Vale's (VALE) Vale Base Metals subsidiary has signed a deal with Glencore Canada to jointly assess a potential brownfield copper development project in the Sudbury Basin, Vale said in a regulatory filing Tuesday.

Financial terms were not disclosed.

The aim is for the companies to form a joint venture that would deepen Glencore's Nickel Rim South Mine and gain access to copper deposits nearby, Vale Base Metals said.

Detailed engineering, permitting, and consultation work will take place next year, and a final investment decision is anticipated in H1 2027, the company said.

Vale owns a 90% stake in Vale Base Metals, while Manara Minerals Investment owns a 10% stake.