A Heads of Agreement reached on Mount Isa Smelter and Townsville Refinery

Glencore has signed a Heads of Agreement with the Australian and Queensland Governments, ensuring the continued operation of the Mount Isa Copper Smelter and Townsville Copper Refinery.

Supporting jobs and communities

The Heads of Agreement includes up to A$600 million in support over the next three years, providing certainty for these key industrial assets and 600 local workers and their families across Mount Isa and Townsville.

Both facilities have been recognised as strategic national assets that play a vital role in supporting Australia’s critical minerals strategy and maintaining domestic metals processing capabilities.

Beyond direct employment, the Heads of Agreement supports a regional supply chain stretching from Mount Isa to Brisbane, benefiting thousands of local suppliers and small businesses that contribute to the success of North Queensland’s mining and metals sector.

Investing in regional growth

As part of the Heads of Agreement, Glencore in conjunction with the Government will undertake a Transformation Study to explore new industrial opportunities and enhance the long-term economic resilience of Mount Isa.

Our company also proposes to invest A$2.5 billion across North Queensland over the coming years, including:

• Further investment in the George Fisher Mine
• Potential development of the Black Star Open Cut (BSOC) Project

This reflects our ongoing commitment to sustaining and growing our regional operations, creating opportunities for local employment, skills development and business participation.

Black Star Open Cut: A new opportunity

The Black Star Open Cut (BSOC) Project represents a significant new growth opportunity for Mount Isa.

The proposed project would re-open and expand the existing BSOC pit, developing a large-scale operation capable of supplying zinc, lead and copper ores to Mount Isa’s processing facilities.

Importantly, the BSOC Project is expected to generate 300–400 new jobs and drive additional community investment, strengthening local services, infrastructure and business opportunities.

Key milestones for the BSOC Project include:

• Pre-feasibility study completed, with a governance gate to Feasibility Study expected this quarter
• Final investment decision expected in Q1 2027
• Major construction planned for 2027–2029 to refit the Copper Concentrator for higher throughput and zinc-lead ore.

Commitment to the future

The Heads of Agreement underscores Glencore’s commitment to the future of Mount Isa and Townsville, two cornerstone communities of Australia’s resources sector.

“This Heads of Agreement is great news for North Queensland,” said Maryann Wipaki, General Manager Health Safety Environment and Community. “It secures our operations, supports local jobs, and gives us the confidence to invest in new opportunities that will keep Mount Isa and Townsville strong for generations to come.”

Glencore remains focused on sustainable operations, community partnerships, and regional growth, ensuring that North Queensland continues to play a leading role in Australia’s critical minerals future.