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Vale and Glencore will jointly evaluate the copper mining development project in the Sudbury Basin in Ontario.
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Release time：2025-12-05
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After completing the preliminary assessment, the two companies plan to establish a joint venture and participate in the project as equal partners.
Vale, a Brazilian mining company, and Glencore Canada, a subsidiary of the Swiss commodities giant Glencore, have reached an agreement to jointly evaluate the potential development of a brownfield copper mine in adjacent mining areas within the Sudbury Basin in Ontario. This collaboration aims to explore synergies between the two companies in exploiting underground mineral deposits by leveraging the shafts and infrastructure of Glencore’s South Nickel Mine. The agreement establishes a framework for Vale Basic Metals and Glencore to assess the feasibility of deepening Glencore’s existing mine and constructing new tunnels to extract nearby copper deposits. Following the completion of the initial assessment, the two companies plan to establish a joint venture (JV) as equal partners in the project. The proposed project is expected to produce approximately 880,000 tonnes of copper over a 21-year period, with capital expenditures projected to range between US$1.6 billion (CAD 2.23 billion) and US$2 billion.
Vale stated that, in addition to copper, the polymetallic geological conditions of the Sudbury Basin will also enable the production of nickel, cobalt, gold, platinum-group metals, and other critical minerals. Detailed engineering design, permitting, and consultation for the Sudbury Basin copper mining project are scheduled to begin in 2026. A final investment decision is expected to be made in the first half of 2027.
According to Bloomberg, the agreement could bring some relief to Glencore’s shareholders, who have grown increasingly frustrated with the company’s persistently weak stock performance. Glencore’s copper production is expected to decline for the fourth consecutive year. From January to September of this year, Glencore’s own copper output fell 17% year-on-year to 583,500 tons, while cobalt production rose by 2,000 tons to 28,500 tons. The company has also narrowed its 2025 copper production forecast range to between 850,000 and 875,000 tons, down from the previous range of 850,000 to 890,000 tons, citing lower ore grades at certain mines. In September, Bloomberg reported that Glencore was in talks to sell a majority stake in Kamoto Copper Company in the Democratic Republic of the Congo. Meanwhile, Vale announced plans to double its base metals capacity by 2035, reaching approximately 700,000 tons per year. In September, Vale opened the Capanema mine in Ouro Preto, Minas Gerais, Brazil, and plans to invest 67 billion reais (US$12.2 billion) in the project by 2030.
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