Fresh mining investment a must says QRC

The impending closure of Glencore's Mount Isa Mines underground copper operations highlights the need for new mining investment in Queensland, according to the Queensland Resources Council. “The future success of the resources sector cannot be taken for granted by governments and we need policies that encourage investment in new Queensland resources projects as more mines reach their end of production in coming years,” QRC chief executive Ian Macfarlane (pictured above) said. “The Queensland Government needs to start listening to the many warnings about the threat to future investment as a result of its snap decision to impose the world’s highest coal royalty tax rates. “In the current global economic climate, the State Government should be doing all it can to attract investment in new resources projects in Queensland." The QRC described the decision by Glencore to close its Mount Isa Mines underground copper operations in 2025, when the nearby Lady Loretta zinc mine is also due to close, as unfortunate but understandable. It commended the company for its commitment to work with affected employees to find new opportunities. Glencore announced today that, after 60 years of copper mining, the Mount Isa Mines underground copper operations (Enterprise, X41 and Black Rock) and copper concentrator would close in the second half of 2025. Chief operating officer of Glencore’s zinc assets in Australia Sam Strohmayr said the affected operations employed about 1200 people. “It’s too early to put a figure on how many people may receive redundancies until we work through a process of speaking to each worker and discuss options around retention, redeployment, and retraining," Mr Strohmayr said. Glencore's Mount Isa Mines copper smelter will continue its operations. Glencore’s Lady Loretta zinc mine, located 140km north-west of Mount Isa, which was a finite orebody with a seven-year mine life will also close in 2025 as previously announced. Mount Isa Mines’ other metals assets including the copper smelter, George Fisher Mine, zinc-lead concentrator, and lead smelter in Mount Isa, as well as the copper refinery in Townsville, will all continue operating. Mr Macfarlane said the North West Minerals Province offered enormous potential for the resources sector, with abundant reserves of many of the critical minerals the world needed to develop new technologies for a decarbonised future. “That potential can only be fully reached with the backing of investors providing the billions of dollars to develop the projects that will provide future jobs and economic benefits for Queensland," he said. “Sudden government policy changes and over-complicated red and green tape and regulation will do little to encourage investors when they have more attractive options in other states and countries.”

Fresh mining investment a must says QRC

Industry Queensland

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