Published on 08 October 2025
After months of Mayor MacRae and the community lobbying and fighting for Mount Isa and its economy, the Federal and State Governments have reached an agreement with Glencore to ensure the interim of the Mount Isa Copper Smelter.
Today the Federal Industry Minister Tim Ayers and Queensland Resources Minister Dale Last stood with Mount Isa Mayor Peta MacRae and Glencore Metals Australia Interim COO Troy Wilson to announce the Mount Isa Copper Smelter rescue package.
This rescue package consists of $600 million dollar jointly funded by the Federal and State Governments and is a three-year deal to the end of 2028.
“This agreement will see that Mount Isa and its economy is capable of sustaining copper production to support the workers, community, and industry,” said Mayor MacRae.
“We are excited by the government’s move to protect Australia’s metals industry.” Troy Wilson stated.
The agreement will be executed at the end of October. This agreement includes funding for capital upgrades to the smelter including the rebrick Glencore has asked for. The agreement also offers a two plus one-year extension.
“This time frame gives us time to monitor market activity,” said Troy Wilson.
“I know the community is relieved with this announcement. We are thankful the Federal and State Governments were able to collaborate with Glencore on this funding package and are eager to see the continuous investment in Mount Isa, our future-ready economy, our diverse industries, and the North West Province,” Mayor MacRae stated.
Minister Ayers stated a transformation study on the North West province will be delivered by the Queensland Government in 2026.
“The State’s transformation study will support investment, diversification, and sustainability in the region. This continues the work we did on the Mount Isa Future Ready Economy Roadmap,” said Mayor MacRae.
The Mount Isa Future Ready Economy Roadmap identified multiple pathways for creating success in Mount Isa’s economy. Mount Isa has been punching above its weight in the national economy, and this targeted investment is what is needed to fund the future of the Mount Isa economy.
“Thousands of direct jobs are dependent on this facility. Securing this asset is a critical part of a Future Made in Australia. I want this region to be the “Silicon Valley” of critical minerals.” Stated Minister Ayers.
“We have to fight for a future made in Australia. We are going to work with Glencore to secure this facility’s future now and into the future,” Minister Ayers said.
“This package is a step towards securing Mount Isa’s future as a critical minerals and mining hub of Australia. It is still essential that more organisations and industries are supported to enable a Future Made in Australia,” said Mayor MacRae.
“While this gives relief in the immediate future, we will not stop pushing for more investment and opportunities to support the North West and our community, “Mayor MacRae said.