Glencore intends to shut down its three underground copper mines in Mount Isa by 2025, resulting in approximately 1,000 job losses, as per reports from the Australian Financial Review on Tuesday.
Despite the closures, the company’s refinery and smelters in Central Queensland will continue operations. Glencore has chosen not to comment on the matter.
The decision comes at a time when global miners face increasing operational costs amidst broader economic pressures. The move reflects a growing trend among copper producers to mitigate the escalating expenses associated with new projects, critical in the ongoing energy transition.
Mount Isa Mines stands as Australia’s second-largest copper producer, as stated on Glencore’s website.
