Glencore stops major investment in Quebec smelter over dispute with emissions rules

Glencore announced on Tuesday that it had suspended nearly $1 billion in planned investments at the Horne Smelter - Canada's biggest copper - metal producing operation – after failing to obtain regulatory certainty from Quebec.

Glencore, a London-listed mining company, announced in November last year that it was closing the facility because of environmental concerns and the need for large investments.

Glencore announced in a press release that it would also?scale back its investments at the Montreal facility over the medium-term.

Glencore had sought to amend its ministerial approval?to give more time for emission reductions and confirm regulatory certainty regarding arsenic limit.

The commodity trader is implementing a demobilization program at the Rouyn Noranda smelter. Without planned upgrades, it could miss emission?targets that take effect in March 2027.

Glencore Chief Operating Officer Marc Bedard stated that the company "worked with good faith" and had "explored all options", but the conditions required to proceed with this investment were not met.

Glencore stated that it is willing to explore financial instruments to reduce short-term investment risk. The smelter will continue to operate with its current authorization. However, the situation needs to be reassessed in the coming months. (Reporting by Yamini Kalia in Bengaluru)

(source: Reuters)