Swiss commodities giant Glencore announced Thursday that its copper mining operations delivered a substantial 19% increase during the first three months of the year, with the company’s trading arm positioned to surpass annual profit projections.
The mining and trading company extracted 199,600 metric tons of copper between January and March, compared to 167,900 tons during the same period last year. This boost came from enhanced ore quality at African mining facilities and increased production at the Antamina operation in Peru.
However, cobalt extraction dropped by 39% during the quarter as the company focused resources on copper mining at facilities in the Democratic Republic of Congo due to government-imposed export limitations, according to company officials.
The surge in copper demand reflects the metal’s essential role in electric vehicle manufacturing, charging stations, and electrical grid infrastructure. Cobalt serves as a crucial component in the lithium-ion batteries that power electric cars and electronic devices.
Despite facing operational difficulties and shutting down two Australian mining facilities that had exhausted their profitable reserves, Glencore kept its 2026 production targets unchanged.
Company CEO Gary Nagle noted that conflicts in Iran had minimal effects on first-quarter operations, though rising costs for diesel fuel and sulphuric acid were creating financial pressure.
Nevertheless, Nagle explained that improved commodity prices would more than compensate for these increased expenses and help boost profit margins.
The company projects its trading division will generate earnings before interest and taxes between $2.3 billion and $3.5 billion annually.
