Taxpayers will fund a $600 million rescue package for Swiss mining giant Glencore to keep copper processing in regional Queensland until 2028. The federal and state government bailout will secure at least 600 smelter and refinery jobs over the next three years, but some have labelled the move as a band aid fix.
00:00A struggling copper smelter thrown a financial lifeline.
00:07This is an investment in the future industrial capability of the Northwest Province.
00:12Mining giant Glencore will receive a $600 million taxpayer-funded bailout
00:18to keep the Mount Isa facility and Townsville refinery afloat for another three years.
00:25We recognise that there's still tough times ahead of us.
00:29The announcement made alongside some of the 600 workers whose jobs have been saved.
00:36The package split 50-50 between the federal and state governments is contingent on reviews and a business viability study.
00:45I made a commitment to the Mount Isa community that I wouldn't see it wither, that I wouldn't see this community die.
00:51It would have been devastating for our economy, I guess for our population if we would have dropped dramatically.
00:58Some locals say the reprieve will be short-lived.
01:02It does feel a little bit like a band-aid fix.
01:05I guess a good analogy for today is that it's the half-time and the grand final.
01:08They've got to half-time, they're in the game, but there's a lot to go before we can start popping champagne corks.
01:14The Mount Isa facility provides half of Australia's copper smelting capacity and is a vital link for other regional businesses.
01:22What it means for us in North Queensland is we are seeing the 17,000 jobs in our region sustained.
01:30Glencore is the latest multinational corporation to receive a taxpayer-funded lifeline.
01:36But the federal and state government have defended the bailout, declaring it's in the national interest due to soaring power prices and global competition.
01:47Wyala Steelworks in South Australia received a $2.4 billion rescue package earlier this year.
01:54There's a good opportunity in Australia right now to say what do we own these assets for, what do we want to do with them?
01:59And do we want to just keep saving them every few years or do we want to reform them so they're there in the future?
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