Glencore Promises Copper Expansion But Cuts Target for 2026

(Bloomberg) — Glencore Plc plans to boost annual copper production to about 1.6 million tons by 2035 as the miner seeks to reverse a slump in its output of the metal, but was also forced to lower its ambitions for next year.

The move by Glencore comes at a time when miners around the world are rushing to produce more copper, yet its own production of the metal is on track to drop for a fourth straight year. The company will produce roughly 40% less copper this year than it did in 2018, and even less next year.

Glencore has come under pressure this year after its shares fell to the lowest since 2020 and some investors grumbled that the company was failing to deliver on its operational promises with repeated production cuts and misses.

Copper hit a fresh record on Wednesday, trading above $11,400 a ton. The metal has gained about 30% this year, as a series of unplanned mine disruptions curtailed supply, while many investors have been bullish because of copper’s essential role in electrification and the energy transition.

While Glencore laid out plans for future copper growth, mostly coming from the expansion of existing mines, there was less good news for next year.

The company, which had been targeting production of 930,000 tons in 2026, said it now expects to produce 810,000 to 870,000 tons instead, after setbacks at the Collahuasi mine in Chile, where it partners with Anglo American Plc.

The company also lowered its zinc and cobalt targets for next year.

Glencore also reiterated a plan to raise copper production to 1 million tons by 2028 and said it will restart its Alumbrera mine as part of that process.

Shares of Glencore gained as much as 5.1% in London, after underperforming most of its rivals this year.

The company has undertaken a sweeping review of its operations in a bid to cut costs and improve performance. It’s cut about 1,000 jobs as part of the process, and is targeting recurring cost savings of about $1 billion by the end of next year, Glencore said on Wednesday.

(Updates with details throughout)

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