According to MiningWeekly, Gary Nagle, CEO of Glencore, a diversified mining and commodities trading giant, stated that the company’s copper production will rebound in the coming years and is expected to reach 1 million tons again by 2028.

In Glencore’s recently released 2024 annual report, Nagel stated that the company will also explore projects that could increase its copper production by another 1 million tons.

Last month, Glencore reported that its copper production last year fell below 1 million tons, dropping to 951,600 tons.

Nagel revealed Glencore’s copper expansion plans, as well as its strategy to sustain its recently expanded coking coal business.

He said the company is advancing and refining options that could increase copper production by another 1 million tons. The weighted average investment cost for these projects ranges from US$15,000 to US$20,000 per ton of copper equivalent.

“Thanks to the strong performance of the copper market, and taking into account specific countries and other investments, we plan to advance ‘worthwhile’ projects into the feasibility study phase and ultimately make an investment decision,” he said.

Looking ahead, Nagel said that Glencore’s copper production is set to reach an “inflection point.” The company will undoubtedly restore its copper output to around 1 million tons by 2028, and its coking coal business will also move to the next level.

Last year, Glencore acquired Teck Resources’ coking coal business in Elk Valley, Canada. Earlier this year, it announced that it would retain its coal and carbon steel materials businesses.

While acknowledging the rising uncertainty brought about by geopolitics, Nagel said that Glencore believes the scale and pace of development of certain global mineral projects fall short of meeting future demand for these materials.

“We have the capability to help close these gaps through marketing and flexible business practices, thereby meeting global demand,” he said.