Copper

Sean K said:

Not a bad summary of copper stocks on the ASX to consider.

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EquityEspresso said:

Glencore stopping shipments has helped the price too

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Glencore delivers latest blow to Made in Australia vision with warning on copper jobs​

rcw1 said:

Glencore delivers latest blow to Made in Australia vision with warning on copper jobs​

3 min read
April 3, 2025 - 7:04PM
The Australian Business Network

Glencore has warned local communities that its Mount Isa copper smelter and Townsville copper refinery are hanging by a thread and unlikely to survive without financial support from the Queensland and federal governments.
The smelter and refinery employ about 550 people and a closure would have a knock-on effect on copper miners in Queensland who rely on the smelter and on an Incitec Pivot acid plant at Mount Isa.

It is understood Glencore has approached the Queensland and federal governments for help in recent weeks. Queensland has indicated it is willing to discuss financial support but there has been no response from the Albanese government.

Swiss-based Glencore said the smelter and refinery were under immense pressure due to an unprecedented decline in the global smelting market.

Glencore chief operating officer for zinc and copper assets Sam Strohmayr updated the Mount Isa community on the plight of the smelter and refinery at a community meeting on Wednesday night.

“We are assessing the future of our copper processing assets against a backdrop of the largest drops in treatment and refining charges in 25 years, with smelters in countries like China and Indonesia heavily subsidised by their governments,” he said.

“Our copper smelter and refinery are strategic assets for the state of Queensland. We have approached both the Queensland and federal governments about the future of these assets and their support for a regional solution that benefits the whole northwest Queensland.”

Mount Isa is one of only two copper smelters still in operation in Australia – BHP owns the other one – and the only smelter that treats ore produced by third-parties, including small and mid-sized miners in the northwest of Queensland.

Glencore has tolling agreements in place with Carnaby Resources and True North Copper, and toll treats concentrate stockpiles from 29Metals’ Capricorn Copper mine.

Glencore’s warning on copper processing follows global commodities company Trafigura sounding the alarm over the future of its zinc and lead smelters in Australia.

The crisis in metals smelting – BHP shut Australia’s only nickel smelter last year – comes as the federal government promotes its Future Made in Australia policy in the countdown to the federal election.

Glencore will cease copper mining in July, as flagged by the company almost 18 months ago. It will then rely on ore from third parties to keep the smelter and refinery open.

The smelter supplies a sulphur by-product to Incitec Pivot, which in turn supplies acid to the smelter.

Glencore originally estimated the end to copper mining at Mount Isa would cost 1200 jobs. It now expects about 500 job losses with many workers redeployed, including to zinc and lead operations within the wider Mount Isa Mines business.

Gary Nagle-led Glencore is due to make a call on whether to invest in prolonging the life of the smelter before the end of 2025. Every four years, the plant requires what is known as a rebrick due to the intense heat involved in smelting copper, at a cost of about $40m.

Mr Nagle told The Australian in February that high power costs were a major disincentive to keeping the copper smelter and refinery running.

“The smelter is challenged given high power costs. We’ve seen power costs in Australia more than double some other places in the world,” he said.

“The only way to survive that you have a competitive cost line, and a big input into that is the cost of power. Unfortunately, the cost of power in Australia, versus where other smelters are in the world, is significantly higher.”

Mr Strohmayr assured the community meeting on Wednesday that Glencore was “not going anywhere” despite the cloud over the copper smelter and refinery.

“Mount Isa Mines is an important asset for Glencore globally and we’re continuing to invest in these operations,” he said.

“The future for our long-life George Fisher mine, which produces zinc, lead and silver, is bright. With its life of mine to 2042, we are upskilling our workforce, expanding production and advancing our fleet,” he said.

“Importantly, we’ve already transferred 89 people from the impacted underground copper operations to George Fisher, with 71 additional transfers pending. Our goal here is to replace contractor fly-in, fly-out roles with local workers.”

In the past five years, Glencore has invested about $1.8bn in the Queensland Metals business, including $653m on zinc mining and processing, and $87m in exploration.

Click to expand...

rcw1 said:

Glencore delivers latest blow to Made in Australia vision with warning on copper jobs​

3 min read
April 3, 2025 - 7:04PM
The Australian Business Network

Glencore has warned local communities that its Mount Isa copper smelter and Townsville copper refinery are hanging by a thread and unlikely to survive without financial support from the Queensland and federal governments.
The smelter and refinery employ about 550 people and a closure would have a knock-on effect on copper miners in Queensland who rely on the smelter and on an Incitec Pivot acid plant at Mount Isa.

It is understood Glencore has approached the Queensland and federal governments for help in recent weeks. Queensland has indicated it is willing to discuss financial support but there has been no response from the Albanese government.

Swiss-based Glencore said the smelter and refinery were under immense pressure due to an unprecedented decline in the global smelting market.

Glencore chief operating officer for zinc and copper assets Sam Strohmayr updated the Mount Isa community on the plight of the smelter and refinery at a community meeting on Wednesday night.

“We are assessing the future of our copper processing assets against a backdrop of the largest drops in treatment and refining charges in 25 years, with smelters in countries like China and Indonesia heavily subsidised by their governments,” he said.

“Our copper smelter and refinery are strategic assets for the state of Queensland. We have approached both the Queensland and federal governments about the future of these assets and their support for a regional solution that benefits the whole northwest Queensland.”

Mount Isa is one of only two copper smelters still in operation in Australia – BHP owns the other one – and the only smelter that treats ore produced by third-parties, including small and mid-sized miners in the northwest of Queensland.

Glencore has tolling agreements in place with Carnaby Resources and True North Copper, and toll treats concentrate stockpiles from 29Metals’ Capricorn Copper mine.

Glencore’s warning on copper processing follows global commodities company Trafigura sounding the alarm over the future of its zinc and lead smelters in Australia.

The crisis in metals smelting – BHP shut Australia’s only nickel smelter last year – comes as the federal government promotes its Future Made in Australia policy in the countdown to the federal election.

Glencore will cease copper mining in July, as flagged by the company almost 18 months ago. It will then rely on ore from third parties to keep the smelter and refinery open.

The smelter supplies a sulphur by-product to Incitec Pivot, which in turn supplies acid to the smelter.

Glencore originally estimated the end to copper mining at Mount Isa would cost 1200 jobs. It now expects about 500 job losses with many workers redeployed, including to zinc and lead operations within the wider Mount Isa Mines business.

Gary Nagle-led Glencore is due to make a call on whether to invest in prolonging the life of the smelter before the end of 2025. Every four years, the plant requires what is known as a rebrick due to the intense heat involved in smelting copper, at a cost of about $40m.

Mr Nagle told The Australian in February that high power costs were a major disincentive to keeping the copper smelter and refinery running.

“The smelter is challenged given high power costs. We’ve seen power costs in Australia more than double some other places in the world,” he said.

“The only way to survive that you have a competitive cost line, and a big input into that is the cost of power. Unfortunately, the cost of power in Australia, versus where other smelters are in the world, is significantly higher.”

Mr Strohmayr assured the community meeting on Wednesday that Glencore was “not going anywhere” despite the cloud over the copper smelter and refinery.

“Mount Isa Mines is an important asset for Glencore globally and we’re continuing to invest in these operations,” he said.

“The future for our long-life George Fisher mine, which produces zinc, lead and silver, is bright. With its life of mine to 2042, we are upskilling our workforce, expanding production and advancing our fleet,” he said.

“Importantly, we’ve already transferred 89 people from the impacted underground copper operations to George Fisher, with 71 additional transfers pending. Our goal here is to replace contractor fly-in, fly-out roles with local workers.”

In the past five years, Glencore has invested about $1.8bn in the Queensland Metals business, including $653m on zinc mining and processing, and $87m in exploration.

Click to expand...

rcw1 said:

Glencore delivers latest blow to Made in Australia vision with warning on copper jobs​

3 min read
April 3, 2025 - 7:04PM
The Australian Business Network

Glencore has warned local communities that its Mount Isa copper smelter and Townsville copper refinery are hanging by a thread and unlikely to survive without financial support from the Queensland and federal governments.
The smelter and refinery employ about 550 people and a closure would have a knock-on effect on copper miners in Queensland who rely on the smelter and on an Incitec Pivot acid plant at Mount Isa.

It is understood Glencore has approached the Queensland and federal governments for help in recent weeks. Queensland has indicated it is willing to discuss financial support but there has been no response from the Albanese government.

Swiss-based Glencore said the smelter and refinery were under immense pressure due to an unprecedented decline in the global smelting market.

Glencore chief operating officer for zinc and copper assets Sam Strohmayr updated the Mount Isa community on the plight of the smelter and refinery at a community meeting on Wednesday night.

“We are assessing the future of our copper processing assets against a backdrop of the largest drops in treatment and refining charges in 25 years, with smelters in countries like China and Indonesia heavily subsidised by their governments,” he said.

“Our copper smelter and refinery are strategic assets for the state of Queensland. We have approached both the Queensland and federal governments about the future of these assets and their support for a regional solution that benefits the whole northwest Queensland.”

Mount Isa is one of only two copper smelters still in operation in Australia – BHP owns the other one – and the only smelter that treats ore produced by third-parties, including small and mid-sized miners in the northwest of Queensland.

Glencore has tolling agreements in place with Carnaby Resources and True North Copper, and toll treats concentrate stockpiles from 29Metals’ Capricorn Copper mine.

Glencore’s warning on copper processing follows global commodities company Trafigura sounding the alarm over the future of its zinc and lead smelters in Australia.

The crisis in metals smelting – BHP shut Australia’s only nickel smelter last year – comes as the federal government promotes its Future Made in Australia policy in the countdown to the federal election.

Glencore will cease copper mining in July, as flagged by the company almost 18 months ago. It will then rely on ore from third parties to keep the smelter and refinery open.

The smelter supplies a sulphur by-product to Incitec Pivot, which in turn supplies acid to the smelter.

Glencore originally estimated the end to copper mining at Mount Isa would cost 1200 jobs. It now expects about 500 job losses with many workers redeployed, including to zinc and lead operations within the wider Mount Isa Mines business.

Gary Nagle-led Glencore is due to make a call on whether to invest in prolonging the life of the smelter before the end of 2025. Every four years, the plant requires what is known as a rebrick due to the intense heat involved in smelting copper, at a cost of about $40m.

Mr Nagle told The Australian in February that high power costs were a major disincentive to keeping the copper smelter and refinery running.

“The smelter is challenged given high power costs. We’ve seen power costs in Australia more than double some other places in the world,” he said.

“The only way to survive that you have a competitive cost line, and a big input into that is the cost of power. Unfortunately, the cost of power in Australia, versus where other smelters are in the world, is significantly higher.”

Mr Strohmayr assured the community meeting on Wednesday that Glencore was “not going anywhere” despite the cloud over the copper smelter and refinery.

“Mount Isa Mines is an important asset for Glencore globally and we’re continuing to invest in these operations,” he said.

“The future for our long-life George Fisher mine, which produces zinc, lead and silver, is bright. With its life of mine to 2042, we are upskilling our workforce, expanding production and advancing our fleet,” he said.

“Importantly, we’ve already transferred 89 people from the impacted underground copper operations to George Fisher, with 71 additional transfers pending. Our goal here is to replace contractor fly-in, fly-out roles with local workers.”

In the past five years, Glencore has invested about $1.8bn in the Queensland Metals business, including $653m on zinc mining and processing, and $87m in exploration.

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Sean K said:

Couldn't a wind farm or some solar panels power this?

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Sean K said:

Couldn't a wind farm or some solar panels power this?

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qldfrog said:

Stop it Sean, Stop it ..it hurts....
Sadly the 600 or so people losing their jobs...that is a lot of cafes to open...

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frugal.rock said:

If we harnessed all the gas the politicians put out, we could power it...

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peter2 said:

The probable shutdown of the Glencore copper smelter should be a wake up call for all Aussies. Indonesia with China has shutdown our nickel refining industry. Now it seems that China will shut down our copper smelting industry (only two remaining, BHP, Glencore). Steel manufacturing on life support.

It won't be long before all we'll do is dig it up and ship it out. We've no one making any plans for this country. We're unable to get bipartisan support to rub two sticks together.

Click to expand...

peter2 said:

The probable shutdown of the Glencore copper smelter should be a wake up call for all Aussies. Indonesia with China has shutdown our nickel refining industry. Now it seems that China will shut down our copper smelting industry (only two remaining, BHP, Glencore). Steel manufacturing on life support.

It won't be long before all we'll do is dig it up and ship it out. We've no one making any plans for this country. We're unable to get bipartisan support to rub two sticks together.

Click to expand...

qldfrog said:

I am deeply convinced this country has lost its way..
Mining is our last tenuous attach to a semblance of working society
No dream, just complaining and begging for more ndis, or more cg, or more taxes on the rich...like student loans of the idles paid by the working poor pushing your supermarket trolleys, hatred of anyone richer, whiter, maler, stronger, more intelligent or luckier, or just able to use its brain out of the constant propaganda.
An economy in collapse for now a decade, and not even mentioned in the campaign.FFS
Crazy netzero policies which regardless of your adoption of the co2 scam, will not change a thing, more public servants , BS jobs and debt,billions in antiquated and useless weapon systems.
Painful to watch, but as much as you can blame politicians, they are just a reflection of the voters.
So instead of a nation engaged in Putin, Trump or Xi blaming, high time Australians look at themselves in the mirror.
I felt the same sentiments about France 3 decades ago, i invite you to look at where this can led a country in a few decades
Nickel, copper, coal and iron are going down, gold the next target?
If smelters are bad, imagine the damages of mineral extraction...

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