Switzerland’s listed mining sector is concentrated around Glencore, whose operations combine mineral production, processing, recycling, logistics, marketing and physical commodity trading. Through its activities across copper, zinc, nickel, cobalt and other commodities, the company remains the main mining-related exposure on the SIX Swiss Exchange.
Glencore’s first-quarter 2026 production report highlighted the company’s broad commodity portfolio, showing stronger copper output alongside declines in zinc, nickel and cobalt production linked to operational changes, asset conditions and market restrictions.
Copper Production Increases Across Key Assets
Glencore’s own-sourced copper production increased 19% year on year to 199,600 tonnes in Q1 2026. The improvement was supported by stronger grades at African copper operations and higher production from Antamina. Attributable copper production from Antamina increased 41%, while output at Collahuasi rose 10% as milling volumes improved.
Copper remains a central part of Glencore’s production profile, with exposure to demand from electrification, grid investment and industrial applications. The company’s results also reflect the complexity of operating a diversified mining portfolio across multiple commodities and jurisdictions.
Zinc, Nickel and Cobalt Output Declines
While copper production improved, several other commodities recorded lower output during the quarter.
Zinc production declined 17% to 176,900 tonnes, mainly due to the end of mine life at Lady Loretta and lower contributions from Kazzinc caused by feedstock sequencing.
Nickel production decreased 9% to 17,200 tonnes, affected partly by the 2025 furnace disruption at Sudbury and shipment timing to Norway.
Cobalt production was also impacted by export restrictions in the Democratic Republic of Congo and operational decisions that prioritised copper production over cobalt output. These changes demonstrate Glencore’s exposure to a range of commodity-specific factors, including supply restrictions, mine depletion, operational disruptions and regulatory conditions.
Processing Assets Gain Greater Importance
Glencore’s business model extends beyond mining through its network of processing facilities and commodity supply activities. At Mount Isa, copper mining operations ended in July 2025, leaving smelting and refining activities dependent on third-party feedstocks.
The development changes the role of the asset base, shifting part of the operation from mine-driven production toward processing capacity and feedstock management.
Collahuasi Advances Desalination Infrastructure
Glencore’s Collahuasi operation in Chile also remains linked to infrastructure and permitting developments. The company reported a ruling from a Chilean environmental tribunal concerning mine infrastructure and the desalination project, while Collahuasi stated that its environmental permitting process was completed under the applicable local regulatory framework. The desalination pipeline was approaching completion, with commissioning expected by the end of Q2 2026.
Capital Returns and Swiss Market Presence
For investors on the SIX Swiss Exchange, Glencore’s role extends beyond direct commodity exposure. The company’s diversified structure combines mining assets, processing operations, logistics capabilities and physical commodity trading activities. Its 2026 annual general meeting also authorised market purchases of shares on the SIX Swiss Exchange, maintaining a direct connection between Swiss market activity and capital return decisions. Glencore provides Switzerland’s listed mining market with exposure to copper, cobalt, zinc, nickel, coal, recycling, smelting, refining and commodity trading through a single global group.
