According to MiningWeekly, Gary Nagle, CEO of diversified mining and trading giant Glencore, stated that the company's copper production is expected to rebound in the coming years, with an anticipated output of 1 million mt by 2028.
In Glencore's latest 2024 annual report, Nagle mentioned that the company will also explore projects capable of adding another 1 million mt to its copper production.
Last month, Glencore reported that its copper production for the previous year fell below 1 million mt, dropping to 951,600 mt.
Nagle disclosed Glencore's plans for expanding copper production and maintaining its recently expanded coking coal business.
He said the company is advancing and refining options that could add another 1 million mt to its copper production, with a weighted average investment cost of $15,000/mt to $20,000/mt of copper equivalent.
"Given the strength of the copper market and considering specific country and other investments, we are expected to advance 'worthwhile' projects into the feasibility study stage and ultimately make investment decisions," he said.
Looking ahead, Nagle indicated that Glencore's copper production would reach a "turning point." The company is confident it will restore its copper production to around 1 million mt by 2028, and its coking coal business will also see further growth.
Last year, Glencore acquired Teck Resources' Elk Valley coking coal operations in Canada and announced at the beginning of this year that it would retain its coal and carbon steel materials businesses.
While acknowledging the rising geopolitical uncertainties, Nagle noted that Glencore believes the scale and pace of development of certain global mineral projects cannot meet future demand for these materials.
"We have the capability to participate in bridging these gaps through marketing and flexible operations to meet global demand," he stated.
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