Vale Base Metals today announced it has signed an agreement with Glencore Canada  to jointly evaluate a potential brownfield copper development project at their adjacent properties in the Sudbury Basin.

The agreement provides a framework to explore the significant synergies of mining both companies’ underground deposits via the existing shaft and infrastructure at Glencore’s Nickel Rim South Mine.

Upon completion of this early work, the intention is that VBM and Glencore will transition to a joint venture as equal partners in the project. The project proposes deepening Glencore’s existing mine shaft and developing new drifts to access nearby copper deposits. The project is estimated to produce 880 kt of copper over 21 years with a capital cost of about US$1.6 billion to US$2.0 billion.

The polymetallic geology of the Sudbury Basin means that in addition to copper the companies will also produce nickel, cobalt, gold, PGMs and other critical minerals. Detailed engineering, permitting and consultation work will occur in 2026. A final investment decision is expected 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,” said Shaun Usmar, CEO of Vale Base Metals. “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. The proposed 50-50 joint venture aims to leverage Glencore’s unused infrastructure to access orebodies on both our properties. This will benefit our respective companies, our local communities in and around Sudbury, and it has the potential to produce nearer-term critical minerals from this prolific brownfield project for the Canadian economy. My hope is it will be a catalyst to unearth further synergies in the region.”

About Vale Base Metals (www.valebasemetals.com)
Vale Base Metals is one of the world’s largest producers of high-quality nickel and an important producer of responsibly sourced copper and cobalt. Vale Base Metals Limited is based in London, United Kingdom with its global operations centre in Toronto, Canada. The company also has operations in Newfoundland & Labrador, Ontario, Manitoba, Indonesia, Brazil, and Japan. Vale Base Metals is 90 per cent owned by Vale S.A. and 10 per cent by Manara Minerals Investment Company.

Contact:
Media Relations Office – Vale Base Metals, media.valebasemetals@vale.com;
Brunswick Group, ValeBaseMetals@brunswickgroup.com, +44 (0) 20 7404 5959