Glencore's Copper Dominance: Unpacking the South American Backbone

Glencore's copper mines in Peru and Chile are crucial to meeting global demand, particularly as the world transitions to clean energy.

The company holds stakes in five distinct assets across both countries, with a layered capital structure that distributes risk while retaining access to significant ore bodies.

One of these assets is Antamina, which produces copper, zinc, silver, and molybdenum concentrates. Its polymetallic character provides a natural hedge against single-metal price cycles.

Another key asset is Collahuasi, a generational mine in Chile's Atacama Highlands that holds a 44% stake for Glencore alongside Anglo American.