Lundin Cuts Caserones Copper Guidance After Second Severe Winter Storm

The Export-Import Bank of Korea said on August 17 that it will provide $1 billion in financial support to Glencore, on the condition that the company supplies copper to Korean companies during the loan period. The funds will be used as Glencore’s general operating capital, while the financing structure is designed to help Korean companies secure key raw materials. Glencore operates mines, smelting assets and trading networks across multiple regions, including exposure to copper-producing countries such as Chile and Peru. Korea Eximbank said Glencore’s diversified asset and trading base could provide alternative procurement channels if supply disruptions occur in a specific country or mine. The arrangement does not add near-term copper production, but it strengthens copper procurement security for Korean companies.

Vale Base Metals confirmed it is proceeding with the Coarse Particle Flotation project at its Salobo copper complex in Brazil, lifting annual ore processing capacity by 6 million tonnes to 42 million tonnes and adding up to about 30,000 tonnes of copper in concentrate per year, with roughly 15,000 ounces of gold as by-product. Start-up is accelerated to the first half of 2028, about one year ahead of plan. Capex was optimised to about US$215 million from US$225-275 million, with Wheaton Precious Metals funding US$40 million, leaving VBM net spend near US$175 million and project IRR above 50%. It is the second step in VBM's low-capital Carajás brownfield copper pipeline.