Glencore Targets Major Copper Production Expansion as Operational Reset Gains Momentum
Glencore Plans 1.6 Million Tonnes of Copper Output by 2035 Amid Global Supply Tightness
Glencore has outlined an ambitious plan to lift its annual copper production to approximately 1.6 million tonnes by 2035, signaling a strategic shift aimed at reversing several years of declining output.
Chief executive Gary Nagle told investors in London that the company expects its base copper business to surpass 1 million tonnes per year by the end of 2028, placing Glencore among the world’s top five copper producers.
The production push comes as global miners accelerate supply expansion to meet growing demand linked to electrification and the energy transition. Glencore, however, is emerging from a difficult period: its copper output is projected to fall for the fourth consecutive year, now sitting roughly 40 percent below its 2018 peak. The company has also faced investor pressure as its share price dropped to its lowest level since 2020, prompting concerns about repeated production cuts and operational challenges.
In response, Glencore has launched a comprehensive operational review involving approximately 1,000 job cuts and a targeted 1 billion dollars in recurring cost savings by the end of 2025.
The announcement coincides with copper prices reaching a new record above 11,400 dollars per tonne, extending a 30 percent year-to-date rally driven by supply disruptions and strong investor interest.
Looking ahead to South America, Glencore reduced its 2026 copper production guidance to between 810,000 and 870,000 tonnes, down from a previous target of 930,000 tonnes, largely due to setbacks at the Collahuasi mine in Chile, which it co-owns with Anglo American. The company also revised down its zinc and cobalt production forecasts.
Despite the near-term downgrade, Glencore reaffirmed its expectation of achieving 1 million tonnes of copper annually by 2028, supported in part by the planned restart of the Alumbrera mine in Argentina’s Catamarca Province.
Operations are slated to resume in the fourth quarter of 2026, with first production expected in the first half of 2028. Once fully operational, Alumbrera is projected to deliver roughly 75,000 tonnes of copper, 317,000 ounces of gold, and 1,000 tonnes of molybdenum over four years.
Nagle emphasized that most of Glencore’s upcoming projects are brownfield expansions designed to be capital-efficient, noting that the company will seek partnerships to manage financial and operational risks.
The Alumbrera restart is expected to deliver strong economics on a standalone basis and serve as a strategic enabler for the Minera Agua Rica–Alumbrera (MARA) project by maintaining critical infrastructure, retaining technical capabilities, and reducing ramp-up risk.
In Chile, Glencore intends to retain an equal stake in its copper joint venture with Anglo American should Collahuasi be merged with Teck Resources’ nearby Quebrada Blanca operation after Anglo’s acquisition of Teck.
Nagle stated that Glencore is prepared to inject capital to maintain parity in any future combination. The proposed Teck–Anglo transaction, scheduled for a shareholder vote next week, would create a copper-dominant mining group, with the potential integration of Collahuasi and Quebrada Blanca long viewed as a source of significant cost synergies.
Nagle added that any future combination must reflect Collahuasi’s improved relative value following operational setbacks at Quebrada Blanca, noting that the balance of value has “materially moved towards Collahuasi” while acknowledging the broader strategic synergies of a combined operation.
