CANBERRA, Oct. 8 (Xinhua) -- The Australian government on Wednesday announced a bailout to keep a Glencore-owned copper smelter and refinery in the state of Queensland operating for the next three years.
Australia's Minister for Industry and Innovation Tim Ayres said that the federal and Queensland governments will invest up to 600 million Australian dollars (393.7 million U.S. dollars) over the next three years in Glencore's copper smelter and refinery in northern Queensland.
The Swiss-based multinational said in April that it was seeking government support to keep operating the copper smelter in Mount Isa, over 1,500 km northwest of Brisbane, and the refinery in the eastern coastal city of Townsville.
Ayres said that the support funding will be provided in three annual payments and split 50-50 between the federal and state governments.
He said that the intervention would protect more than 1,000 jobs in the Mount Isa region and reinforce Australia's position as a key global supplier of copper.
"Copper is critical to building solar panels, wind turbines and energy storage systems. This investment strengthens our supply chains and supports Australia's transition to net-zero," he said in a statement.
Glencore said in April that the Mount Isa facility was strategically important for Australia, but that energy and maintenance costs made it unprofitable.
Glencore Metals Australia's interim chief operating officer, Troy Wilson, said on Wednesday that the government support would provide a short-term lifeline for the copper smelter and refinery. Enditem
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