Glencore and Vale enter into a strategic alliance to develop copper deposits in Sudbury

On December 2, 2025, Glencore Canada (“Glencore”) announced its agreement with Vale Base Metals ("Vale") to jointly evaluate a potential brownfield copper development project at their adjacent properties in the Sudbury Basin. The agreement provides a framework to explore synergies by mining both companies’ underground deposits via the existing shaft and infrastructure at Glencore’s Nickel Rim South Mine, which ceased production in July 2024 and is now in care and maintenance. The project proposes deepening Glencore’s existing mine shaft and developing new drifts to access nearby copper deposits. Once early work is complete, the project is intended to transition to a joint venture as equal partners. The proposed development would produce approximately 880,000 metric tons of copper over 21 years, with a capital cost of US$1.6 billion to US$2 billion.

Glencore PLC is a global diversified natural resource company with operations in metals and minerals, energy products, and agricultural products. In Canada, Glencore operates significant mining and metallurgical assets.

Vale is part of Vale S.A., a multinational mining corporation headquartered in Brazil and a leading producer of nickel and copper, with operations in Canada and globally.

McCarthy Tétrault LLP advised Glencore with a team led by Roger Taplin that included Adam Taylor, Daniel Bornstein, and Rob Legge.