The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017.
If confirmed, the closure of the Horne smelter would contribute to expectations of a tightening global copper supply, following disruptions at several mines in Indonesia and Chile. Concerns about future deficits have supported copper prices, which reached a record high of $11,200 per ton on October 29.
Responding to a request for comment, a Glencore spokesperson said: “Glencore (GLEN.L) is not currently considering the closure of the Horne smelter or CCR.” Glencore’s Canadian copper operations include the Horne smelter and the Canadian Copper Refinery (CCR), both located in Quebec. Together, the two sites employ more than 1,000 people.
“Smelters currently face enormous pressures around the world, including significant financial, regulatory and operational pressure,” the spokesperson said. “Horne and CCR are not exempt from this, though both assets play an important role in the supply of critical raw materials for the North American market and abroad.”
The two sources said that both facilities are expected to close eventually, though no specific date has been determined. They added that upgrading the operations to meet environmental standards could cost more than $200 million. Glencore stated: “We are continuing to implement our emissions reduction plan by advancing studies and other works. We are also working closely with all stakeholders to map a path forward that preserves Horne’s ongoing smelting operations in Canada. This includes a clear and predictable regulatory framework necessary to secure the appropriate investment.”
The company is also facing a class-action lawsuit in Quebec’s Superior Court related to arsenic emissions from the Horne smelter. The court ruled that local residents could seek damages dating back to 2020. According to the sources, Glencore’s potential closure plans are not connected to the lawsuit but stem from the cost of ensuring the facility meets environmental and safety standards.
In a statement, Glencore said: “Glencore Canada acknowledges the Superior Court’s decision to authorise the class action lawsuit. As this is an ongoing legal matter that we are contesting in court, we won’t be commenting publicly on the proceedings at this time. We are confident that the Horne smelter’s operations are safe for the public.”
Founded in 1927, the Horne smelter is one of North America’s oldest copper production facilities. It became a pioneer in electronic waste recycling in 1980 and remains a key component of Glencore’s North American metals business. The company continues to evaluate its options to ensure sustainable and compliant operations across its Canadian portfolio.
