Glencore (GLEN-LN) 1H26 Operating Data: Copper Output Basically in Line with Expectations, H2 Output Expected to Improve Benefiting from Collahuasi Recovery Rate Improvement

English summary

Copper: H1 output +15% YoY to 397,000 tons, mainly due to improved mining rates and grades in African mines and higher Antamina grades, basically in line with market expectations. 2026 copper output guidance maintained at 810,000-870,000 tons; the company expects 2H26 to benefit from improved Collahuasi primary ore recovery rate and mining performance. Coal: H1 coking coal output -14% YoY to 13.5 million tons, mainly due to lower EVR throughput and recovery rates, in line with market expectations. 2026 coking coal output guidance lowered from 30-34 million tons to 30-32 million tons (midpoint -~1 million tons), mainly reflecting Canadian mine scheduling and Oaky Creek longwall face relocation, with H2 recovery rates expected to improve. Thermal coal output -2% YoY to 47.4 million tons, in line with market expectations. ...