Glencore Promises Copper Expansion But Cuts Target for 2026

Glencore Plc outlined plans to almost double copper production over the next decade as the miner seeks to reverse a slump in output, although it was also forced to lower its ambitions for next year.

The target — announced at Glencore’s first capital markets briefing in three years — comes as the miner seeks to reassure investors about its growth prospects after a steep drop in copper output. Miners are racing to extract more of the metal as prices soar to all-time highs, but Glencore is on course to produce roughly 40% less copper this year than it did in 2018, and even less next year.