Business
12 September, 2024
UPDATED: Premier says he'll support a new company to run Mount Isa Mines
Steven Miles told parliament he would help facilitate a new owner to replace Glencore.
Premier Steven Miles said he would support legislation to change the ownership of Mount Isa Mines if a “viable” owner could be found.
In a statement that would have sent shockwaves through Glencore's management, Mr Miles said he supported the state government assisting to identify a new company to take over the Mount Isa Mines site and forcing a transfer of ownership via legislation if required.
“We want to see Mount Isa remain the great resources town it has always been,” the Premier told state parliament during Question Time today.
“I want to be really clear about this, on this (issue) I support the Member for Traeger (Robbie Katter).
“Any government that I lead will do everything it can to assist in identifying an alternative owner – and if there is a viable owner willing to step up and run the mine, we will do all that we can do to facilitate the transfer of ownership including the introduction and passage of legislation.
“That’s how strongly we … agree with the Member for Traeger on this issue.
“This is too important for our state’s future. We want to see Mount Isa thrive.”
Mr Miles was responding to a question posed by Member for Traeger Robbie Katter during the final sitting day of parliament before the state election officially commences.
Mr Miles’s statement has left the door open to a re-elected Labor Government potentially supporting the KAP proposed amendments to the Mount Isa Mines Act, which proposed dividing the mine lease, or other new legislation that would facilitate a complete takeover by a new miner.
A state parliamentary inquiry committee, which consisted of three Labor and three LNP members, recommended the KAP proposed amendments not be passed by parliament.
Glencore has argued that dividing the current lease between two or more companies would create “unworkable” logistical issues.
Mr Katter has repeatedly argued that underground copper operations are viable, that there was interest from other resource companies in taking over MIM and that Glencore was "not the right mine for this moment in the mine’s history".
Glencore has announced its plans to close Mount Isa Copper Operations (MICO) in July 2025 at a cost of 1200 jobs.
In a statement to North West Weekly, a Glencore spokesperson said the "political posturing" in state parliament today only served to "further erode business confidence in Queensland."
"The Premier’s comments in Parliament today are contrary to the findings of his own Government’s Parliamentary inquiry which recommended that the Katter Bill not be passed," the spokesperson said.
"The Katter Private Member Bill is unnecessary, unworkable, increases sovereign risk and has an entirely unrealistic approach to the reality of complex mining operations.
The spokesperson said Mount Isa Mines contributed $2.6 billion to the economy and provided jobs for 4350 people.