Glencore (LSE:GLEN) is set to ‘mothball’ operations at the group’s Mount Isa copper smelter and Townsville refinery, according to The Courier Mail, with a company email citing ongoing financial losses projected to reach $2.2 billion this year from its North Queensland operations.
The company advised in May, it was “in discussions with the Crisafulli Government on the future of its Mount Isa copper smelter and Townsville copper refinery operations”.
Glencore employs more 17,000 direct employees and contractors across 20 projects, predominantly in New South Wales, Northern Territory, Western Australia and Queensland noting that the company spent $19.6 billion according to its economic contribution report for 2024.
The proposed review of operations at the Mount Isa smelter and Townsville refinery have been the subject of media scrutiny since the closure of Mount Isa Mines’ copper operations 18 months earlier.
Efforts to provide certainty around the project follow meetings between state and federal governments have not produced an agreement with Glencore.
Potential job loss figures quoted in the Courier Mail are as high as 17,000 for the affected areas of operations.
Write to Dan Petrie at Mining.com.au
Images: Glencore
