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Natural gas

Australia's Gas Reserve Policy and Glencore's Mount Isa Closure

Strategic Insights

— 1 min read

The Australian government has acknowledged the impending closure of Glencore's Mount Isa copper smelter and the Townsville refinery, which could lead to the loss of 30 supply mines and Australia's giant fertiliser plant, placing 15,000 jobs at risk. The Prime Minister, Anthony Albanese, has expressed sympathy for the situation, stating that the government will continue to work constructively with the Queensland premier, Minister for Industry and Science, and Minister for Pacific Island Affairs and Minister for Defence Industry to address the issue.

Key Takeaways:

  • The closure of Glencore's Mount Isa copper smelter and the Townsville refinery could lead to the loss of 30 supply mines and Australia's giant fertiliser plant.
  • 15,000 jobs are at risk as a result of the closure.
  • The Prime Minister, Anthony Albanese, has expressed sympathy for the situation and has stated that the government will continue to work constructively to address the issue.
  • Minister Conroy has emphasized that Glencore is a highly profitable company that has done well out of Australia, and it's time for the company to be good to Australia.
  • The government has launched a review into the mechanisms involved in making Australian gas more affordable for all Australians.
  • The government has also capped coal and gas prices, a move opposed by the opposition.
  • The Minister for Industry and Science has been working with the Queensland premier to address the issue.
  • The Prime Minister has had direct discussions with the Premier and has visited the Mount Isa region on multiple occasions, including attending the Mount Isa rodeo.

Statistics:

  • 15,000 jobs are at risk due to the closure of Glencore's Mount Isa copper smelter and the Townsville refinery.
  • Glencore's closure will affect 30 supply mines and Australia's giant fertiliser plant.
  • Gas prices currently stand at $16 in Australia, compared to $6 in Russia and America.
  • The government has launched a review into the mechanisms involved in making Australian gas more affordable.
  • The government has capped coal and gas prices.

Sources:

  • Mr. KATTER's question in the Australian Parliament (14:50): [1]
  • Mr. ALBANESE's response in the Australian Parliament (14:51): [1]
  • Mr. CONROY's response in the Australian Parliament (14:53): [1]
  • "Future Made in Australia agenda" speech by the Prime Minister, Anthony Albanese: [1]

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