April 27, 2026, 16:02 CEST—Baar, Switzerland.
Glencore plc edged closer to reviving Argentina’s Bajo de la Alumbrera copper mine on Monday, as Sandvik landed a contract to deliver three DR413i rotary blasthole drill rigs for the operation’s restart. The rigs, designed to drill explosive blast holes in open-pit sites, are slated for deployment at Alumbrera.
Timing’s key here. Glencore will release its first-quarter production numbers on April 30, offering investors a fresh look at the copper strategy now at the heart of the miner’s growth story.
Sandvik reported that it booked the order in the first quarter of 2026. The first rig heads to Argentina in April, with the remaining two following in the fourth quarter. The Swedish engineering company will handle rebuilds and maintenance on other Glencore drill units as well. According to Sandvik, Alumbrera is on track for operations to restart in 2027, targeting initial production in 2028. Output is expected to reach roughly 73,000 metric tons of copper through June 2031, plus gold and molybdenum.
Sandvik Mining’s rotary drills business line manager for the Andean and South Cone region, Maximiliano Davico, said the company was “delighted to support Glencore” as the operation comes back online. Davico pointed to the DR413i’s automation and design, which, he said, should “lower operating costs, improve safety.” Sandvik Mining and Rock Technology
Back in December, Glencore announced plans to bring Alumbrera back online before the end of next year, targeting production in the first half of 2028. The decision? Driven by Argentina’s tax breaks for big projects, a rosier price environment for copper and gold, plus improved prospects for both metals.
The project isn’t big enough by itself to shift Glencore’s portfolio, but it stands out as a delivery test. Glencore has told investors it aims to raise copper production to 1 million tons in 2028 and reach 1.6 million tons by 2035. For 2026, though, the company cut its copper output forecast to 810,000–870,000 tons, reflecting problems at Collahuasi in Chile, where it partners with Anglo American.
Glencore now joins Rio Tinto and a host of other major miners chasing a bigger slice of copper—a key ingredient in everything from power grids and construction to data centers and electrification. Earlier this year, Rio’s unsuccessful bid for Glencore underscored just how rare sizable copper-rich assets have gotten and the ongoing difficulty of pulling off big mining deals.
Glencore slipped in London, off 1.20% according to Hargreaves Lansdown, which quoted a sell price of 551.40 pence against a buy price of 551.70 pence. The stock traded with a roughly £64.53 billion market cap, as the FTSE 100 edged down 0.13%.
The restart isn’t a done deal. Getting drills on site just kicks off operations — it’s not production yet. Permitting, site prep, managing costs, lining up workers, and whatever copper prices do from here, any of it could complicate a brownfield restart, regardless of how much infrastructure is already sitting there.
The environment in Argentina is shifting quickly. Since Alumbrera shut down back in 2018, the country hasn’t seen any major copper production. But a government mining report, highlighted by Panorama Minero, points to nine advanced copper projects and a capital need topping $28 billion across the development pipeline.
Gary Nagle, Glencore’s chief executive, talked up copper as the company’s “cleaner” growth engine, even as trading and coal continued to do much of the heavy lifting last year. Back in February, he flagged “clear” momentum for the second half, highlighting stronger metals prices and better production numbers—copper stood out in particular. Reuters
At least Glencore has the Sandvik order on the board before this week’s production update, a minor but tangible win. Still, investors are looking for schedules, signs of spending restraint, and a clear signal that copper output won’t fall further past 2026.
