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Glencore Capital Markets Day 2025
Glencore plc
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
LEI: 2138002658CPO9NBH955
Baar, Switzerland
3 December 2025
Glencore Capital Markets Day 2025
• Significant progress on de-risking exceptional portfolio of copper assets with a pathway to
produce c. 1 million tonnes by 2028 and target to produce c. 1.6 million by 2035
• 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
• Restart of Alumbrera copper mine
• Streamlined operating structure with focus on accountability and ownership to deliver safe
and reliable operating performance.
Glencore will today host its Capital Markets Day at 1.00pm (UK). Webcast details and the
presentation slides are available here: 2025 Capital Markets Day
Glencore CEO Gary Nagle commented:
"Since our last Capital Markets Day in 2022, we have made significant progress on de-risking our
exceptional portfolio of copper projects. These projects are mostly brownfield and expected to be
highly capital efficient. We have a clear pathway for our base copper business to exceed 1 million
tonnes of annual production by the end of 2028, with a target to produce c. 1.6 million tonnes by
2035, which would make Glencore one of the largest copper producers in the world. We have
already taken key steps on this journey, including the submission of our Argentinian RIGI
applications in August and our decision to restart the Alumbrera copper/gold operation in
Argentina which we are announcing today.
"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.
"At the same time, we have optimised and streamlined our industrial operating structures to
ensure accountability and ownership to deliver safe and reliable performance.
"Our unique marketing business continues to perform very well, and we have tailored our
capabilities to better reflect the product requirements of our global customer base. This
alignment allows us to leverage our multi-generational industrial assets, our strategic marketing
assets and the capabilities of our marketing infrastructure, to capture value across the supply
chain.
"Our constant focus on value creation for shareholders is reflected in the $25.3 billion of
announced shareholder returns over the last five years. While our copper business itself would be
expected to self-fund its full indicative growth pipeline, we will look at value-accretive
partnering/investor opportunities to reduce financial and operational risks in certain projects to
help deliver the right balance of growth and returns to shareholders in the years ahead.
"We remain committed to our strategy of energising today and advancing tomorrow. The rapidly
evolving global demands in connection with AI infrastructure and the ongoing energy transition
are expected to underpin a favourable outlook for our commodity portfolio.
"Copper has a critical role to play. When combined with the need for higher prices to stimulate
the significant required investment in copper mine supply, our strategic portfolio of copper
assets and projects are well positioned to help meet this supply challenge."
Details of the Alumbrera restart:
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.
Beyond the stand-alone attractive economics, the restart is a natural enabler for Minera Agua
Rica – Alumbrera (MARA). It reduces ramp-up risk for the concentrator and downstream logistics,
maintains and retrains the workforce ahead of MARA first ore and keeps critical infrastructure in
operation, ultimately expected to be shared with the MARA project, thereby generating
operational synergies.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified natural resource companies and a major producer
and marketer of more than 60 commodities that advance everyday life. Through a network of assets,
customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute
the commodities that support decarbonisation while meeting the energy needs of today.
With over 150,000 employees and contractors and a strong footprint in over 30 countries in both established
and emerging regions for natural resources, our marketing and industrial activities are supported by a
global network of more than 50 offices.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation,
battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers
and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the
International Council on Mining and Metals. We are an active participant in the Extractive Industries
Transparency Initiative.
We will support the global effort to achieve the goals of the Paris Agreement through our efforts to
decarbonise our own operational footprint. For more information see our 2024-2026 Climate Action
Transition Plan, available on our website at glencore.com/publications.
Follow us on social media:
linkedin.com/company/glencore
x.com/glencore
instagram.com/glencoreplc
facebook.com/glencore
youtube.com/glencorevideos
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Certain descriptions in this document are oriented towards future events and therefore contains statements that are, or
may be deemed to be, "forward-looking statements" which are prospective in nature. Such statements may include,
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taxation or laws or regulations or changes in the decarbonisation policies and plans of other countries; breaches of
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Readers, including, without limitation, investors and prospective investors, should review and consider these risks and
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document. Readers should also note that the high degree of uncertainty around the nature, timing and magnitude of
climate-related risks, and the uncertainty as to how the energy transition will evolve, makes it particularly difficult to
determine all potential risks and opportunities and disclose these and any potential impacts with precision. Neither
Glencore nor any of its affiliates, associates, employees, directors, officers or advisers, provides any representation,
warranty, assurance or guarantee as to the accuracy, completeness or correctness, likelihood of achievement or
reasonableness of any forward-looking information contained in this document or that the events, results, performance,
achievements or other outcomes expressed or implied in any forward-looking statements in this document will actually
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particularly in light of the long-term time horizon which this document discusses in certain instances and the inherent
uncertainty in possible policy, market and technological developments in the future.
No statement in this document is intended as any kind of forecast (including, without limitation, a profit forecast or a
profit estimate), guarantee or prediction of future events or performance and past performance cannot be relied on as a
guide to future performance.
Except as required by applicable rules or laws or regulations, Glencore is not under any obligation, and Glencore and its
affiliates expressly disclaim any intention, obligation or undertaking, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. This document shall not, under any circumstances,
create any implication that there has been no change in the business or affairs of Glencore since the date of this
document or that the information contained herein is correct as at any time subsequent to its date.
Sources
Certain statistical and other information included in this document is sourced from publicly available third-party sources.
This information has not been independently verified and presents the view of those third parties, and may not
necessarily correspond to the views held by Glencore and Glencore expressly disclaims any responsibility for, or liability in
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Information preparation
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presented. Certain information is derived from management accounts, is unaudited and based on information Glencore
has available to it at the time. Figures throughout this document are subject to rounding adjustments. The information
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required.
This document contains alternative performance measures which reflect how Glencore's management assesses the
performance of the Group, including results that exclude certain items included in our reported results. These alternative
performance measures should be considered in addition to, and not as a substitute for, or as superior to, measures of
financial performance or position reported in accordance with IFRS. Such measures may not be uniformly defined by all
companies, including those in Glencore's industry. Accordingly, the alternative performance measures presented may not
be comparable with similarly titled measures disclosed by other companies. Further information can be found in our
reporting suite available at glencore.com/publications.
For further information on the basis of our approach and the definitions of certain non-financial metrics, refer to the 2024
Basis of Reporting, which is available on our website at glencore.com/publications.
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in information in this document.
Other information
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this
document, "Glencore", "Glencore group" and "Group" are used for convenience only where references are made to
Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not
imply any other relationship between the companies. Likewise, the words "we", "us" and "our" are also used to refer
collectively to members of the Group or to those who work for them. These expressions are also used where no useful
purpose is served by identifying the particular company or companies.
Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 03-12-2025 02:00:00
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