Glencore to shed 1200 jobs and shut Mount Isa copper mines by 2025
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 1200 jobs, but it will keep its refinery and smelters open in North Queensland.
With global miners struggling to contain costs and boost profitability amid increasing economic uncertainty, Glencore on Wednesday announced its three underground copper mines in Mount Isa will be closed by the second half of 2025.
Glencore is closing its copper mines but will keep its copper smelter in Mount 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 Mount 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 Mount Isa in the state’s north-west.
Glencore employs about 3500 people across its zinc and copper operations in Mount Isa.
Glencore chief operator officer of its zinc assets in Australia Sam Strohmayr said the company was aware the decision to close the copper mines would be disappointing for the Mount Isa community.
“The reality of mining is that mines have a beginning, middle and end. And unfortunately, after 60 years of operation, Mount Isa’s underground copper operations have now reached that end,” he said.
“We want to give our people as much time as possible to consider the best options for them and their families, which is why we are notifying our workers and the community almost two years before these mines close.
“Our focus over the coming months will be to work closely with our people and contractors, our suppliers, and the Mount Isa community to provide support as we move towards closure of these assets.”
Treasurer Cameron Dick will be in Mount 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 said it was extending the life of its copper smelter in Mount 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 coal project from the approvals process and will place the project under review.
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