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had updated the market on its trading performance a week ahead of the release of its interim figures for FY2026, so the market was up to speed with news of the 51.5 per cent increase in gold production to 128,296 ounces (oz) and an accompanying 61.6 per cent rise in the average gold price received to $3,812 (£2,782) per oz. 

Beyond their impact on reported profitability, the combination of these factors enabled Pan African to generate net cash from operating activities of $174mn, against an outflow of $3.2mn a year earlier. The cash boost fed through to a 69.3 per cent reduction of net debt to $46.2mn.

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Glencore (GLEN) could not overcome a weaker first half and posted a full-year drop in adjusted earnings for 2025, even with the copper price at record levels.

The results came with plenty of reverberations from the failed merger with Rio Tinto (RIO), with questions on potential portfolio splits and further deals in the pipeline.

The mining and trading giant reported adjusted earnings before interest, tax, depreciation and amortisation of $13.5bn (£10bn), down 6 per cent on 2024. The company was keen to highlight improvement in its copper business in the second half, where copper production climbed by almost 50 per cent, taking the full-year total to 851,600 tonnes.

The split came because of poorer mine performance in the first half, with grades down at major operation Collahuasi having the largest impact.

The copper price rise of 13 per cent was enough to make up for an 11 per cent drop in output, however. The coal unit did not have that advantage and its cash profits dropped by more than half to $1.5bn. The zinc unit was a stronger contributor thanks to gold and silver production at the Kazzinc mine in Kazakhstan.

Glencore chief executive Gary Nagle said he was open to discussions with other potential buyers. 

“If another opportunity comes to us, where we can create a mega miner, we would look at that,” he said. The Rio deal failed because the two parties could not agree on a price. The focus has also shifted to who might team up with Glencore to help fund and build the new projects in its portfolio. 

Nagle said on Wednesday most miners had “messed up projects” and the key was to not take on all the risk.

That would point to Glencore finding a partner for El Pachon in Argentina, a greenfield project in which the company is the sole owner currently. “My predecessor hated greenfields, I like them a little bit better,” he added, referring to former Glencore boss and still 10 per cent shareholder, Ivan Glasenberg. 

Carmakers are set to win a reprieve from the Financial Conduct Authority over potential compensation payments for mis-selling car finance, the FT has reported.

Although financial institutions including Lloyds Banking (LBG) and Close Brothers (CBG) have had to book billions of pounds worth of provisions to compensate customers for mis-sold car finance loans, the carmakers themselves look set to avoid paying at least some compensation to customers who took loans from their in-house financing arms, the newspaper said. 

Lobbyists for the industry argued that forcing them to make payments would hurt investment in the UK’s car industry.

Almost four years after Russia’s invasion of Ukraine, defence spending shows no signs of slowing.

Last weekend, Prime Minister Keir Starmer pledged to increase the pace of UK government spending on defence, while in the US Donald Trump is pushing for a 50 per cent increase in the US defence budget (although whether he gets it is another matter).

In such an environment, it’s easy to see why BAE Systems (BA.) could point to an 8 per cent increase in revenue and a double-digit growth in underlying operating profit.

Order intake of £36.8bn also continues to run well ahead of the group’s sales measure of £30.7bn, while its confirmed backlog and expected pipeline from established programmes stands at about £260bn.

Over the past five years, BAE Systems’ sales are up more than 50 per cent and operating profit over 60 per cent, chief executive Charles Woodburn said.

It has also generated over £11bn of free cash flow even after spending £4bn on capex and adding 20,000 people to a workforce of more than 110,000.