Cornish Metals (TIN) Plans ~£135M Equity Raise at 60p; Glencore Invests and Signs 6-Year Offtake

Glencore (LON: GLEN) secured land access for its Coroccohuayco copper expansion in Peru, extending Antapaccay's life to over 40 years. The project, targeting 2029 production, still needs final permits. Glencore aims to double copper output, with Peru central to its strategy. The expansion could boost production and local employment. Glencore also acquired the Quechua copper project, adding potential future production.

Glencore's $40m funding for Orion Minerals' Prieska mine is now unconditional, enabling development of the Uppers Mine. Orion aims for first copper and zinc production by late 2027. The $250m agreement includes upfront funding linked to future concentrate sales. Tranche A will fund Uppers construction, with drawdown expected by October. Orion has appointed contractors and is progressing development activities. Tranche B, for the Deeps, remains conditional on further funding.

Orion Minerals received $40m from Glencore to begin developing its Prieska Copper Zinc Mine's 'Uppers' section, with first metal expected by late 2027. The deal is part of a $250m agreement, with the remaining $210m contingent on securing further funding. Orion aims to produce 22,000t of copper and 65,000t of zinc annually. The company's shares gained 3% initially.

Glencore, a $131B mining and commodities firm, began trading on the Australian Securities Exchange (ASX) via a secondary listing. The move aims to reduce its valuation gap with peers BHP and Rio Tinto by accessing Australia's large institutional investor base. Glencore's CDIs will mirror its London-listed shares, offering exposure to copper and energy commodities. The company must meet certain liquidity thresholds to be included in the S&P/ASX 100 index.

Glencore's shares rose 2.9% to near R130. UBS initiated coverage with a buy rating and A$13.40 price target, citing strong marketing performance and commodity exposure. The company's Australian listing expands investor access to a A$4.4 trillion pension market. Glencore reported strong H1 2026 results with adjusted EBITDA up 86% to $10.1B and revenue up 49% to $174.43B. The company is also involved in U.S. critical-minerals initiatives.

UBS initiated coverage of Glencore PLC with a Buy rating and A$13.40 price target, citing strong trading performance, commodity prices, and copper project growth. Copper is expected to drive earnings growth from 32% to over 50% by 2030. UBS also highlights Glencore's trading division and its valuation compared to rivals.