Glencore, Led By Gary Nagle, Sets Date To Shut Mount Isa Copper Mine

The Swiss mining giant, led by South African CEO Gary Nagle, confirms the historic Australian mine will cease production by month-end.

Initial estimates of 1,200 layoffs now reduced to 500, with 170 workers redeployed and some opting for retirement or resignation.

Glencore seeks government funding to maintain operations, warning Australias smelting industry faces pressure from rising global competition.

Glencore Plc, the Swiss commodity trading and mining giant led by South African executive Gary Nagle, has announced the closure of Mount Isa Copper Mine, one of Australia's largest and oldest copper operations, by the end of July. Located in north-west Queensland, the mine has been a vital part of Australias mining landscape for over a century.

The final ore extraction will take place around July 29 or 30, marking the end of the mines operations. This decision follows Glencore's 2023 assessment that Mount Isa Copper Operations MICO and its copper concentrator were no longer financially viable.

When the closure was first announced, up to 1,200 jobs were at risk. However, Glencore has since revised this figure to about 500. Sam Strohmayr, chief operating officer of Glencores Australian Zinc and Copper Assets, noted that 170 workers have been redeployed to other company operations, while some employees have chosen early retirement or resignation.

We've had some natural attrition, and for roughly 300 employees nearing the end of their careers, redundancy payouts are being offered as a gesture of appreciation, Strohmayr said. As of now, only five employees have been formally made redundant.

Since its establishment in 1924, Mount Isa Mines has been integral to Australia's economy, initially focused on lead, silver, and zinc. During WWII, it shifted to copper production, becoming Australia's second-largest copper producer by 1953.