Glencore(US:GLNCY) Zheng Quan Shi Bao Wang·2025-12-04 00:25Core Viewpoint - The company plans to increase its annual copper production to approximately 1.6 million tons by 2035, nearly doubling its current output [2] Group 1: Production Targets - The company has revised its 2026 copper production target down to 810,000 to 870,000 tons from the previous 930,000 tons, primarily due to operational setbacks at the Collahuasi mine in Chile [2] - It is anticipated that 2026 will be a low point for production, with output expected to gradually recover starting in 2027 [2] Group 2: Expansion Strategy - The expansion strategy is proposed against a backdrop of continuously rising global copper prices and increasing long-term demand for copper in sectors such as data centers, electric vehicles, and renewable energy [2] - The expansion plan mainly relies on the development of existing mining projects, including the Collahuasi mine in Chile and several mines in Argentina, Peru, and the Democratic Republic of the Congo [2] - The company reaffirms its plan to increase copper production to 1 million tons by 2028 [2]