Glencore Plc is doubling down on a cost-cutting drive at its Canadian copper and zinc plants following job cuts last year, in a further overhaul of its global smelting business following a collapse in processing margins.
The company’s copper plants in Quebec — as well as several recycling sites in the US — will be absorbed into the miner’s global zinc smelting division, with the aim of increasing business synergies and operational efficiency, according to internal memos seen by Bloomberg.
The consolidation comes as Glencore pushes ahead with a sweeping review of its global copper and zinc smelting assets, following an industrywide slump in profitability fueled by increased competition for mined ores. Glencore has already written down the value of several smelters and mothballed a copper plant in the Philippines, and is now pursuing major cost cuts at its assets in Canada.
“Our smelting and…
