Home / Business and Economy / Glencore Halts $1B Quebec Investment Over Regulatory Woes
Glencore Halts $1B Quebec Investment Over Regulatory Woes
4 Feb
Summary
- Glencore suspended nearly $1 billion in investments at Horne Smelter.
- Regulatory uncertainty from Quebec's provincial government is cited.
- Emissions targets may be missed without planned smelter upgrades.
Glencore has announced a significant suspension of nearly $1 billion in planned investments at its Horne Smelter, located in Quebec. This decision stems from an inability to secure regulatory certainty from the provincial government regarding environmental requirements.
The company sought amendments to its ministerial authorization to allow for extended timelines on emissions reductions and confirmation of regulatory stability concerning arsenic limits. Glencore will now implement a demobilization plan at the Rouyn-Noranda smelter.
Glencore's Chief Operating Officer indicated that while the company explored all options, the necessary conditions for investment were not met. The smelter remains operational under its current authorization, but Glencore is open to exploring financial mechanisms to mitigate short-term investment risks, with a reassessment planned for the coming months.
