One of the world's biggest mining companies is pulling out of Australian copper despite growing demand for the renewable energy metal. What does that mean for Australia's role plugging the critical minerals gap?
Glencore's decision to maintain processing facilities will assist smaller minersNext to Chile, Australia holds the world's largest copper reserves, with most deposits lying under South Australia and Queensland's North West Minerals Province.Experts say Glencore's decision to get out of Australian copper should not be seen as a lack of faith in the industry.
Glencore's closure of its Mount Isa asset reflected a worldwide issue in copper mining as established operations reached their expiry date, Mr Wendt said. "The world still needs huge amounts of quality copper and investors are looking at Australia as a low-risk mining market with huge critical minerals potential," he said.In April 2022, Glencore announced it would sell its Mount Margaret copper mine in the North West Minerals Province, which had been lying dormant since 2014, to Australian miner Comet Resources which saw "significant potential for resource growth".
"For Glencore it's more a matter of offloading smaller operations than it is offloading copper-specific projects," Mr Wendt said.
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