Glencore will extend the operation of its copper smelter in Mount Isa and refinery in Townsville beyond 22, after reaching an agreement with the Queensland government.
Glencore will receive a one-off incentive as part of the Queensland government’s North Queensland recovery plan.
The company acknowledges the goodwill and constructive discussions with the Queensland government that culminated in this agreement.
In addition, Glencore will invest more than AUS$500 million for the continued operation of the copper smelter and refinery.
This incentive will partially mitigate the negative costs of continuing these assets which face high fixed costs and struggle to compete internationally.
The company recognises these metallurgical assets are an important part of the North Queensland economy and part of a broader supply chain which supports thousands of jobs.
This agreement secures ongoing employment for approximately 570 direct smelter and refinery workers, and a further 1000 indirect jobs.
Glencore will undertake further studies to examine the economic feasibility of large scale e-recycling or custom smelting into the future.
The Mount Isa copper smelter and Townsville refinery are the only copper metallurgical assets of their kind in Queensland.
Read the article online at: https://www.globalminingreview.com/handling-processing/23092020/glencore-extends-copper-smelter-and-refinery-operations/