Glencore to extend life of Australian copper smelter, refinery beyond 2022
U.S. Glencore to extend life of Australian copper smelter, refinery beyond 2022. (Reuters) - Glencore will spend A$500 million ($356 million) to extend the life of its copper smelter and refinery in the Australian state of Queensland beyond 2022, after reaching a funding agreement with the state government, both parties said on Wednesday. The global miner said it had secured a one-off incentive from the Queensland state government for the business which includes its Mount Isa copper smelter and Townsville refinery, ahead of a state election at the end of October. The agreement will secure around 570 direct smelter and refinery jobs, and a further 520 jobs at chemicals maker Incitec Pivot's (IPL.AX), operations in North Queensland, which take sulphuric acid from the Mount Isa plant, the government said. As part of an A$8 billion funding package, the Queensland State government will also spend A$50 million on the Mount Isa rail line to boost capacity between the state's north-west minerals province where miners like South 32 (S32.AX) also operate, and Townsville, which is its largest port.