Glencore (GLEN LN) Capital Markets Day 2025: Expected 4% overall annual compound growth rate in copper equivalent production from 2026 level to 2029, with copper production itself expected to grow at 9.4% over this period

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  "Restart of Alumbrera copper mine". Details: "The operation is expected to restart in Q4 2026 with first production targeted in H1 2028. Once fully operational, Alumbrera is expected to produce around c. 75,000 tonnes of copper, c. 317,000 ounces of gold and c. 1,000 tonnes of molybdenum during the four years of operations."


• "Significant progress on de-risking exceptional portfolio of copper assets with a pathway to produce c. 1mln tonnes by 2028 and target to produce c. 1.6mln by 2035".


• "Streamlined operating structure with focus on accountability and ownership to deliver safe and reliable operating performance".


• "Our coal and energy businesses continue to play a strategic role in supporting the energy and infrastructure needs of today and tomorrow, through our leading seaborne steelmaking and energy coal assets as well as our rapidly growing LNG, power, gas and carbon marketing businesses."


• Steady production volumes for energy goal exp. over 2026-29.


• Excluding various copper growth projects, 2026F-2028F industrial capex average ~USD 6.5bln/yr.

Copper:

• Initial copper production guidance of 960kt lowered to mid-point of range of 840kt. 


• Rising volumes exp. for copper from 2027.

Savings:

• Targeting savings across headcount, energy, consumables.


• Savings exp. to be fully delivered by end-2026.

Reaction details (12:06)

• Upside seen in Glencore shares, rising from GBP 3.67/shr to current GBP 3.72/shr.

03 Dec 2025 - 12:01- MetalsImportant- Source: Glencore