Glencore (LSE:GLEN) detailed a major expansion roadmap for its copper division on Wednesday, saying it has substantially reduced risks across its asset base and is now positioned to lift output above 1 million tonnes a year by late 2028. The miner is also targeting roughly 1.6 million tonnes of annual production by 2035 as part of its longer-term strategy.
Between 2026 and 2029, Glencore expects copper-equivalent output to grow at a compound rate of 4% annually, with copper alone projected to expand at a much faster 9.4% over the same period.
A key component of that growth will come from the planned restart of the Alumbrera mine in Argentina. The company said operations are set to resume in the fourth quarter of 2026, with initial production scheduled for the first half of 2028. Over its expected four-year operating window, the revived mine is forecast to deliver around 75,000 tonnes of copper, 317,000 ounces of gold, and 1,000 tonnes of molybdenum.
CEO Gary Nagle said Glencore has tightened its industrial operating framework “to ensure accountability and ownership to deliver safe and reliable performance.” He added that bringing Alumbrera back online will act as “a natural enabler” for the larger Minera Agua Rica–Alumbrera (MARA) project by supporting workforce continuity, reducing ramp-up risk, and preserving essential infrastructure.
Nagle also emphasized that the copper division is expected to finance its own development pipeline, though Glencore will remain open to “value-accretive partnering/investor opportunities to reduce financial and operational risks in certain projects.”
The company noted that its coal and energy operations continue to play an important strategic role in meeting global energy and infrastructure requirements. Over the past five years, Glencore has returned $25.3 billion to shareholders.
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