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Glencore's Australian copper mines nears closure — Bloomberg
Glencore will shutter its last two copper mines in Mount Isa, Queensland next week, Bloomberg reports. While the mines, operational for over 60 years, will close due to declining ore quality, a final decision remains pending on whether to also close the nearby copper smelter and Townsville processing facilities.
The company is currently negotiating with Australian authorities for subsidies to maintain operations at facilities that process third-party ore. Despite favorable copper market conditions, Western smelters face mounting pressure from subsidized Chinese competitors.
The mine closures coincide with Glencore's Tuesday announcement of its Lady Loretta zinc project sale to Austral Resources. The mining giant will release its first-half earnings report on August 6.
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