A last minute reprieve from the federal government could see Mt Isa Smelter and Townsville copper refinery remain open saving 17,000 Queensland jobs.
Cairns News has been told a federal-state financial package is imminent but the details have not yet been announced.
Now that the Mount Isa Copper Smelter and Townsville Refinery will remain operating is good news, but the hard work is still to come, Member for Traeger and Leader of the Katter’s Australian Party (KAP), Robbie Katter has said from his home city of Mount Isa.
“This is a start and it’s at least reassuring us that our critical sovereign capability needs to be preserved,” Mr Katter said.
“Let’s be clear – we’re only at half time. There’s no champagne and celebrations at half time, just a rev up from the coach to go out and finish the job in the premiership half.
“North Queensland, from Townsville to Mount Isa, and indeed Australian industry need confidence that we will keep the ability to make things ourselves and not be beholden to overseas interests.
“The Federal government in particular have recognised the strategic importance of keeping the smelter operating, and we need them to remain at the negotiating table to reform the smelter operations, not just continually save it and leaving it in the hands of the one owner,” the KAP leader said.
The negotiations to keep 17,000 jobs across the region came after Glencore announced the closure of the Mount Isa Copper Mine in 2023, despite copper being touted as ‘the new oil’ with the loss of 1,200 Mount Isa jobs.
“Both levels of government can surely now see that Glencore are not operating in Australia for Australia’s best interest – they are only in it for their shareholders and the global commodity trading board in Switzerland,” Mr Katter said.
“The Premier has said that he and his government will ‘not rule anything out’ when it comes to keeping Queensland’s copper manufacturing capacity – well now is the time to step up and ensure we keep that into the future, well past 2-3 years.
“There are real solutions, including equity share structures that Glencore have publicly stated they would be open to, available to secure the long-term capability and provide confidence to all miners in the resource rich North West Minerals Province – we just need all levels of government to have some aspiration for our nation and our state.
“With dollars now on the line, I’m heartened to see the Federal and State governments are beginning to see the opportunity in the North West Minerals Province; now is the time to make sure that’s money well spent – to set up for the future, not get ready for the next round of bail out negotiations with a commodity trader who is un-Australian as they come,” the Member for Traeger said.
It is quite possible that Glencore operates an Arms Length Company.
If so they sell the copper into that company which sells the copper to the market.
They would therefore only declare a profit on the first company and pay no tax in Australia from the second company.
The Arabs saw all this in the oil industry when they began by receiving a royalty.
They realised they were being looted and switched to 50/50.
They then realised they were earning nothing on their oil being sold into the market. They now own the lot? They certainly own a lot more of there oil than Australia does of hers. Aust. looted.
I would highly recommend a very good book which explains the oil industry.
The book finishes just before the early 1970s oil crisis.
The book. Power play: The Tumultuous World Of Middle East Oil 1890-1973
The Author. Leonard Mosley.
Cairns News and all their readers will find the book very informative.
Now we turn to one of the worlds greatest patriots.
Enrico Mattei an Italian oil minister who took on the oil majors.
He also coined the term The Seven Sisters.
He was taken out in a plane crash in 1962.
I suspect he was taken out by a powerful business group within Italy.
There is a book on his life and a video on Youtube. “The Mattei Affair.” 1hr 50min.
Well worth viewing.
Another book came out 40? years ago. Oil by Jack Anderson. Classic.
The Australian royalty is 8% of the well head price which I guess to be under $10 per barrel.
An oil company Woodside 15 years ago said they were happy with the profits they were making a $6 per barrel. They can claim costs off that price.
Which I guess would drop the well head price to $2 and royalty of 8% on that.
The reason I dont know the exact numbers is because McFarlane when asked would not release the information claiming commercial sensitivity.
I believe Australia gets nothing from the oil sold by 2nd company which sells to the market.
UN Climate Change assets busy with the destruction of Australian industry just can’t drink enough of that Net Zero Kool Aid.
Glencore made a net profit of 4.28billion dollars in 2023 and increased it by 11% in 2024, so why does the taxpayer have to bail it out? Am sure an Aussie company would make a profit if one owned it;
Aussie wealth being raped by European stakeholders for Swissy interests..!! It’s time this Aussie smelter was owned by Aussie stakeholders for Aussie interests.!!