Overview

• Glencore accepted taxpayer-backed support to continue operating its Mount Isa copper smelter and Townsville refinery, safeguarding about 600 direct jobs.
• Industry Minister Tim Ayres said the package is a 50:50 cost share between Canberra and Queensland, with a two‑year core commitment and a contingent third‑year payment.
• The agreement is intended to maintain operations through the end of 2028 after months of talks triggered by Glencore’s warning of multi‑year losses.
• Drivers cited for the rescue include a costly smelter rebrick due in 2026, high regional energy costs, and weaker refining charges, following the July closure of the underground Mt Isa copper mine.
• Local and industry figures welcomed the immediate relief and stressed the facilities’ strategic role for supply chains, with calls for further steps to secure long‑term commercial viability.