sourced cobalt output down 52% in the first nine months of 2026, at 13,700 tonnes versus 28,500 tonnes a year earlier and down 20% quarter on quarter to 3,500 tonnes, because DRC export quotas led it to keep more cobalt from mixed ore in solution rather than converting it into saleable hydroxide; the retained metal is excluded from reported output and its amount is undisclosed, and the company expects to recover its value as export rules evolve. The DRC, the dominant cobalt producer, suspended exports in 2025 after prices hit a nine-year low and introduced price-supporting quotas expected to last at least until the end of 2027; Glencore says its KCC and Mutanda operations hold enough cobalt inventory to meet near-term export quotas, and its African copper division produced 11,600 tonnes of cobalt through September, down 56% year on year. Copper was stronger, with own-sourced output up 3% to 598,600 tonnes and up 12% on a comparable basis; 2026 guidance was maintained at 810,000-870,000 tonnes but is expected near the bottom of the range, and the company targets 1.6 million tonnes of copper a year by 2035. Metallurgical coal output fell 13% to 21.5 million tonnes on lower EVR throughput and yields, trending toward the lower end of its 30-32 million tonne target, while thermal coal edged up to 73.9 million tonnes, near the top of its forecast range. Ferrochrome smelters Boshoek and Wonderkop restarted in September and October, lifting attributable ferrochrome output 29% from the second quarter. Glencore reiterated full-year marketing adjusted EBIT above 5 billion US dollars; BMO's Pearce noted quarterly output slightly below expectations, with copper and metallurgical coal 3% and 7% below and zinc and thermal coal 4% and 5% above.
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