Mining Weekly: Glencore targets 1 million tons of annual copper production by 2028

Swiss mining giant Glencore aims to restore its annual copper production to 1 million tons by 2028, CEO Gary Nagle announced in the company’s 2024 annual report. This was reported by Mining Weekly.

The company is exploring projects that could increase productivity despite a decline in red metal output to 951,000 tons last year. As Nagle noted, the average capital intensity of these advanced projects is $15,000 to $20,000 per ton of copper equivalent. Depending on market conditions, Glencore intends to advance the most promising red metal initiatives pending feasibility studies and final investment decisions.

Nagle also noted that, given geopolitical uncertainties, the pace and scale of development of some deposits may not be able to meet the near-future demand for raw materials. However, in his opinion, Glencore has the potential to supply the global market with sufficient volumes of red metal.