Australian government provides bailout to save jobs
Today, the Minister of Industry Tim Ayres will announce that the Swiss multinational Glencore will receive a recovery package for the difficult state of Mount Isa Copper İzabe facility, the facility remains operating and to secure at least 600 regional employment.
This year’s second industry rescue package came shortly after a month after Glencore would have to close the facility that works with damage if the federal or state government could not provide funds. Especially worrying was the cost of the re -coating of the izabe facility infrastructure with a considerable expense every four years.
Lead and Copper İzabe facilities on Glencore’s Isa Mountain. Credit: Paul Harris
The cost of the agreement to save Australia’s third largest industrial facility is uncertain, but it is expected that Ayres will be announced in an interview at Mount Isa on Wednesday morning. Glencore from the government last month, but the details were reported to be announced to the public.
Recovery came after a large number of financing demands from industrial facilities throughout the country and after the agreement. In February, the Federal and Southern Australian governments signed an agreement of approximately $ 2.4 billion to support the Whalla steel facility; This includes $ 1.9 billion allocated to improve the infrastructure of new owners.
The negotiations on a billions of dollars of packages to support Tomago Aluminum Izabe facility, the country’s largest energy consumers, were also continuing early this year.
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In July, Glencore closed the underground copper mine in MT ISA with a loss of jobs with approximately 500 people. He also warned that he was ready to take the Izabe facility and the Townsville Copper refinery until the market conditions healed.
Glencore said that the assets of the Izabe facility lost money and envisaged a $ 2.2 billion damage in the next seven years.
During the question of Tuesday, the Finance Minister Jim Chalmers praised Ayres’ effort to achieve an agreement for Glencore and said: “Minister Ayres, Queensland government and Glencore are doing many work to try to find a solution here … Good progress has been made and I will not be able to intervene in this.”
