Glencore, one of the world's largest cobalt producers, reported a 52% drop in output during the first nine months of 2026 after export quotas in the Democratic Republic of Congo (DRC) prompted it to leave more of the battery metal unprocessed.
The Swiss-based miner produced 13,700 tonnes of its own-sourced cobalt through September, down from 28,500 tonnes a year earlier, according to its third-quarter production report released Thursday. Output fell 20% quarter-on-quarter to 3,500 tonnes.
The DRC, the world's dominant cobalt-producing country, suspended exports in 2025 after prices slumped to nine-year lows. Authorities subsequently introduced quotas aimed at supporting prices, with restrictions expected to remain in place until at least the end of 2027.
Glencore said its Kamoto Copper Company (KCC) and Mutanda operations hold enough cobalt stocks to meet near-term export allocations. Its African Copper division, which includes the Congolese mines, produced 11,600 tonnes of cobalt through September, down 56% year-on-year.
Copper operations, meanwhile, delivered stronger results. Glencore's own-sourced production rose 3% to 598,600 tonnes from 583,500 tonnes a year earlier. Excluding the closure of Mount Isa's copper mine and the sale of Kidd, output increased 12% on a comparable basis.
Higher mining rates and improved grades at African Copper, together with richer ore at Peru's Antamina mine, offset weaker production at Antapaccay and Collahuasi.
Glencore aims to produce 1.6 million tonnes of copper annually by 2035, nearly double its current level, as it pursues demand from electrification, power grids and artificial intelligence infrastructure.
The company maintained its 2026 copper guidance of 810,000 to 870,000 tonnes, although it expects to finish near the bottom of that range. Steelmaking coal output is also tracking toward the lower end of its 30 million to 32 million-tonne target, while zinc and energy coal are expected near the upper ends of their forecasts.
