Oct 18 (Reuters) – Mining giant Glencore (GLEN.L) said on Wednesday it was set to close its copper operations at Mount Isa mines in Queensland, Australia by the second half of 2025.
The decision followed studies and reviews that it is not possible to further extend the life of the underground mines, the Swiss miner and trader said.
Mount Isa mines, whose copper operations produced 191,612 tons of copper cathode in 2022, is the second-largest copper producer in Australia, according to Glencore’s website.
“The impact from the mine closure is expected to be localised In terms of the copper market with the production void likely to be backfilled by supply from other copper mines throughout the region,” said Tim Waterer, chief market analyst at KCM Trade.
For the rest of this article: https://www.reuters.com/markets/commodities/glencore-shut-mount-isa-copper-mines-by-second-half-2025-2023-10-17/