Glencore Plc (LSE:GLEN) has reportedly finalized a deal to offload its copper refining operation in the Philippines to the family of Filipino billionaire Manny Villar Jr., according to a Bloomberg report published Tuesday. The sale comes amid a challenging environment for the global smelting industry, where processing fees have dropped to historic lows.
The asset in question is Philippine Associated Smelting and Refining Corp. (Pasar), one of the country’s largest copper refining facilities. The move marks Glencore’s exit from a long-held and strategically vital site in Southeast Asia.
Located in Leyte, Pasar has served as a crucial hub for Glencore’s global copper trading network. The smelter processes copper concentrates from producers across the Pacific — including Australia and Indonesia — and has been known to take on distressed shipments rerouted from South America en route to China.
The Villar family’s acquisition underscores their growing interest in expanding their portfolio beyond real estate and infrastructure, particularly into energy and heavy industry. While financial terms of the deal have not been disclosed, the transaction reflects shifting dynamics in the global metals market and increasing regional interest in industrial assets.
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