Glencore Intensifies Copper Strategy Amid Market Challenges
Glencore is focusing on a copper-dominated growth strategy, planning to produce over 1 million tonnes of copper annually by 2028. The divestment of a 40% stake in DRC assets and the end of merger talks with Rio Tinto signal a shift towards high-demand transition metals.
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Glencore aims to produce over 1 million tonnes of copper annually by 2028, focusing on its operations in the Democratic Republic of the Congo (DRC). The company has ended merger discussions with Rio Tinto and has sold a 40% stake in its key DRC assets to Orion Critical Mineral Consortium, allowing for capital allocation while maintaining operational control.
In 2025, Glencore produced 851,600 tonnes of copper, an 11% decline from the previous year due to lower ore grades, but output improved in the second half. Financially, revenue increased to $247.5 billion, while adjusted EBITDA and EBIT declined due to weaker coal prices. Glencore's strategy is aimed at capturing the growing supply gap in critical minerals for the energy transition.
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