BASE METALS

Glencore commits $500M to Queensland copper

Glencore has agreed to extend the operation of its Mount Isa copper smelter and Townsville copper refinery beyond 2022.

 Glencore's Townsville copper operations in Queensland, Australia

Glencore's Townsville copper operations in Queensland, Australia

The company reached agreement with the Queensland government, which is providing a one-off incentive as part of its North Queensland Recovery Plan.

Neither party disclosed the quantum of the incentive.

Glencore will invest more than A$500 million for the continued operation of the facilities.

The support package will allow for the four-yearly re-bricking and maintenance work at the smelter, due in September next year.

The company acknowledged the goodwill and constructive discussions with the Queensland government that led to the agreement.

"This incentive will partially mitigate the negative costs of continuing these assets, which face high fixed costs and struggle to compete internationally," Glencore said.

"We recognise these metallurgical assets are an important part of the North Queensland economy and part of a broader supply chain which supports thousands of jobs."

Glencore said the agreement secured ongoing employment for about 570 people, as well as a further 1000 indirect jobs.

The company said it would undertake further studies to examine the viability of large-scale e-recycling or custom smelting.

The government said the incentive would also support 520 jobs across Incitec Pivot's Queensland operations.

"The North-West Minerals Province was one of the world's richest mineral-producing regions, with half a trillion dollars' worth of the new economy minerals needed for batteries and renewables," Queensland treasurer Cameron Dick said.

"Demand for those critical minerals will climb over the next decade from the renewable and technology sector.

"Queensland needs to maintain minerals processing capability in the North West to keep supply chains open for future critical mineral developments and the jobs they will create."

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.