US EditionGlencore Gets $395M in Government Funding for Australian Copper Smelter and Refinery
The funding aims to preserve 600 jobs and secure copper supply amid global market challenges, with payments contingent on a transformation study, officials said.
- On Tuesday, the Queensland government and Australian federal government committed $600 million over three years to keep the Mount Isa copper smelter and Townsville copper refinery running, protecting 600 jobs.
- Faced with fierce global competition, Dr David Whittle said `Copper is a big deal- it's already in short supply globally, and China controls a significant proportion of the world's smelting capability.` The crisis prompted rescue talks to safeguard Australia's critical minerals industry.
- Funding will be provided in three payments of up to $200 million over the next three years, contingent on a transformation study assessing the copper value chain and Glencore’s $2.5 billion planned investment.
- Industry groups and officials welcomed the package, with Warren Pearce stating `Thousands of jobs depend on it, not just within the operation, but across the broader North West Minerals Province community`.
- This rescue joins other government bailouts that together exceed $3.1 billion to save processing facilities nationally, while experts warned preferential deals are needed as the United States critical minerals designation for copper influences supply chains.
13 Articles
13 Articles
Glencore gets $395M in government funding for Australian copper smelter and refinery
Glencore (GLCNF) to get a government bailout valued at up to A$600 million ($395 million) to keep its Mount Isa copper smelter and Townsville refinery in Australia’s Queensland state open for the next three years.
Glencore Gets $395 Million From Australia to Keep Smelter Open
Glencore Plc said it will receive a combined A$600 million ($395 million) from the Australian federal and Queensland state governments to keep its Mount Isa copper smelter and associated refinery running for another three years.
“Backing the region”: Glencore’s Mount Isa deal - Mining Magazine Australia
Image: ChameleonsEye/shutterstock.com When Glencore reached a deal on a $600 million support package with the Australian and Queensland governments earlier this week, it helped to secure the ongoing production of the Mount Isa copper smelter and Townsville copper refinery for at least another three years. The support package was finalised after eight months of negotiations between the Swiss commodities giant and both governments, and it includes…
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