Glencore Eyes Growth at North American Copper, Nickel Mines

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Written by Will Ploch, Assistant Editor-in-Chief for IIR News Intelligence (Sugar Land, Texas)

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Summary

Glencore's copper-mining business posted impressive results for the first half of the year, fueling optimism at the mining titan amid a tumultuous global market. The company is planning expansions at several major mines.

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Strong Prices Fuel Strong Outlook

Multinational commodity trading and mining company Glencore plc held steady amid a volatile mining and minerals market in the first half of 2026. Higher commodity prices, especially for copper, bolstered earnings and offset the effects of higher fuel costs. The company aims to continue expanding some of its key mining projects for copper and other materials. Industrial Info Resources is tracking more than $21 billion worth of active and proposed projects from Glencore worldwide, including more than $4.5 billion worth in the U.S. and Canada.

During the first half of 2026, Glencore's copper-mining margins reached a higher-than-expected 52%, when adjusted for taxes and one-time expenses. Its own-sourced copper production grew 15% from the same period in 2025 to 397,000 tons. According to Industrial Info Resources data, Glencore is developing nearly $9 billion worth of mining or smelting projects for copper globally.

Glencore's North American copper operations are concentrated in Quebec, where the company is preparing to perform a series of pollution-control upgrades to its Horne Copper Smelter in Rouyn-Noranda as early as next year. The 840,000-ton-per-year smelter already is undergoing repairs and rebuilds to some of its convertors, which are expected to be completed in the coming weeks.

Industrial Info Resources offers more information on the Horne developments in its Global Market Intelligence (GMI) Metals & Minerals Plant and Project databases, where readers can find details--including construction schedules, investment values and necessary equipment--in a plant profile, with project reports on the pollution-control upgrades and convertor rebuilds.

Glencore also expects prices for zinc and silver to continue strengthening in the near term. At its 265,000-ton-per-year zinc refinery and smelter in Salaberry-De-Valleyfield, Quebec, the company is preparing to perform rebuilds on furnaces 3 and 4 later this year, and expects to perform rebuilds on furnaces 1 and 2 next year, to boost overall operations. Readers can consult a plant profile and project reports for furnaces 3 and 4, and furnaces 1 and 2.

By the Numbers

• More than $21 billion: Total value of active and proposed projects from Glencore worldwide
• 52%: Glencore's higher-than-expected copper-mining margins for the first half of 2026
• 15 years: Projected mine life of the NorthMet development in Minnesota

Shuttered Mines Set for Revivals

While nickel prices remained relatively flat when compared with the first half of 2025, Glencore is continuing to pursue a revival of the Nickel Rim South Mine in Ontario's Sudbury Basin, which was placed under care and maintenance in mid-2024. In December, Glencore signed an agreement with Vale Base Metals and to jointly evaluate a potential brownfield copper development. The project would restart and expand the long-hole mining operation. Readers can consult a detailed plant profile and project report.

Glencore executives also announced they secured a land-acquisition package in July for the company's proposed NorthMet mine and mill near Hoyt Lakes, Minnesota. The project--which still faces a long list of permitting hurdles and legal challenges--is designed to produce 48,500 tons per year of copper-equivalent concentrate, which will include copper, nickel, cobalt, gold and silver, among other minerals, over a 15-year mine life.

The NorthMet project involves restarting a site that was mothballed in 2001 and adding an on-site processing plant. Readers can learn more from a detailed plant profile and project report.

Glencore's global revenues for the first half of 2026 were reported to be $174.4 billion, a 48.6% increase from the same period last year. Net income stood at $4.61 billion, compared with an $852 million net loss in the first half of 2025.

The Industrial Info Resources GMI Project and Plant databases offer a full list of detailed reports for projects mentioned in this article, and a full list of related plant profiles.

Industrial Info Resources also offers a full list of reports for active and proposed projects worldwide from Glencore, and a full list of reports for the U.S. and Canada specifically.

Key Takeaways

• Higher commodity prices, especially for copper, bolstered Glencore's earnings in the first half of 2026.
• The company's own-sourced copper production grew 15% from the first half of 2025.
• Glencore aims to revive a major nickel mine, despite relatively flat prices.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news, and analysis on the industrial process, manufacturing, and energy-related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified, and verified plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).