Glencore copper expansion to 2035: capex, mine life and M&A lens for engineers
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Glencore is accelerating its copper strategy after securing a land access deal with Gécamines for Kamoto Copper Company in Kolwezi, unlocking restricted ore zones, extending mine life into the mid‑2040s and supporting a 300,000‑tonnes‑per‑year output target. Analysts estimate the group aims to almost double copper production by 2035 at a capital intensity of about $16,200/t Cu‑equivalent, with peak development capex near $4.5 billion in 2031 and total investment potentially reaching $11 billion. Management plans to self‑fund growth, while considering partners at Agua Rica and El Pachón and a 40% sale of its DRC copper‑cobalt business.
Technical Brief
- Analysts estimate copper growth capex at $16,200/t Cu‑equivalent capacity, or $20,630/t on copper‑only basis.
- Peak development spend is projected around $4.5 billion in 2031, when four major copper projects overlap.
- Including sustaining and other capital, total group investment at peak is forecast near $11 billion.
- Consensus sees EBITDA rising from ~$12.8 billion in 2025 to $16–20 billion by 2030 on higher copper volumes.
Our Take
The abandoned mega-merger with Rio Tinto covered in the 5–6 February items would have created a group controlling about 7% of global copper output, so Glencore’s plan to almost double copper production to 2035 now effectively has to be delivered through its own portfolio and targeted M&A rather than via scale from Rio’s iron ore and bauxite base.
With net debt at $11.2 billion versus a $10 billion target and sustaining/other capex guided at $5.5–6.5 billion, Glencore’s room for large cash M&A in copper is likely to hinge on how quickly EBITDA can move from the 2025 consensus of $12.8 billion towards the $16–20 billion range forecast for 2030.
The potential sale of a 40% stake in the DRC copper–cobalt business (including KCC in the Kolwezi hub) sits against other DRC-linked moves in our coverage, such as Ivanhoe–Gécamines’ Project Vault routing Kipushi concentrates to the US, signalling that DRC assets are being actively reshaped to fit Western supply-chain and balance-sheet objectives rather than simply expanded at any cost.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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