IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Miner and trader Glencore is set to close its three underground copper mines in Mount Isa by the end of 2025, in a move that will result in the loss of about 1,000 jobs, newspaper Australian Financial Review reported on Tuesday.
The company, however, will keep its refinery and smelters open in Central Queensland, according to the report.
Glencore declined to comment.
Global miners are grappling with soaring costs for projects amid economic uncertainty. Copper producers are now seeking to spread the soaring cost of new projects for the metal key to the energy transition.
Mount Isa Mines is the second-largest copper producer in Australia, according to Glencore’s website.
(By Eva Mathews and Clara Denina; Editing by Shilpi Majumdar)
Comments