Glencore (GLEN) News Today: Berenberg Upgrades to “Buy” as Peru’s Quechua Copper Deal Sharpens the Growth Story (17 December 2025)

Glencore plc (LSE:GLEN) is in focus on 17 Dec 2025 after a Berenberg upgrade to “Buy” (480p target) and fresh coverage of its Quechua copper project deal in Peru.

Glencore plc (LSE: GLEN) is drawing fresh attention in early London trade as two narratives converge: renewed broker optimism and a copper-led expansion push in Peru. Glencore shares were higher in the morning session, trading around 382p (up roughly 2.5%) as the market digested both an analyst upgrade and ongoing reporting around the company’s move to secure the Quechua copper project adjacent to its Antapaccay operations. ^[1]

All Glencore headlines we found dated 17.12.2025

Here are the distinct Glencore-specific news items published today (17 December 2025) across major outlets and market wires we could access:

Berenberg upgrades Glencore to “Buy” (from “Hold”) and lifts its price target to 480p (from 350p), citing an improved outlook following Glencore’s recent capital markets day and updated guidance/cost visibility. ^[2]
Peru copper expansion coverage: multiple business outlets report and contextualize Glencore’s acquisition of the Quechua copper project in Peru’s Cusco region—framing it as part of a broader scramble for copper exposure amid tight supply expectations. ^[3]
Deal background re-published on industry wires: reports recap that Japan’s Pan Pacific Copper (JX Advanced Metals group) sold its stake and outline the project’s estimated investment and historical development status. ^[4]

(If a smaller blog, local outlet, or paywalled terminal item published additional Glencore mentions today, it may not appear here—this list reflects what was discoverable and readable from the sources retrieved.)

Why Glencore (GLEN) is trending on 17 December 2025

Two developments are driving today’s attention:

A bullish broker call: Berenberg flipped more positive on GLEN with a “Buy” rating and a materially higher target price. ^[5]
A copper optionality upgrade in Peru: reporting is focusing on how Quechua can potentially complement Glencore’s existing footprint at Antapaccay and its pipeline project, Coroccohuayco, in a region already central to Glencore’s Andean copper strategy. ^[6]

For investors and commodity-watchers, it’s the combination that matters: near-term sentiment support (upgrade) plus longer-term copper growth levers (Peru).

Berenberg upgrades Glencore: what the broker said, and what it signals

In research picked up by market news services this morning, Berenberg upgraded Glencore to “Buy” from “Hold,” raising its price target to GBP 4.80 from GBP 3.50 after Glencore’s recent capital markets day. ^[7]

The key points behind the upgrade

According to the report summary:

Guidance confidence: Berenberg’s upgrade follows Glencore indicating its volume guidance remains intact alongside updated cost projections for 2025–26. ^[8]
Forecast production mix (Berenberg estimates): the broker expects 2025 output of roughly 860kt copper, 951kt zinc, 71kt nickel, and 41kt cobalt, plus 94Mt energy coal and 33Mt steelmaking coal (all broker forecasts, not company guidance in this summary). ^[9]
Financial framing: Berenberg’s snapshot also referenced full-year revenue around $231bn (slightly below consensus cited in the same report summary). ^[10]

The upgrade came with a caution flag: working capital and debt

Notably, the same report summary highlights a risk that’s very “commodities trader” in nature: if commodity prices rise, working capital needs can rise too. Berenberg is cited as expecting net debt to reach $11.7bn by December, above a $10bn cap referenced in the report. ^[11]

Dividend expectations: “base distribution” focus

Berenberg also flagged limited dividend growth for 2026, projecting only a base distribution of $0.09/share (as characterized in the report summary). ^[12]

What this means for GLEN today: the broker call adds momentum to the “Glencore’s copper plan is investable again” narrative—but it doesn’t remove the central debate around balance sheet discipline in a volatile commodity cycle.

Peru’s Quechua project: what Glencore bought and why it matters

While the transaction itself was announced earlier in the week, today’s reporting (17 Dec) is expanding the picture: Glencore isn’t simply “buying a project”—it’s assembling a copper district.

The deal in plain English

Glencore is acquiring the Quechua copper project in Peru’s Cusco region from Japan’s Pan Pacific Copper for an undisclosed sum, according to Bloomberg-linked reporting carried today. ^[13]
Japan’s JX Advanced Metals said its Pan Pacific Copper subsidiary transferred all issued shares in Compañía Minera Quechua S.A. to Glencore Peru Holding—moving the project’s mining interests to Glencore. ^[14]

Cost and scale: a billion-dollar build

A key reason the project has stayed “undeveloped” for years is the size of what it may require to build:

Peru’s government estimates the investment required to build the mine at around $1.3bn (Bloomberg-linked coverage dated today). ^[15]
Another industry report cites an estimated investment of $1.29bn from Peru’s mining project portfolio. ^[16]

The strategic logic: adjacency to Antapaccay and Coroccohuayco

Glencore’s own comment—repeated in today’s industry reporting—frames Quechua as a support piece for an existing operating hub:

Glencore said the project has the potential to support Antapaccay given proximity to both Antapaccay and the Coroccohuayco project. ^[17]

Bloomberg Intelligence analysts cited in today’s coverage argue Quechua could be worth more in Glencore’s hands because it can leverage existing infrastructure, similar to its Coroccohuayco integration plans. ^[18]

Antapaccay context: an operating anchor

Today’s reporting underscores why “adjacent to Antapaccay” is the phrase to watch:

Antapaccay began producing in 2012, and Glencore’s operation produced about 146,000 metric tons last year, according to the Bloomberg-linked story. ^[19]
Glencore also holds a 34% stake in Peru’s Antamina mine (with partners including BHP, Teck and Mitsubishi, per the same report). ^[20]

Bottom line: Quechua isn’t just another greenfield bet—Glencore is pitching it as infrastructure-adjacent optionality in a copper province where scale matters.

Why Peru copper is in dealmaking mode right now

The Quechua coverage is also being written as part of a wider trend: Peru copper assets are moving.

In the same Bloomberg-linked report published today, Quechua is framed as Peru’s third copper deal in less than two weeks, alongside other transactions (including Rio2/Condestable and Fortescue/Alta Copper). ^[21]

The macro driver is familiar—but still powerful in late 2025:

Copper prices have been underpinned by electrification demand and supply constraints; Reuters has recently highlighted copper’s run toward $12,000/ton and forecasts for persistent market deficits.
At the asset level, Peru’s combination of permitting friction, community tensions, and long lead times means that buying existing projects can look faster than starting from scratch—another point emphasized in today’s reporting. ^[22]

How Quechua and the upgrade fit Glencore’s bigger copper plan

Today’s news lands just two weeks after Glencore used its Capital Markets Day (3 Dec 2025) to reset expectations around copper growth.

Glencore’s own CMD messaging highlighted:

a pathway to produce about ~1 million tonnes of copper by 2028 and a target of ~1.6 million tonnes by 2035 ^[23]
expected growth in copper equivalent production from 2026 levels to 2029, with copper itself expected to grow faster (per the same CMD summary) ^[24]

From that perspective, Quechua reads as a classic “CMD follow-through” move: build a pipeline of copper options around existing hubs, and be ready to accelerate when capital and permitting align.

GLEN share price today: what the market is doing

In early London trading, Glencore shares were indicated up around 2.5%, around 382p. ^[25]

It’s difficult to attribute a single tick to a single headline in commodities equities—but the timing is notable:

the Berenberg upgrade hit the tape during the morning flow ^[26]
the Quechua reporting cycle is keeping copper growth optionality front and center ^[27]

What to watch next for Glencore (GLEN)

1) FY2025 results timing

Berenberg notes Glencore is scheduled to release FY2025 results in February. ^[28]
Glencore’s published corporate calendar lists Preliminary Annual Results 2025 on 17/02/2026. ^[29]

2) Net debt vs. internal caps

The upgrade narrative comes with a debt caveat—if working capital expands with higher commodity prices, leverage optics can change quickly. ^[30]

3) Peru execution risk (permitting, protests, timelines)

Today’s reporting explicitly flags Peru’s long project timelines and the reality of sporadic protests around expansions—key considerations for any “almost double copper output” ambition. ^[31]

4) Copper market volatility

Copper’s structural bid has been strong in 2025, but the price path matters for capex pacing, project hurdle rates, and trading division working capital.

Takeaway

As of 17 December 2025, Glencore (GLEN) is getting a timely boost from sell-side sentiment—with Berenberg shifting to “Buy” at 480p—while the Quechua copper project coverage adds tangible detail to how Glencore intends to turn its copper ambitions into shovel-ready growth around existing infrastructure in Peru.

The next real test will come when Glencore moves from “district strategy” to execution milestones—and when the company updates the market on results, net debt, and capex pacing heading into 2026.

References