The Queensland Government has made $20 million available to shovel-ready mining projects through the Mount Isa Transition Fund.
In October 2023, Glencore announced plans to close its Mount Isa copper operations and the Lady Loretta zinc mine by the end of 2025.
In response, the Queensland Government created the $50 million Mount Isa Transition Fund, which aims to boost projects that can commence quickly, create jobs, and build on the region’s reputation as a great place to live and work.
With $20 million going towards shovel-ready mining projects, $30 million will be used to accelerate resources projects in the Northwest Minerals Province. The initiative will be led by the Queensland Treasury and Department of Resources.
At the time of Glencore’s closure announcement, the Mount Isa underground copper mines, copper concentrator and supporting services employed up to 1200 people.
The Queensland Government said it has acted quickly to address any job losses.
“We said we would back the people of Mount Isa when Glencore announced the closure of its Mount Isa copper operations and Lady Loretta zinc mine and we are doing just that,” Queensland Resources and Critical Minerals Minister Scott Stewart said.
“The (Queensland) Government will continue to engage and work directly with the community as they deal with this challenge.
“There is huge potential in the Northwest Minerals Province for new projects and more jobs and we are backing this through our $5 billion CopperString 2032 project.”
Expressions of interest for the fund are open until March 8. The fund will then open for detailed applications.
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