Glencore gets funding lifeline from Australia to keep copper smelter afloat

Closure at Mt Isa was seen as a significant economic threat to the region and its industries. — Bloomberg

SYDNEY: Glencore Plc says it will receive a combined A$600mil (US$395mil) from the Australian federal and Queensland state governments to keep its Mount Isa copper smelter and associated refinery running for another three years. 

The funds follow an eight-month negotiation over Glencore’s request for financial support to keep its operations running amid rising cost pressures.