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Reuters
13 hours ago
- Business
- Reuters
Glencore says Australia copper smelter unviable, asks for government help
MELBOURNE, June 20 (Reuters) - Glencore (GLEN.L), opens new tab has called its Mount Isa copper smelter unviable and is waiting to hear back on its requests for assistance from state and federal governments to keep the facility open amid tough global conditions, it said on Friday. The UK-listed miner has been sounding the alarm in local media about its Mount Isa smelting business in Queensland state as its related mining operations are set to close next month. It will then have to procure copper concentrate to process when excess global smelting capacity has pushed global processing fees to historic lows. "A combination of unprecedented smelting market conditions, high costs like energy, gas and labour, and a shortage of copper concentrates is currently making the Mount Isa copper smelter unviable," Glencore said in a statement. Glencore said it has approached both federal and Queensland state governments for support to keep the copper smelter and refinery operating. Several lawmakers visited the plant on Friday including Australia's industry and science minister, Tim Ayres, and Queensland resources minister, Dale Last. The state and federal governments have engaged extensively with Glencore to explore options for a viable path forward for the smelter, which is a critical asset for regional and state economies, the ministers said in a joint statement. "Any closure of the Mount Isa copper smelter would have a detrimental impact on Australia's sovereign capability and other facilities downstream that rely on the smelter," Ayres said in the statement, without giving any details on what options there might be to provide Glencore with any funding. Glencore said that it had put forward ideas for a "regional solution that would bridge the current economic gap and enable the smelter and refinery to continue operating." "We want to continue operating the smelter and refinery and look forward to hearing feedback from both federal and Queensland governments on a possible way forward,' said Troy Wilson, chief operating officer for Glencore's Australian metals business, in a statement.
The Guardian
28-05-2025
- Business
- The Guardian
Environmentalists condemn ‘devastating' move to open nine new gas exploration areas in Queensland
The Queensland government has opened nine new areas for gas exploration across 16,000 sq kilometres in a step environmentalists say will only worsen the climate crisis. The state's natural resources minister, Dale Last, said the move would make Queensland more attractive for gas industry investment and would help bring down gas prices and ease the supply pressures on the east coast. The government said it was also starting a three-month review into the way exploration areas were identified and then released for tender, to make the process more efficient. Opened up for tender from tomorrow will be nine areas across the Cooper-Eromanga basin in the south-west and the Bowen-Surat basin in the state's centre. Land releases would not overlap with areas in the Channel Country region where flood plains and rivers have been protected from further oil and gas extraction. The areas open for tender from Thursday include conventional gas and places where more technically challenging reserves might require hydraulic fracturing. Sign up for Guardian Australia's breaking news email Last said: 'The best way to bring down energy prices is to have more energy in the market, and that starts with exploration. 'These steps are about unlocking new supply, securing an investment pipeline and getting the right policy settings in place so Queensland can lead the way on energy security.' Gas industry group Australian Energy Producers said the move would be a 'critical step' in securing future gas supplies. Last week, the Crisafulli government rejected a proposal for a $1bn windfarm that would have provided enough clean power for about 260,000 homes. The government said its decision was based on a rejection of the proposal by 88% of residents and a local council. Dave Copeman, the director of the Queensland Conservation Council, said the announcement was 'devastating and deceitful'. He said: 'The government should be ashamed to look Queenslanders impacted by climate-fuelled disasters in the eye and pretend that they care while greenlighting new fossil fuel projects that will only turbocharge these impacts on our communities and country.' Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion He said federal data suggested there was enough gas in just the Bowen Basin to release more than 1bn tonnes of CO2 if it was all extracted and burned. 'That's more extra climate pollution than the total Queensland can release between now and 2035 if we are to meet our emissions reduction targets. And this is only one of the four basins mentioned in today's low detail announcement.' He questioned whether the gas would make it to the domestic market, as no company was planning to pipe gas south from the Bowen basin to Victoria. Ellen Roberts, the national coordinator for climate campaign group Lock the Gate, said the announcement 'will only benefit multinational gas companies, not the people of Queensland'. She said there were already 16,000 gas wells drilled in Queensland that put groundwater relied on by farmers and communities at risk. 'We need an urgent moratorium on the gas expansions in Queensland to prevent further damage to land, water and our climate,' she said.
Epoch Times
28-05-2025
- Business
- Epoch Times
Queensland Opens 9 New Gas Development Zones to Tackle Soaring Energy Prices
Queensland has revealed that from May 29, it will accept tenders for proposals to develop nine new gas exploration areas across the Cooper/Eromanga and Bowen/Surat Basins, aiming to boost domestic supply and ease energy prices. The announcement comes as the recently elected Crisafulli Liberal National Party (LNP) government shifts away from renewable energy projects, towards more traditional energy investment. 'The best way to bring down energy prices is to have more energy in the market, and that starts with exploration,' Natural Resources Minister Dale Last said in a statement. 'These steps are about unlocking new supply, securing an investment pipeline and getting the right policy settings in place.' The government confirmed that none of the newly released areas will intersect with the Lake Eyre Basin Strategic Environmental Area. The upcoming review will examine every stage—from expressions of interest to competitive tenders—to ensure that environmental, agricultural and community values are respected. Deputy Premier Jarrod Bleijie (L) and Premier David Crisafulli arrive to talk to media after being sworn in at Government House in Brisbane, Australia, on Oct. 28, 2024. AAP Image/Jono Searle The move is also a major economic lever. Related Stories 5/25/2025 5/21/2025 Queensland's gas royalties have averaged $1.7 billion annually over the past three years, supporting nearly 6,000 direct jobs and thousands more across the supply chain. LNG is now the state's second-largest export after coal, with 1,550 petajoules of coal seam gas produced for domestic and international markets in 2024 alone. Minister Last criticised anti-gas policies in other states, particularly Victoria, for putting the east coast market under pressure. 'Unscientific decisions made by the southern states have left Queensland carrying the load,' he said. 'We need a regulatory framework that supports new development instead of holding it back.' Despite Victoria being one of the heaviest gas users in the country due to its colder winters, the previous Andrews Labor government maintained a strict ban on gas exploration and development to appease climate advocates. Australian Energy Producers CEO Samantha McCulloch called it a vital step in securing future gas supply for households and industry. McCulloch also praised Queensland for 'doing the heavy lifting' to ensure a reliable supply to the east coast. Report Warns of Australia's Waning Investment Appeal The announcement came just a day after energy consultancy Wood Mackenzie released a stark report warning that Australia is losing ground in global gas investment. Australia's Natural Gas Investment Competitiveness found that while global gas exploration spending rose nearly 30 percent over the past five years, Australia's grew by only 15 percent. The report also found that 95 percent of surveyed gas executives believe Australia is a less attractive investment destination than it was five years ago. The analysis included a CEO sentiment survey of Australian gas producers. Regulatory and policy uncertainty were cited as key deterrents, with one in five projects impacted either cancelled or relocated overseas. Australia's share in the investment portfolios of major international oil companies has plunged from 40 percent a decade ago to just 15 percent today. McCulloch said the findings underscore the need for stable, bipartisan policy. 'The new political landscape presents opportunities for industry to work with the government and opposition on enduring reforms for long-term energy security and economic growth,' she said.
West Australian
28-05-2025
- Business
- West Australian
Environmentalists slam new gas exploration sites
Environmentalists have slammed a state government's decision to open nine new gas exploration sites, claiming it will only support the international market. The Queensland government will open the new fields spanning 16,000 square kilometres across the state to tap into further gas reserves. The fields will span Cooper, Eromanga, Bowen and Surat basins in the state's regions using conventional gas extraction methods and coal seam gas. Resources Minister Dale Last said the exploration sites will be vital to finding a new supply to meet the growing demand for energy across Australia amid fears of blackouts along the east coast. "The best way to bring down energy prices is to have more energy in the market, and that starts with exploration," Mr Last said in a statement. "These steps are about unlocking new supply, securing an investment pipeline and getting the right policy settings in place so Queensland can lead the way on energy security." The Australian Energy Market Operator has previously issued blackout warnings in NSW and Queensland during summer due to high electricity demand and hot temperatures. Natural gas accounted for more than a quarter of Australia's total energy consumption in 2022-23, with 1518 petajoules used. Mr Last said "unscientific" decisions made by southern states have left Queensland carrying the load for the east coast gas market, leading to the need for more exploration. "We need a regulatory framework that supports new development, instead of holding it back," he said. But environmentalists have called the announcement devastating and deceitful. "The government should be ashamed to look Queenslanders impacted by climate-fuelled disasters in the eye, and pretend that they care," Queensland Conservation Council Director Dave Copeman said. Gas is Queensland's second-largest export behind coal, with the state producing 1550 petajoules of coal seam gas to supply both the international and domestic markets in 2024. Mr Copeman said it is a false narrative that the new exploration sites will support other states and territories when the bulk of the gas is exported. "No company is planning to pipe gas from the Bowen basin to Melbourne," he said. Other environmental advocates also say the announcement will only benefit multinational gas companies instead of Queenslanders. "The vast majority of Queensland's gas is destined for export, not for domestic use," Lock the Gate's Ellen Roberts said. She called for an urgent moratorium on the gas expansions to prevent any possible damage to the land and underground water resources regional communities rely on. The state government also announced it will carry out a three-month land release review starting on Wednesday to consider opening more gas exploration sites. The review is set to look at the needs of the energy market as well as the environmental and community impacts. It will consider changes to the land release expression of interest process, the land release area selection process, and the competitive tender process. The state government's gas expansion decision follows a previous pledge to scrap ambitious emissions reduction targets, ordering a review of the legislation. The former Labor government legislated 50 per cent emissions reduction targets by 2030, and 75 per cent by 2035. The Liberal National government has said it is committed to net zero by 2050.
Perth Now
28-05-2025
- Business
- Perth Now
Environmentalists slam new gas exploration sites
Environmentalists have slammed a state government's decision to open nine new gas exploration sites, claiming it will only support the international market. The Queensland government will open the new fields spanning 16,000 square kilometres across the state to tap into further gas reserves. The fields will span Cooper, Eromanga, Bowen and Surat basins in the state's regions using conventional gas extraction methods and coal seam gas. Resources Minister Dale Last said the exploration sites will be vital to finding a new supply to meet the growing demand for energy across Australia amid fears of blackouts along the east coast. "The best way to bring down energy prices is to have more energy in the market, and that starts with exploration," Mr Last said in a statement. "These steps are about unlocking new supply, securing an investment pipeline and getting the right policy settings in place so Queensland can lead the way on energy security." The Australian Energy Market Operator has previously issued blackout warnings in NSW and Queensland during summer due to high electricity demand and hot temperatures. Natural gas accounted for more than a quarter of Australia's total energy consumption in 2022-23, with 1518 petajoules used. Mr Last said "unscientific" decisions made by southern states have left Queensland carrying the load for the east coast gas market, leading to the need for more exploration. "We need a regulatory framework that supports new development, instead of holding it back," he said. But environmentalists have called the announcement devastating and deceitful. "The government should be ashamed to look Queenslanders impacted by climate-fuelled disasters in the eye, and pretend that they care," Queensland Conservation Council Director Dave Copeman said. Gas is Queensland's second-largest export behind coal, with the state producing 1550 petajoules of coal seam gas to supply both the international and domestic markets in 2024. Mr Copeman said it is a false narrative that the new exploration sites will support other states and territories when the bulk of the gas is exported. "No company is planning to pipe gas from the Bowen basin to Melbourne," he said. Other environmental advocates also say the announcement will only benefit multinational gas companies instead of Queenslanders. "The vast majority of Queensland's gas is destined for export, not for domestic use," Lock the Gate's Ellen Roberts said. She called for an urgent moratorium on the gas expansions to prevent any possible damage to the land and underground water resources regional communities rely on. The state government also announced it will carry out a three-month land release review starting on Wednesday to consider opening more gas exploration sites. The review is set to look at the needs of the energy market as well as the environmental and community impacts. It will consider changes to the land release expression of interest process, the land release area selection process, and the competitive tender process. The state government's gas expansion decision follows a previous pledge to scrap ambitious emissions reduction targets, ordering a review of the legislation. The former Labor government legislated 50 per cent emissions reduction targets by 2030, and 75 per cent by 2035. The Liberal National government has said it is committed to net zero by 2050.
