Glencore’s H1 Own-Sourced Zinc Output Falls 21% YoY; Full-Year Guidance Maintained

Glencore reported own-sourced zinc production of 365,600 tonnes for H1 2026, down 99,600 tonnes, or 21%, year on year. The decline mainly reflected the end of mine life at Australia’s Lady Loretta mine in late 2025, which accounted for about 51,000 tonnes, lower zinc grades at Peru’s Antamina mine under its higher-copper and lower-zinc grade sequencing, which accounted for about 39,200 tonnes, and the sale of Canada’s Kidd mine on June 1.

Glencore maintained its 2026 zinc production guidance at 700,000–740,000 tonnes, despite the Kidd sale removing around 11,000 tonnes of zinc output for the remainder of the year. The company said this implies a like-for-like upgrade to the guidance midpoint after excluding the disposal. Q2 zinc output was higher than in Q1, although no quarterly absolute figure or mine-level increase was provided.