Glencore secures Peru land access: UBS targets Glencore stock at AUD 13.40

Published on 10/20/2026 at 13:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Coroccohuayco could start production in the second half of 2029. Glencore stock is valued at GBP 65.4 billion as of October 20, 2026.

Copper growth and valuation

Glencore secured the final land access agreements for Coroccohuayco on October 19, 2026.
Adjusted EBITDA rose 86 percent to USD 10.1 billion in the first half of 2026.
Glencore stock was trading at EUR 6.65 at 1:42 p.m. CEST at Lang & Schwarz on October 20, 2026.
UBS set an AUD 13.40 target for Glencore stock on October 15, 2026.

Bauhaus-Poster mit geometrischen Formen und Schriftzug MINING in Ockertönen — Geometrisches Bauhaus-Poster mit Bergbau-Symbolik steht für den Rohstoffsektor von Glencore plc, JE00B4T3BW64, Illustration mit AI erstellt.

Glencore (ISIN JE00B4T3BW64) was trading at EUR 6.65 at Lang & Schwarz on October 20, 2026 at 1:42 p.m. CEST. Glencore said on October 19, 2026 that its Peruvian entity Antapaccay had completed the land access agreements needed for the Coroccohuayco copper project.

Project access clears a milestone

The agreement covers the final land blocks at the brownfield project in Cusco, Peru. The project team still needs the remaining permits, while first production is expected in the second half of 2029, according to the company announcement.

What does the project add?

Coroccohuayco is expected to extend Antapaccay's mine life and increase future copper production. The milestone matters because it moves the project from land access toward permitting, while keeping the production timeline several years away.

Three Glencore milestones

On August 5, 2026, Glencore published first-half results showing adjusted EBITDA of USD 10.1 billion, up 86 percent year over year, while revenue rose 49 percent to USD 174.4 billion, as ABC Money reported. On October 14, 2026, MarketScreener reported that JPMorgan raised its target from GBp 510.00 to GBp 730.00 and upgraded the stock to Overweight. On October 19, 2026, Glencore announced the Coroccohuayco land milestone.

Dates that shape the projects

BusinessDay reported on October 19, 2026 that the first USD 40.0 million tranche of Glencore funding for Orion Minerals' Prieska project was unconditional, with the first drawdown expected by the end of October 2026 and first production targeted for the end of 2027. The larger USD 210.0 million tranche remains conditional, according to BusinessDay.

Trading context in London

Glencore's market capitalization was GBP 65.4 billion as of October 20, 2026. Its London-listed shares had a 52-week range of GBp 332.20 to GBp 707.20 on the same date, placing project execution and copper growth alongside a wide valuation backdrop. The further course of trading is shown by the continuously updated real-time quote of Glencore stock.