Tag: Townsville
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Australia funds Glencore refinery lifeline to keep copper processing running
Background: why funds were needed Glencore’s Mount Isa Copper Smelter in Queensland and the adjacent Townsville Refinery faced a future in care-and-maintenance without government support. After months of negotiations and mounting losses, the company agreed to a multi-year rescue package that would keep the facilities online through 2028. The backing signals a strategic view by…
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Glencore Refinery Rescue: Australian Taxpayers Fund Multi‑Year Lifeline for Mount Isa and Townsville Assets
Overview of the Rescue Package Australia will subsidise Glencore’s copper processing operations in Queensland, providing a multi‑million‑dollar lifeline to keep the Mount Isa Copper Smelter and the adjoining Townsville Refinery running through 2028. The federal and Queensland governments confirmed a $600 million financial bridging package, with the funding split 50:50 between the Commonwealth and the…