Glencore(US:GLNCY) HUAXI Securities·2026-02-10 13:06Investment Rating - Industry rating: Recommended [3] Core Insights - In Q4 2025, the company's own copper production increased by 9% year-on-year to 268,100 tons, with a quarter-on-quarter increase of 12%. The guidance for copper production in 2026 is set at 810,000 to 870,000 tons [1][3] - The company's cobalt production in Q4 2025 was 7,600 tons, a decrease of 35% year-on-year and 21% quarter-on-quarter. The total cobalt production for 2025 was 36,100 tons, down 5% year-on-year [1][3] - Zinc production in Q4 2025 was 260,000 tons, a decrease of 1% year-on-year but an increase of 6% quarter-on-quarter. The total zinc production for 2025 was 969,400 tons, up 7% year-on-year [1][3] - The company reported a total gold production of 156,000 ounces (4.85 tons) in Q4 2025, down 20% year-on-year but up 6% quarter-on-quarter. The total gold production for 2025 was 604,000 ounces (18.79 tons), down 18% year-on-year [2][3] - The Democratic Republic of Congo lifted its cobalt export ban in Q4 2025 and implemented an export quota system, which is expected to impact the company's cobalt export strategy positively [5][3] Production Overview - Q4 2025 production figures: - Copper: 268,100 tons, up 9% YoY, up 12% QoQ - Cobalt: 7,600 tons, down 35% YoY, down 21% QoQ - Zinc: 260,000 tons, down 1% YoY, up 6% QoQ - Lead: 46,200 tons, down 7% YoY, up 11% QoQ - Nickel: 19,500 tons, down 3% YoY, up 23% QoQ - Gold: 156,000 ounces (4.85 tons), down 20% YoY, up 6% QoQ - Silver: 5,607,000 ounces (174.40 tons), up 5% YoY, down 2% QoQ [1][2][3] Future Guidance - The company expects to produce between 810,000 and 870,000 tons of copper in 2026, with cobalt production not specified [6][3] - The cobalt export quota for 2026 includes 16,100 tons from KCC and 6,700 tons from Mutanda, with a total allocation of 22,800 tons [6][3]