Glencore has confirmed that underground copper mining in Mount Isa, Queensland is on track to close in July of this year.
This comes 17 months after the initial announcements that the mines would be closed, looking to create time to minimise the impact on the workforce.
The latest press release confirmed that job impacts have now been reduced to around 500 people, down from an original estimate of 1200, which will include redeployments and placing local workers into contractor FIFO roles.
Part of the closure transition has seen on site counselling provided, as well as, resume workshops, financial planning and two job fairs.
The Mt Isa copper smelter is one of only two still in operation in Australia and the only smelter which treats third-party products, supporting small and mid-sized miners in the north-west region and keeping the processing of critical minerals in Australia.
Speaking at a Community Information Session, Chief Operating Officer for Glencore’s Australian Zinc and Copper Assets, Sam Strohmayr and Mount Isa Mines’ Senior Leadership Team spoke to the local community, with a firm focus on Glencore “not going anywhere” and contuining to invest.
“We are assessing the future of our copper processing assets against a backdrop of the largest drops in treatment and refining charges in 25 years, with smelters in countries like China and Indonesia heavily subsidised by their governments," Strohmayr said.
“Our copper smelter and refinery are strategic assets for the State of Queensland. We have approached both the Queensland and Federal Governments about the future of these assets and their support for a regional solution that benefits the whole north-west Queensland."
At the time of writing, Glencore PLC's stock price (LON: GLEN) was trading at £282.95, with a market cap of £34.24 billion.
