Mining and trading company Glencore cwill fail its three underground copper mines in Mount Isa, Australia, at the end of 2025, which will mean the loss of about a thousand jobsas reported on Tuesday by the Australian Financial Review newspaper.
The company, however, will keep its refinery and smelters open in Central Queenslandaccording to the report.
Glencore GLEN.L declined to comment.
Miners around the world are grappling with rising project costs amid economic uncertainty.to. Copper producers are now trying to spread the cost of new projects for this key metal for the energy transition.
Mount Isa Mines is Australia’s second largest copper produceraccording to Glencore’s website.
