Glencore copper production by 2035 targets 1.6mn tonnes

Glencore

Glencore copper production by 2035 targets 1.6mn t through expansions and restarts. Glencore told investors it aims for 1.1mn t in 2029. That compares with 850,000–875,000t guidance for 2025. Meanwhile, Glencore copper production by 2035 depends on execution at a few key sites.

Growth pipeline relies on mine restarts and expansion capital

Mine restarts drive the growth pipeline. The plan includes a 2028 restart at the Alumbrera mine in Argentina. Glencore also advances development at the Collahuasi mine in Chile. It runs the asset with Anglo American and Mitsui & Co.. Therefore, disciplined capex and stable permitting will shape the ramp-up curve.

Guidance cuts highlight near-term grade and mine-plan constraints

Short-term copper challenges already forced guidance cuts. Glencore cut 2026 guidance to 810,000–870,000t from 930,000t. It cited mine-plan changes at Collahuasi during development work. Meanwhile, Collahuasi output fell 31pc year on year in July–September. Lower grades drove the decline, according to official Chilean production data.

Operational issues also weighed on 2025 expectations. Glencore trimmed the 2025 upper bound to 875,000t in late October. It expects output near the low end of its 2025 range. As a result, investors will track ore grades, throughput, and restart timing across the portfolio.

The Metalnomist Commentary

Glencore copper production by 2035 looks achievable, but schedule risk remains meaningful. Meanwhile, the Collahuasi dip could tighten near-term units even as expansions progress. Therefore, copper price volatility may persist as growth plans meet grade headwinds.