Swiss commodity trading and mining company Glencore announced plans to increase its copper production, aiming for 1.6 million tons annually by 2035, which will be upheld by mine expansions and restart projects.

The company is first targeting 1.1 million tons by 2029, a jump from its 2025 forecast range of 850,000-875,000 tons. The main support for this long-term increase includes the planned production resumption of the Alumbrera mine in Argentina in the first half of 2028 and development work at the Collahuasi mine in Chile.

Despite this long-term optimism, Glencore is facing short-term challenges, leading it to cut its 2026 production guidance to 810,000-870,000t due to mine plan changes.