Proactive Investors - Glencore PLC (LON:GLEN) has announced the closure of its copper mines in Mt Isa, Queensland, by 2025, affecting 1,200 workers and ending 60 years of operation.
The decision comes after studies found that the remaining resources are not economically viable due to low ore grades and safety concerns.
Sam Strohmayr, the company's COO, said redundancies would be a last resort. Queensland's Treasurer, Cameron Dick, announced a $50 million investment for other resource projects in the region, with Glencore adding $20 million.
The closure has raised concerns among local communities and unions, with local MP Robbie Katter questioning Glencore's motives and calling for a reassessment of the state's mining policies.
Despite the closure, other Glencore metal assets in Mt Isa will continue to operate.