Glencore, international owners of Mt Isa Smelter seem determined to close NW Queensland’s lifeblood industry if the federal government doesn’t give them a handout of $2 billion for upgrades. Closure would seriously cripple the economy of the north.
Meanwhile Kennedy MHR Bob Katter has welcomed news that Ernest Henry mine has hit a record profit under its new ownership, while taking the opportunity to slam former owner and operator Glencore for what he called “spectacular mismanagement”.
“I am informed that Glencore shut the Ernest Henry mine because they claimed it wasn’t profitable,” Mr Katter said. “Well, the current owners have done it at a record-breaking profit. That should give you a very clear picture of how incapable Glencore really is.
“This is a flashing neon light as what I view as the sheer incompetence of Glencore’s operations within this country,” Mr Katter warned.
The Ernest Henry operation, near Cloncurry, was sold to Evolution Mining in 2022. Under this new ownership, it has delivered significant returns and reinvestment in the local economy. The success of the new operators adds fuel to long-standing concerns about Glencore’s stewardship of Australia’s copper assets, especially the Mount Isa Mines copper smelter and mining operations.
“If they cannot run Ernest Henry at a profit, and we can see that another company can do so with their eyes closed, then they have no business holding onto the copper mine or smelter,” Mr Katter said. “It’s high time they handed over the reins to people who know what they’re doing and are willing to invest in the long-term future of the Northwest Mineral Province.”
Katter has long argued for the national interest control of critical minerals infrastructure, saying multinationals, like Glencore, prioritise overseas shareholders over Australian workers and regional development.
“What we are now seeing is proof that Australian-led enterprises can do what these foreign giants have refused to do: make it work, and make it work well.”
Don’t tell me Katter didn’t see a corporate welfare sting in the making? So the attempt didn’t swing it or what? Shoulda tried a bit of blackmail and a bit of palm grease maybe? Or maybe the ‘owners’ just didn’t have enuff pull or wanted out for greener pastures while somebody else pays for them?
But we all luv a happy ending, right, specially if there’s no extra charge, eh?
Glencore, a for-profit company, can either mine or shut up shop. If they intend to crash their own business, or short the stock price, or whatever, the livelihood of NQ workers is irrelevant in the medium term. The minerals will still in the ground. Glencore or UNcore – same, same.
Big mining companies, Bankster and other Co’s apparently have a profit threshold they expect to be met, when the profit drops below their figure I have heard to be between 30 & 40 per cent, they deem it not profitable enough for shareholders and close it down. Smaller and smarter operators can and do make a good profitable operation by smarter management.
There are different strategies at the top, and the CEOs can be manipulated with their bonus structure. Katter is aware of this but probably wouldn’t like to say it. Swissy is taking FNQ down, they are probably going to do something in Africa or elsewhere instead, and once the Australians have packed up and left the replacements will move in, at a Global rate. A tiny contingent runs most of the big picture stuff in the world. Sometimes they compete or quarrel with each other but mostly they operate in unison, with precise intent.
One of the best examples is 1912-1914. In 1912 Fed objector JJ Astor went down with his buddies on the renamed Olympic, leaving Morgan on shore. 1913 traitor Woodrow Wilson installed the Fed. 1914 the Black Hand took out the boss of Serbia who stood in the way of the train line to the oil. The 3 competing cousins all sprang from QV1, and it is said a Rotschild, and to paraphrase the bikers, 3 can keep an empire if two are dead. Anyway an example of incredible synchronicity. Why have a war if you already know the winner. Ulterior motives !!!
It may not be the mismanagement that Katter refers to that is the problem.
It might be management chasing bonuses.
Rather than the government stump up with $2 billion they should buy outright.
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