(Reuters) -Glencore is doubling down on a cost-cutting drive at its Canadian copper and zinc plants in a further overhaul of its global smelting business, Bloomberg News reported on Friday.
The miner’s copper plants in Quebec and several recycling sites in the U.S. will be absorbed into its global zinc smelting division, Bloomberg News added, citing internal memos.
The London-listed miner declined to comment on the report.
Glencore put its Philippine copper smelter under care and maintenance last month amid ongoing evaluation of the plant’s operations and challenging market conditions.
The company in February recorded a $2.3 billion impairment for fiscal 2024 from lower assumed coal prices, logistical issues at its South African assets and the closure of its Koniambo nickel operation in New Caledonia.
It had also said it was considering moving its primary listing away from London.
(Reporting by Prerna Bedi and Dhanush Vignesh Babu in Bengaluru; Editing by Shreya Biswas and Anil D’Silva)
