Strong H1 2026 production with key assets performing in line with expectations and guidance.
Copper output rose 15% year-on-year to 397,000 tonnes, driven by higher mining rates and grades in Africa and Antamina.
Cobalt production fell 46% due to DRC export quotas, with material held in solution for future sale.
Zinc output dropped 21% mainly from mine closures and lower grades, while nickel production was stable.
Steelmaking coal and energy coal production declined 14% and 2% respectively, reflecting operational curtailments and market-driven adjustments.
Full-year 2026 production guidance for copper, zinc, and nickel remains unchanged; energy coal guidance midpoint increased by 1Mt, steelmaking coal reduced by 1Mt.
Guidance for copper and zinc is effectively upgraded on a like-for-like basis after the Kidd mine sale, as guidance was not adjusted for the disposal.
H2 2026 is expected to see stronger production volumes, especially for copper and coal, due to operational improvements and mine sequencing.
Marketing segment is expected to deliver a strong H1 Adjusted EBIT of approximately $3.3 billion.
Copper net unit cash costs fell to 208.4¢/lb, reflecting higher production but offset by increased input costs, especially in Africa.
Realised H1 2026 prices: copper at $12,704/t, zinc at $3,284/t, nickel at $17,718/t.
Steelmaking coal average realised price rose to $206.9/t, energy coal to $93.9/t, both up significantly year-on-year.
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