Federal, State Governments Pledge $600 Million Lifeline to Save Copper Smelter and Refinery

State and federal governments have combined efforts to provide a funding boost to Glencore’s embattled Queensland facilities.

Australia’s largest coal producer Glencore exported 15.5 million tons of thermal coal in the third quarter of this year, a year-over-year increase of 15 percent, according to the company’s Q3 report. Robert Cianflone/Getty Images

Federal Industry Minister Tim Ayres has travelled to Queensland to announce support to keep the embattled Mount Isa Copper Smelter and Townsville Refinery operational.

According to an official joint statement between Ayres and Dale Last, Queensland’s LNP minister for natural resources, the government will spend around $600 million on the two facilities over the next three years.