Glencore to shed 1000 jobs and shut Mount Isa copper mines by 2025

afr.com:

Swiss mining giant Glencore is set to close its copper mining operations in Mount Isa by the end of 2025 — which will result in the loss of about 1000 jobs — but it will keep its refinery and smelters open in Central Queensland.

With global miners struggling to contain costs and boost profitability amid increasing economic uncertainty, Glencore on Tuesday will announce its three underground copper mines in Mt Isa will be closed by the second half of 2025.

Glencore is closing its copper mines but will keep its copper smelter in Mt Isa open. Glenn Hunt

It is understood the mines are reaching the end of their natural life and the copper grade had become much lower which forced the decision.

But in a bid to allay local concerns, Glencore will confirm it will keep its copper smelter in Mt Isa and refinery in Townsville open, with enough third-party work to keep them profitable.

There will also be no change to its zinc operations in Mt Isa.

Glencore employs about 3500 people across its zinc and copper operations in Mt Isa.

Treasurer Cameron Dick will be in Mt Isa on Wednesday to talk to locals who may be concerned about the closure.

It is understood unions have been negotiations with Glencore and the state government about the job losses.

In 2022, Glencore announced it was extending the life of its copper smelter in Mt Isa and refinery in Townsville after financial support from the Queensland government. Glencore also invested another $500 million into the facilities.

Late last year, Glencore has partly blamed the Palaszczuk government’s new controversial royalties scheme for its decision to abandon its plans to build a $2 billion thermal coal mine in Central Queensland.

Glencore said it had decided to withdraw the Valeria