Glencore will prioritize copper production over cobalt in the Democratic Republic of Congo following the introduction of new government export quotas for cobalt, the company said Wednesday.
The DRC recently lifted a cobalt export ban, replacing it with quotas that allocate Glencore about 22% of the total, amounting to 18,800 tonnes annually for 2026 and 2027.
According to the company, it has sufficient inventory to meet its allocation and will store any production above its quota levels within the country.
The strategy shift was announced in Glencore's third-quarter production report, which showed its own-sourced cobalt output rose 8% to 28,500 tonnes in the first nine months of the year, while copper production fell 17% to 583,500 tonnes.
Despite the drop in copper, the company maintained its full-year outlook for key commodities.
"Underpinned by a strong third quarter production performance, particularly in copper and coal, full-year 2025 production guidance for our key commodities has been maintained, with ranges tightened to reflect just one quarter remaining," Chief Executive Officer Gary Nagle said.
Glencore narrowed its full-year cobalt production guidance to a range of 41,000 to 43,000 tonnes.