Could you give us an update on Glencore’s operations in Québec?

JFV: Glencore’s fully integrated model – exploration, mining, processing, recycling, trading, and marketing – gives it unmatched reach in Québec and includes the Raglan mine in Nunavik, the Horne smelter in Abitibi-Témiscamingue, the Canadian Copper Refinery in Montréal, and the Canadian Electrolytic Zinc Limited (CEZinc) refinery in Valleyfield.

Raglan mine produces nickel, copper, cobalt and precious metals amid global oversupply pressures. We continue to evolve, recognizing that sticking to the status quo is not an option. Our transformation plan will help to secure competitiveness, and despite market challenges, Raglan Mine remains profitable, safe, and responsible, with the Horne Smelter and other assets supporting Québec’s long-term mining operations.

VP: Currently, the state of the market presents significant challenges for our copper operations in North America. We are facing treatment and refining fees for concentrates that have reached historically low levels. Additionally, competition in the recycling sector is rapidly expanding. What work is Glencore doing to secure and extend Raglan’s future?

JFV: Exploration at Raglan Mine has been highly successful, culminating in the opening of the Anuri mine in February 2024. Raglan mine is Glencore’s largest exploration camp in Canada. With only 20% of the property explored, including Anuri, the mine has 15-20 years of potential ahead. How are Glencore’s copper smelting and refining operations evolving?

VP: Glencore’s midstream copper operations, encompassing the Horne smelter and the Canadian Copper Refinery (CCR) in Montreal-East, form Canada’s only complete copper value chain and are core to our business. In 2022, we reorganized these operations, including U.S. recycling sites, into a single business unit to maximize synergies, align priorities, and develop long-term strategy. This unified structure allows us to integrate technical expertise, optimize asset value, and make coordinated decisions across the copper value chain rather than in silos. What is the strategic importance of Canada’s copper value chain?

VP: Glencore is central to Canada’s copper value chain, supporting critical minerals development, and helping fuel Canada’s economy and the global energy transition through our midstream operations. China’s expansion to over 40–50% of global smelting capacity has driven historically low treatment and refining charges, creating a challenging market. Navigating this dynamic is a key challenge for our operations, requiring strategic adjustments to remain competitive and sustain the value of our assets.

JFV: Canada’s copper smelting and refinery capacity has declined, leaving Glencore’s Horne smelter as the country’s only remaining operation of its kind. Without federal or provincial action to support greater domestic copper refining capacity, Canada risks losing this industrial strength as business will be driven beyond our borders. Where does copper recycling fit within Glencore’s plans?

VP: Recycling is central to Glencore’s short-, mid-, and long-term strategy. It has been part of our DNA since the Horne smelter began recycling in 1984. Historically a mine-dependent smelter, Horne has evolved into one of North America’s largest electronic material recycler, anticipating growing copper demand and declining concentrate availability.

The business of recycling is rapidly growing, so it’s critical to invest and develop solid partnerships that ensure our competitiveness and longevity in this area. Glencore is expanding recycling capacity, adapting to evolving materials like electronics and batteries, and forming partnerships to secure new recycling streams. Our strategic agreement with Cyclic Materials announced in December 2024 is just one example of that. These initiatives enhance our ability to close the loop on the circular economy while maximizing the value and potential of our recycling operations. What are Glencore’s priorities in Québec in the coming years?

JFV: Our operations demonstrate successful community partnerships, including Inuit engagement, and serve as models for responsible practices. Preserving and enhancing assets ensures competitiveness, supports jobs, and strengthens Canada’s leadership in mining, critical minerals, and the value chain.

VP: Glencore’s long-term priorities in Québec and Canada focus on three areas: increasing local feedstock sourcing to strengthen North America’s value chain, adapting processes to capture evolving recycling materials, and maximizing the value of existing assets to ensure efficiency and competitiveness. Together, these priorities support sustainable growth, enhance Canada’s industrial position.