Glencore plc has outlined an ambitious copper growth strategy in its October 2026 ASX listing compendium, with the company targeting 1.6 million tonnes of copper production by 2035, positioning itself to become one of the world's largest copper producers within the next decade. The company's copper portfolio includes a diversified range of projects across multiple geographies, with particular focus on South American operations. Glencore's base copper business is expected to reach approximately 1 million tonnes by 2028, with incremental production of around 1.4 million tonnes annually from growth projects currently progressing through various approval phases.
Key copper growth projects in the pipeline include El Pachón in Argentina, projected to deliver 359 thousand tonnes of copper equivalent annually with a 40-year mine life. The project received regulatory approval through Argentina's RIGI framework in October 2026, with feasibility studies targeting a final investment decision in the first half of 2029 and first production targeted for 2034. The Agua Rica project in Argentina is also progressing, with RIGI approval received in October 2026 and a targeted final investment decision in the second half of 2027 for first production in the second half of 2031.
Other major growth projects include Collahuasi's new concentrator project in Chile, Antapaccay's Coroccohuayco and Quechua developments in Peru, and the MUMI sulphides project in the Democratic Republic of Congo. The Alumbrera restart in Argentina, which commenced mining in June 2026, is ahead of schedule with first production now expected in the second half of 2027 rather than the first half of 2028. Glencore's industrial segment is supported by diverse commodity production, with the company also operating as a leading seaborne supplier of steelmaking coal and high-quality energy coal.
The company's steelmaking coal business now represents over 50 percent of coal industrial adjusted earnings, with the company maintaining first quartile margin positions in both segments. The company's marketing segment, which sources, markets and distributes over 60 commodities, reported adjusted earnings before interest and tax of 3.3 billion dollars for the first half of 2026. Marketing Adjusted EBIT guidance has been updated to incorporate a correlated relationship with levels of readily marketable inventories and funding costs, with a long-term through-the-cycle guidance range midpoint of 3.5 billion dollars.
Glencore's investment case emphasizes its portfolio of high-quality marketing assets accumulated over more than 50 years, combined with an exceptional copper project portfolio that should position the company among the world's largest copper producers. The company reported announced shareholder returns of 28.7 billion dollars since 2021, reflecting a strong track record of capital returns to shareholders. Source: Glencore plc ASX listing compendium, October 2026 (glencore.com)
Source: glencore.com