Glencore’s half-year figures show that Congolese export controls are no longer affecting sales alone. They are beginning to change ore-processing decisions and operational priorities.
Glencore produced 397,000 tonnes of own-sourced copper during the first half of 2026, an increase of 15% from the same period a year earlier. The improvement was driven largely by its African copper operations, where higher mining rates and improved grades added 55,000 tonnes of production.
The copper performance contrasts sharply with cobalt. Output fell by 46% to 10,200 tonnes, a decline Glencore directly attributed to the Democratic Republic of Congo’s export-quota regime.
The company is prioritising copper when processing mixed ores. Some cobalt is being retained in solution instead of being processed and dried into saleable cobalt hydroxide. Glencore expects to process and sell that material later as export regulations evolve.
This response shows that the Congolese regulations are beginning to influence decisions well before the export stage. They are affecting plant scheduling, the composition of saleable production, inventory management and the amount of capital held in material that cannot yet be marketed.
Glencore’s African copper net cash costs also improved significantly, falling from 353.4 cents to 221.8 cents a pound. Higher production supported the decline despite increased costs for diesel, sulphuric acid, sulphur and freight.
The group maintained its full-year copper guidance of between 810,000 and 870,000 tonnes, with a larger share of output expected during the second half.
For the DRC, the figures demonstrate both the influence and the limitations of export quotas. The system may restrict the amount of cobalt entering the international market, but producers can adapt by prioritising copper and postponing the final processing of cobalt-bearing material.
The policy’s longer-term effectiveness will depend on whether quota allocations remain sufficiently clear and predictable. Prolonged uncertainty could increase inventories and complicate investment decisions, while a stable framework could give the state greater influence over supply without bringing operations to a halt.
Glencore’s report is therefore more than a strong copper-production update. It offers an early view of how Congolese policy is reshaping the product mix of a major mining operator.
