Mount Isa Minerals aims to launch its IPO early next year and is highlighting the opportunities presented by Glencore’s plans to wind down its local copper mining operations.

The exploration company’s Mount Isa project consists of eight granted exploration permits covering 326sq km of highly prospective copper mineralisation near the city of Mount Isa.

Glencore last month announced plans to close its Mount Isa Mines underground copper operations and copper concentrator in the second half of 2025. However it is set to continue operating its Mount Isa copper smelter and Townsville copper refinery out to 2030.

Mount Isa Minerals executive chairman David Williams said Glencore’s move to scale back mining operations due to the lack of economic ore in the underground copper mines indicated its processing operations needed further supply.

This reinforced how Mount Isa Minerals was in a prime position for future processing, with its copper project directly adjacent to the Glencore facility, he said.

The company sees the Glencore announcement as an example of the growing global problem – copper supply declining while demand is starting to see exponential growth.

It is planning to deliver its IPO in the first quarter of 2024, when it believes the market will be stronger and the awareness of the company and the impact of the Glencore announcement will be better understood by the wider market.

In the lead-up to the IPO, two additional non-executive directors have been appointed to the board: Nick Huffels and Scott Drelincourt.