Vale and Glencore plan Canadian copper venture

VALE and Glencore are considering a joint copper project in Canada as both companies seek greater exposure to a metal expected to face supply shortages as global electrification accelerates, said Bloomberg News on Tuesday.The proposed partnership would develop a $1.6bn to $2bn project at neighbouring properties in Ontario’s Sudbury basin, Vale announced Tuesday. The venture would produce 880,000 tons of copper over 21 years, alongside nickel, cobalt, gold and other critical minerals, the newswire said.Mining companies worldwide are joining forces to control costs and boost output as ore grades decline and new developments become more expensive. Demand for copper continues rising due to the energy transition and data centre construction for artificial intelligence.Vale and Glencore have explored a Canadian partnership for two decades, with Tuesday’s announcement coming amid near-record copper prices, said Bloomberg News.Shaun Usmar, who leads Vale’s base metals unit, told a London event the accord could set precedent for similar arrangements. “The industry needs more of these,” he said.The agreement provides a framework to combine underground operations, including deepening an existing shaft at Glencore’s Nickel Rim South Mine. Vale and Glencore would become equal partners in the joint venture.The companies plan detailed engineering, permitting and consultation work next year, targeting a final investment decision for the first half of 2027.The deal may help placate Glencore investors frustrated by the company’s underperformance, with copper production declining for four consecutive years, said Bloomberg News.The post Vale and Glencore plan Canadian copper venture appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com