Glencore to shut Australian copper mines with smelter on brink
Glencore is on track to close its last two copper mines in Mt Isa, Queensland, next week, ahead of a decision on whether to also shutter a smelter at the same complex.
A shutdown of the mines – which have been operating for more than six decades – would end Glencore’s upstream copper operations in Australia, according to a spokesperson. The company announced the plan in October 2023 following a review that found they were no longer viable given declining ore grades.
With the closures looming, Glencore has been seeking financial support from the state and federal governments to retain the smelter, which would process third-party ore. Despite a bullish narrative for copper, many smelting facilities across the Western world are on the brink of being closed down amid intense competition from Chinese rivals following a wave of expansion.
Last month, Troy Wilson, COO for Glencore’s Australian metals business, said there was “no longer a level playing field” with China, adding that plants in the Asian country were heavily subsidised. The miner plans to make a decision on the smelter by the end of September.
At present, the smelter at Mt Isa treats more than one-million tons of concentrate a year from miners throughout Australia, including BHP Group, which sends material from its Olympic Dam project in South Australia.
The closure of the mines coincides with a decision by Glencore to sell its Lady Loretta zinc mine and associated landholdings to Austral Resources Australia in a deal announced on Tuesday.
Glencore will report its half-year results on August 6.
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