Glencore in Talks to Sell Philippine Copper Smelting Unit Amid Historic Low Processing Fees
Glencore Plc is in discussions to sell its copper business in the Philippines, the Philippine Associated Smelting and Refining Corp. (Pasar), as the global smelting industry faces record-low processing fees.
According to sources familiar with the matter, who requested anonymity due to the private nature of the talks, Glencore is negotiating with at least one domestic buyer. However, the outcome of these discussions remains uncertain.
Pasar has been a key asset for Glencore due to its strategic location, serving as an important outlet for copper concentrates from Australian and Indonesian producers. It also handles distressed cargoes traveling from South America to China.
The potential sale comes at a challenging time for the smelting industry, as annual processing fees for smelters have dropped to historic lows in 2025 contracts.
A surge in global smelting capacity, combined with production setbacks at major mines, has intensified competition for copper concentrates.
Glencore acquired Pasar in 1999 and has since expanded its capacity to process 1.2 million tons of copper concentrate annually, producing approximately 200,000 tons of LME-branded copper cathodes each year.
A Glencore spokesperson declined to comment on the matter.
