Swiss miner and trader Glencore is reportedly selling its copper refinery in the Philippines to the Villar family, headed by real estate billionaire Manny Villar Jr.
The Philippine Associated Smelting and Refining Corp – or Pasar – smelts and refines copper concentrates and anodes sourced from Glencore’s and third parties’ operations into copper cathodes.
Pasar – the only copper smelter and refinery in the Philippines – was shut down in February amid market pressures and a shortage of raw material. Located in Isabel, Leyte, the facility can process 1.2 million tonnes/year of copper concentrate to produce about 200,000 t/y of copper cathode, according to the Philippine News Agency, the official news agency of the Philippine government.
Citing “people familiar with the matter,” Bloomberg said Tuesday that Glencore has now agreed to sell the smelter to the Villar family. The decision came after the miner began exploring the sale of the asset.
Global copper smelters have been struggling under low processing fees, which hit record lows this year, amid competition from expanding capacity in China. The industry also faces uncertainty after US President Donald Trump ordered an investigation into copper imports, which could lead to 25% tariffs on the red metal.
Last month, Glencore said its Mount Isa copper smelter in Queensland, Australia, was economically unfeasible and sought government support to continue operations.
“A combination of unprecedented smelting market conditions, high costs like energy, gas and labour, and a shortage of copper concentrates is currently making the Mount Isa copper smelter unviable,” it said at the time.
According to its 2024 production report, Glencore produced 951,600 t of copper from own operations in 2024 and 463,600 t of copper cathode.
Source:Kallanish
