Vale–Glencore Partnership Targets $2 Billion Copper Project in Canada

The proposed Sudbury Basin project, valued between $1.6 billion and $2 billion, could produce 880,000 metric tons of copper over 21 years, Vale said in a statement.

SEATTLE (Scrap Monster): Vale SA and Glencore Plc are exploring a joint copper development in Canada as both miners seek to expand their exposure to a metal expected to face global shortages amid the energy transition. The proposed Sudbury Basin project, valued between $1.6 billion and $2 billion, could produce 880,000 metric tons of copper over 21 years, Vale said in a statement.

The collaboration would combine Vale’s base metals expertise with Glencore’s operations, including plans to deepen the existing shaft at Glencore’s Nickel Rim South Mine and develop new underground drifts. The venture is intended as a 50-50 joint partnership, with production also including nickel, cobalt, gold, and other critical minerals.

ALSO READ:

Hudbay Minerals Strikes Deal to Sell Stake in Arizona Copper Project

BHP-Lundin JV to Invest More Than $400m in Argentine Copper Project

Mining companies are increasingly joining forces to manage rising costs and declining ore quality while meeting growing demand from electrification, renewable energy, and AI-powered data centers. For Glencore, the project may help address investor concerns over declining copper output, which is set to fall for a fourth consecutive year.

Engineering, permitting, and stakeholder consultations are planned for 2026, with a final investment decision expected in the first half of 2027. Vale also aims to double its base metals output to 700,000 tons annually by 2035.