Glencore outlines copper expansion plans and announces $1.8 billion in buybacks alongside $2 billion returned to shareholders.
Glencore aims to increase annualized copper production to over 1 million tons by 2026 and 1.6 million tons by 2035 through brownfield projects. The company highlighted growth in copper as central to its strategy during its annual general meeting.
The firm returned $2 billion to investors and funded $1.8 billion in buybacks, partly from proceeds of the Viterra sale. A $0.17 per share cash distribution was also announced, reinforcing shareholder returns amid commodity market strength.
Safety and labor concerns were raised at the AGM, with management acknowledging recent fatalities and ongoing challenges in worker relations and tailings dam safety.