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Glencore Doubles Down on Copper, Keeps M&A in Play

Glencore has secured a land‑access agreement with Gecamines that extends the Kamoto Copper Company’s mine life into the mid‑2040s and unlocks additional ore zones, enabling the asset to target 300,000 tonnes of copper annually. The deal is a cornerstone of the miner’s plan to nearly double its global copper output by 2035, with peak capital spending projected at $4.5 bn in 2031 and total group investment around $11 bn. Despite a third consecutive earnings decline, Glencore’s adjusted EBITDA rose to $13.5 bn and its shares gained 4.2% after the results. The company also keeps M&A options open, including minority stakes and joint ventures, while maintaining a $2 bn dividend payout.