Glencore Plc, the Swiss mining and commodity trading giant led by South African executive Gary Nagle, will receive A600 million 395 million in Australian government support over three years for its Mount Isa copper smelter and Townsville refinery.
The funding, split equally between the federal and Queensland state governments, comes amid rising concern over secure access to minerals essential for energy transition and national defense. Earlier this year, the company warned it might have to close the Mount Isa smelter , putting around 600 jobs at risk.
Under the Australian plan, Glencore will receive up to three payments of 200 million, contingent on completing a transformation study and meeting other review benchmarks, Federal Industry Minister Tim Ayres said.