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Swiss miner Glencore has slashed 1,000 jobs as it cuts costs and streamlines operations, part of an efficiency drive that has been echoed at rivals such as Rio Tinto and BHP.
At its capital markets day in London, the company also announced plans to double copper production over the next decade, as record-high prices and growing demand have made the red metal a strategic imperative.
Glencore, which will reopen the dormant Alumbrera copper-gold mine in Argentina, is preparing for capital expenditure of as much as $23bn to expand other mines, as it aims to reach 1.6mn tonnes of annual copper production by 2035, according to its presentation to investors.
“These projects are mostly brownfield and expected to be highly capital efficient,” chief executive Gary Nagle said in a statement. He added that Glencore would be looking for partnerships to “reduce financial and operations risks” in certain projects.
“We have optimised and streamlined our industrial operating structures,” Nagle said, referring to the job cuts.
Glencore has shut down several smelters in the past year and is planning further closures for two of its South African smelters at the start of 2026.
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