04/12/25
Glencore to raise global copper production by 2035
Glencore to raise global copper production by 2035
Sydney, 4 December (Argus) — Global metals producer Glencore expects to increase
its copper output to 1.6mn t by 2035, on the back of mine expansions, but faces
short-term copper challenges. It plans to produce 1.1mn t of copper in 2029, up
from 850,000-875,000t in 2025, Glencore told investors in a capital markets day
presentation on 3 December. It will then further increase production to around
1.6mn t by 2035, the company added. Glencore's copper growth will come largely
from the planned mine developments and restart projects (see table) over the
next few years, including the 2028 reopening of its Alumbrera mine in Argentina.
Development work at the company's Collahuasi mine — a joint venture with
UK-South African producer Anglo American and Mitsui-owned producer Japan
Collahuasi — in Chile will also support its growth plan. The project will
increase Glencore's long-term output but has dampened its short-term production
outlook. The company cut its 2026 copper production guidance to 810,000–870,000t
on 3 December, from 930,000t in February, because of mine plan changes at the
site. Total production at Collahuasi fell by 31pc on the year in July-September,
from 431,200t to 297,000t, because of lower ore grades, data from Chilean copper
commission Chochilco show. The mine will operate at a reduced rate in 2026
because of development work, Anglo American told investors on 29 October.
Glencore also cut the upper bound of its 2025 copper production guidance from
890,000t to 875,000t in late October because of operational and ore grade
issues. It expects to produce at the lower end of its 850,000–875,000t range
over the year. The company mined 583,500t of copper in January-September, down
by 17pc on the year. By Avinash Govind Glencore Copper Projects Project Location
Date Production (Average LOM, '000t) Alumbrera Restart Argentina 1H 2028 75
Collahuasi - LG stockpile leeching Chile 2028 22 Antapaccay - Coroccohuayco Peru
2H 2029 148 MUMI - Sulphides Democratic Republic of Congo 2031 97 Agua Rica
Argentina 2H 2031 156 NewRange - stage 1 USA 2031 18 Collahuasi - New
concentrator Chile 2H 2033 142 El Pachon Argentina 2034 338 NewRange - stage 2
USA 2037 55 Antapaccay district Peru 2037 201 *LOM: Life of mine Source:
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