LONDON, May 19, 2026, 09:07 BST
Glencore shares slipped at the open in London on Tuesday, trailing the FTSE 100, after a Chilean court ruling on the Collahuasi copper mine. The company said output would not take a hit right away, but investors appeared cautious.
The stock dropped 1.4% to 565.8 pence just after 0900 BST, as the FTSE 100 rose 0.7%. Rio Tinto and Antofagasta traded lower, while copper futures eased 0.5%. Miners stayed under pressure.
Collahuasi is key for Glencore right now. The miner’s 2026 outlook counts on higher copper output later in the year, with Collahuasi expected to deliver the biggest lift as feed and water supplies pick up.
Permit trouble at Collahuasi hits both Anglo American and Glencore, who each own 44%, plus Japan Collahuasi Resources B.V. with 12%. That means the question pulls in two London-listed miners at the same time, not only one.
Glencore said Monday the Second Environmental Tribunal in Chile had moved to annul the Environmental Authorisation, or RCA, tied to Collahuasi’s “Infrastructure Development and Production Capacity Improvement” project. The RCA is the green light for the work, including a nearly finished water desalination plant, Glencore said. Glencore
Glencore said the tribunal’s ruling seemed to touch on two areas—local community impact and marine effects. Collahuasi is asking both the tribunal and Chile’s Environmental Assessment Service for more detail. Glencore, for now, said it does not see any immediate hit to production, given its current information and access to other water sources.
Copper has been the steadier performer for Glencore as coal earnings slipped in the last few years. Glencore’s first-quarter copper output climbed 19% to 199,600 metric tons, the company said in April. Its marketing arm is still set to beat the high end of its annual earnings target. CEO Gary Nagle said costs for diesel and sulphuric acid are going up, but rising commodity prices should more than make up for it and lift margins.
The catch is right there. “No immediate impact” doesn’t mean no impact at all. If the tribunal process drags out the review, causes delays to the desalination project, or limits the mine’s water options, investors could start asking whether Glencore can really get to the second-half copper weighting it’s signaled.
Anglo American is going the other way on coal against its rivals. The miner said Monday it would sell its Australian steelmaking coal mines to Dhilmar for up to $3.88 billion as it gets ready for its planned Teck merger. “Through this transaction, we will complete our exit from steelmaking coal,” CEO Duncan Wanblad said. Reuters
European stocks traded higher after U.S. President Donald Trump said there was a “very good chance” of reaching a nuclear deal with Iran. Oil fell but stayed above $100 a barrel. The FTSE 100 was supported by the move, though Glencore shares still closed lower. Reuters
UK politics hangs over the market. On Monday, James Smith, developed markets economist for the UK at ING, said “the political centre of gravity is likely to shift left,” but said politicians know there are limits to what they can do with fiscal rules. Miners like Glencore aren’t directly hit, but the sector still has to deal with the drag from inflation, yields and risk appetite pushing London shares around this week. Reuters
Chile is the next place copper traders are watching for price signals, not London. Until Collahuasi, the tribunal and the environmental regulator clarify what will be reviewed, Glencore’s copper outlook faces a new permitting risk. Management says production at the mine continues.
