Vale Base Metals copper development project in the Sudbury Basin

On December 2, 2025, Vale Base Metals ("VBM") announced it signed an agreement with Glencore Canada ("Glencore") 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, which 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.

Further information can be found on Canada Newswire’s website.

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. It is 90% owned by Vale S.A. and 10% by Manara Minerals Investment Company.