Glencore Restructures Operations in Bet on Copper Production

Glencore GLEN -0.05%decrease; red down pointing triangle cut around 1,000 jobs as part of a restructuring that bets big on growing copper demand.

The commodities giant said it would invest heavily to increase copper production to around 1.6 million metric tons a year by 2035 as part of its goal of becoming one of the world’s biggest copper miners. Glencore produced around 950,000 tons of the industrial metal last year.