London, Feb 19, 2026, 08:42 GMT — Regular session
- Glencore shares slipped roughly 2% in early London trade, following a sharp move just a day earlier.
- The miner is planning a $2 billion cash distribution, dividing the payout into two installments this year.
- Top of mind: terms for Congo copper and the less aggressive energy-trading environment.
Glencore shares dropped 2% in London early Thursday, pulling back after Wednesday’s post-update surge. The miner traded at 497.5 pence, having touched a session low of 492.6 pence, based on prices delayed by 15 minutes. (London South East)
Glencore’s promise of bigger payouts has drawn income seekers back, sure, but it’s also thrown fresh scrutiny on the balance sheet and its Congo copper operations. Traders are left wondering: what counts as “steady” when your core bets are coal, copper, and a volatile trading desk?
Chief Executive Gary Nagle pointed to “clear momentum for our copper-led growth strategy” in 2025. Glencore stuck to its forecast of pushing copper output past 1 million tonnes annualised by the end of 2028, and targeting roughly 1.6 million tonnes by 2035. The company also highlighted that it had wrapped up a land access package with Gécamines at Kamoto Copper Company in the Democratic Republic of Congo, backing up both mine-life and productivity improvements. (Glencore)
Glencore announced Wednesday it plans to hand $2 billion back to shareholders, despite reporting a 6% drop in adjusted EBITDA, which landed at $13.51 billion. The company pegged the total payout at 17 cents per share—10 cents as a base and another 7 cents as a top-up, reflecting gains from its Bunge holding. Net debt held close to $11.2 billion, still above the group’s target of around $10 billion. (Reuters)
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said Glencore “delivered on the strong second half that investors were looking for,” though the drag from lower energy prices stuck around for the year. He also highlighted that 2025 shareholder returns feature buybacks — the company will be repurchasing its own shares — and flagged the plan to split the proposed 2026 distribution into two instalments. (Hargreaves Lansdown)
The trading division remains the sticking point in Glencore’s equity pitch. Volumes jumped—4.2 million barrels per day of crude, products and gas products in 2025, up 11%. Still, trading earnings in energy and steelmaking coal slid 32% to $614 million. The company pointed to “well-supplied markets” and weaker sentiment. (Reuters)
Congo is still the major uncertainty hanging over the market. Bloomberg News says Gécamines, the state miner, landed rights to sell roughly half of KCC’s copper output for a minimum of two years, dropping to 30% afterward. Reuters couldn’t immediately confirm the report, and Glencore declined to comment. (Reuters)
Beyond copper, attention has shifted again to ferrochrome. South Africa’s Lion Smelter is back online after securing a one-third reduction in electricity costs. Still, Merafe, its partner, signaled that the reprieve isn’t enough, warning that more support will be needed. Discussions are continuing, with a Feb. 28 deadline looming over job-cut procedures at sites that remain mothballed. (Reuters)
The immediate wild card here is just prices. Should coal and oil supplies hold up and volatility back off, trading profits could shrink, putting pressure on that cash argument. Any hiccup in Congo—whether it’s licensing, access, or marketing rights—could hit copper output and valuations fast.
There’s a timeline for Glencore’s 17-cent distribution now. The first chunk hits an ex-distribution date of May 6 for JSE shares, May 7 in Jersey. After that, those shares no longer come with the payout. Record date lands on May 8; payout arrives June 3. The second tranche follows with ex-distribution on Aug. 26 and 27, record date Aug. 28, and payment on Sept. 18. Shareholders get to vote on the whole distribution at the annual general meeting on May 28. (investments.halifax.co.uk)
