Glencore Derisks Copper Expansion Strategy with Land Access Agreements in Peru, BofA Says

MT Newswires · 2d ago
03:35 AM EDT, 10/21/2026 (MT Newswires) -- BofA believes Glencore (GLEN.L, GLN.JO) derisked its copper growth timeline after completing the required land access agreements for the remaining blocks of the Coroccohuayco copper project in Cusco, Peru. "Glencore (GLEN) announced that it secured land access for the Coroccohuayco copper project. Coroccohuayco is a key brownfield growth project at its Antapaccay copper complex in Peru, where current production is around 140-150ktpa of copper. The project should drive (roughly) a doubling of copper production at the complex. First production still targeted for H2 2029 = we view today's announcement as derisking the existing schedule rather than accelerating it. Coroccohuayco is key, low-risk part of Glencore's wider copper growth plan; Group copper production to >1Mtpa annualised by end-2028 and c. 1.6Mtpa by 2035," analysts said Tuesday. Against this backdrop, the research firm reiterated the stock's buy rating and price objective of 6.50 pounds sterling. BofA also noted that the commodity trading major is part of its "25 stocks for 2026" and "Europe 1" top ideas lists.