Mount Isa City Council has welcomed news the Federal and Queensland Governments will invest up to $600 million over the next three years in Glencore’s Mount Isa Copper Smelter and Townsville Refinery – protecting more than 600 direct jobs and a further 500 jobs at the nearby Phosphate Hill facility.
Federal Industry Minister, Tim Ayers and Queensland Resources Minister, Dale Last, yesterday stood with Mount Isa Mayor, Peta MacRae and Glencore Metals Australia Interim COO, Troy Wilson to announce the Mount Isa Copper Smelter rescue package.
“This agreement will see that Mount Isa and its economy is capable of sustaining copper production to support the workers, community, and industry,” said Mayor MacRae.
“We are excited by the Government’s move to protect Australia’s metals industry,” said Mr Wilson.
The funding will be provided in three payments of up to $200 million over the next three years, contingent on the completion of a transformation study, alongside other review points.
The transformation study will focus on driving sustainable and long-term industrial capability in Mount Isa. It will evaluate the end-to-end copper value chain in the region and seek to understand the long-term opportunity for the facilities, industry and Mount Isa workers beyond the support period, positioning the region for a more diverse and resilient future.
“The State’s transformation study will support investment, diversification, and sustainability in the region. This continues the work we did on the Mount Isa Future Ready Economy Roadmap,” said Mayor MacRae.
Both Governments have now signed a Heads of Agreement with Glencore, giving certainty to workers, local communities and the businesses that rely on the Mount Isa operation.
The agreement will be executed at the end of October and includes funding for capital upgrades to the smelter including the rebrick Glencore has requested. The agreement also offers a two plus one-year extension.
“This time frame gives us time to monitor market activity,” said Mr Wilson.
“I know the community is relieved with this announcement. We are thankful the Federal and State Governments were able to collaborate with Glencore on this funding package and are eager to see the continuous investment in Mount Isa, our future-ready economy, our diverse industries, and the North West Province,” said Mayor MacRae.
“This package is a step towards securing Mount Isa’s future as a critical minerals and mining hub of Australia. It is still essential that more organisations and industries are supported to enable a Future Made in Australia.
“While this gives relief in the immediate future, we will not stop pushing for more investment and opportunities to support the North West and our community,” the Mayor said.
