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Investing.com -- Glencore set out lower production targets for 2026 and gave more detail on its longer term copper growth plans at its capital markets day on Tuesday. Analysts say the update has both the co’s ambition to lift output later in the decade while factoring near term slowdown in several commodities.
Shares were up about 5% on London Stock Exchange.
Glencore has eliminated about 1000 roles as part of efforts to streamline its industrial operating structure.
The company kept its 2025 production forecasts unchanged, including copper at 850000 to 875000 tonnes, zinc at 950000 to 975000 tonnes and met coal at 30 to 35 million tonnes.
It said 2026 copper output would fall to 810000 to 870000 tonnes, about 10% below its previous target, and guided to lower volumes for zinc, met coal and nickel next year.
Glencore reiterated its plan to lift copper production back to about 1 million tonnes by 2030, with potential to exceed 2 million tonnes in the mid-2030s through projects including El Pachon, Collahuasi expansion and Agua Rica.
BMO said the updated 2026 guidance is broadly in line with its expectations but marks a step down in several areas, including zinc, where the new 700000 to 740000 tonne outlook is well below prior targets.
The brokerage said the midterm copper path for 2027 and 2028 is unchanged, with a first look at 2029 showing 1.1 million tonnes supported by restarts and district expansions.
It added that thermal coal guidance for the later years is higher than its model, while capex of about $6.5 billion a year for 2026 to 2028 runs above its forecast.