Vale, Glencore to explore $2bn joint copper development in Sudbury
Vale Base Metals (VBM) and Glencore Canada have signed an agreement to evaluate a potential $1.6-billion to $2-billion brownfield copper project that will combine deposits on their neighbouring properties in the Sudbury basin, paving the way for what could become one of the region’s most significant new copper developments in decades.
Under the framework agreement, the companies will study whether they can jointly mine their underground copper deposits by using existing infrastructure at Glencore’s idled Nickel Rim South mine, including deepening the current shaft and driving new drifts to reach ore bodies on both sides of the property boundary.
The proposed project could deliver about 880 000 t of copper over 21 years, alongside nickel, cobalt, gold and platinum-group metals typical of Sudbury’s polymetallic geology.
Engineering, permitting and consultation work is planned for 2026, with a final investment decision targeted in the first half of 2027.
“Opportunities to partner and unlock synergistic value between neighbouring miners in the Sudbury basin have been pursued for decades, without meaningful success,” Vale Base Metals CEO Shaun Usmar said. “I'm grateful for the commitment shown by both Glencore and our VBM team for coming together to finally unlock this historic opportunity by demonstrating a new collaborative way of working.
“The contemplated partnership paves the way to extract valuable copper-rich orebodies for our respective operations that would otherwise be lost to both companies,” he added, saying the plan could secure benefits for local communities and deliver earlier critical mineral supply for Canada’s economy.
If the study phase is successful, Vale Base Metals and Glencore intend to form a 50:50 joint venture to advance the project.
