Glencore Unit Wins Contract for New Copper Smelting Plant in Chile

11:28 PM EST, 12/03/2025 (MT Newswires) -- Mining giant Glencore's (GLEN.L, GLN.JO) Chilean subsidiary secured a contract from state-owned miner Codelco to develop a new copper smelting plant in Chile's Antofagasta region, according to a Wednesday release. Under a memorandum of understanding, Glencore Chile will conduct a pre-feasibility study and negotiate definitive agreements covering the design, financing, construction, operation, and maintenance of the proposed facility. The plant is expected to have an annual processing capacity of 1.5 million dry metric tons. Codelco also plans to negotiate a long-term copper concentrate supply agreement for up to 800,000 tonnes per year for a minimum of 10 years, with an option to extend for an additional decade. The prefeasibility study is due by May 31, 2026. If approved, the companies will proceed to finalize final agreements. Engineering studies for feasibility and permitting are scheduled for completion in 2027, with construction slated to start in 2030 and operations to begin between 2032 and 2033.