Post by Edward Kiledjian

Glencore is eliminating one thousand jobs as it streamlines operations amid rising industry costs. Chief executive Gary Nagle set a goal to make the company the world’s largest copper producer by 2035, targeting one-point-six million tonnes a year through new projects, mine expansions, and reopening Argentina’s Alumbrera site. The plan requires up to twenty-three billion dollars in capital investment. This ambition comes despite recent declines in copper output, driven by challenges in the Democratic Republic of Congo and at Chile’s Collahuasi project. Glencore is also consolidating units and closing smelters, with more shutdowns expected in South Africa. Shares rose six-point-three per cent after the announcement.