In a significant development that sent shockwaves through the mining industry and the local community, Glencore, one of the world’s largest mining companies, has announced the closure of its Mount Isa Mines. This decision, which will impact 1,200 workers, marks the end of an era for a region that has long been synonymous with mining and resource extraction.

The Announcement

The decision to close Mount Isa Mines came as a startling revelation to the affected employees, the mining sector, and the local community. Glencore made an official statement regarding the closure, stating the mine’s operations will cease in 2025 after multiple reviews determined the copper mining operation had reached its “end of life”.

“The reality of mining is that mines have a beginning, middle and end. And unfortunately, after 60 years of operation, Mount Isa’s underground copper operations have now reached that end,” Glencore’s Zinc Assets Australia COO Sam Strohmayr said.

This news was met with widespread concern and disappointment locally and nationally. Mount Isa Mines has played a significant role in the Australian mining industry for almost a century, contributing to the nation’s copper, lead, zinc, and silver production.

Mount Isa Mines’ Legacy

Mount Isa Mines, located in the heart of North West Queensland, has long been considered an economic pillar for the region. With the hundred-year-old mine’s history dating back to the early 1920s, the operation has consistently been a major employer and a source of economic stability for the surrounding communities. The mine has been instrumental in extracting copper, lead, and zinc, essential resources in modern industrial processes, such as electronics manufacturing and construction.

Moreover, the mine has supported a wide range of jobs, including miners, engineers, technicians, and a vast array of support staff, contributing to the local economy. In many ways, the closure marks the end of an era, impacting not only the workers and their families but also the broader region.

Impact on the Workforce

The closure of Mount Isa Mines is estimated to affect approximately 1,200 employees, who will soon face the daunting prospect of redeployment, retraining and even redundancy. These workers come from various backgrounds, including skilled tradespeople and professionals with specialised knowledge in mining and resource extraction.

The sudden announcement has left these employees in a state of uncertainty. Many are now facing the challenge of finding new employment opportunities and securing their livelihoods. This development will impact the individuals directly involved and ripple through the community, affecting local businesses, housing, and services that depend on these workers’ income.

The Economic and Social Consequences

The repercussions of this decision extend far beyond the prospective job losses. The Mount Isa Mines’ closure will also have profound economic and social consequences for the region. Mount Isa’s 20,000-strong population, whom the mine has propped up, will be significantly affected. The mining operation has been a vital source of revenue for local businesses, creating a symbiotic relationship with the community. As workers and their families face the prospect of relocating in search of employment opportunities, the subsequent downturn in economic activity may result in a loss of essential services and businesses, a loss of social cohesion and a potential decline in the local property market.

Government Response and Assistance

The Queensland Government has acknowledged the severity of the situation and has committed to supporting affected workers and the local community. Queensland’s Deputy Premier Steven Miles stated that the government would assist affected workers and help the local community in this transition. This support will be essential to mitigating the social and economic impacts of the closure.

The Implications

The decision to close Mount Isa Mines marks the end of a historic chapter in the Australian mining industry and the local community. While Glencore cites low-quality ore as the primary reason for this decision, the 1,200 workers and the broader region will deeply feel the consequences. The closure underscores the challenges faced by the mining industry in an evolving global economy and the importance of planning for the social and environmental aspects of such transitions. The full extent of the impact on the community and the environment remains to be seen as affected individuals and the government work together to navigate the complex aftermath of this decision.

Australia is on the brink of a transformative minerals mining boom driven by the global push for renewable energy and technological advancements. The spotlight is on critical minerals, which play a vital role in electronic devices and renewable energy technologies, such as electric cars, wind farms, and solar energy. This boom is further amplified by the recent launch of the Critical Minerals Strategy 2023–2030, aimed at propelling Australia to become a world-leading producer of critical minerals while contributing to a net-zero emissions future.

Australia’s Critical Minerals Strategy 2023–2030

The Critical Minerals Strategy 2023–2030 outlines the Australian government’s vision to strengthen the country’s critical minerals sector and create resilient and sustainable supply chains through robust international partnerships. The strategy emphasises building sovereign capability in critical minerals processing and leveraging these resources to establish Australia as a renewable energy superpower. Additionally, it aims to extract more value from onshore resources, generating economic opportunities and jobs for regional and Indigenous communities.

A Coordinated Approach Between Industry and Government

Industry and government collaboration is crucial to the success of the Critical Minerals Strategy. Queensland plays a pivotal role in this endeavour with its rich critical mineral deposits. The Queensland government is committed to establishing the state as a global leader in essential mineral exports and has allocated $245 million to boost the sector under its Critical Minerals Strategy. The plan includes abolishing exploration permit fees for the next five years, establishing critical mineral zones, funding waste stream initiatives, and creating a centralised oversight body called ‘Critical Minerals Queensland.’ Additionally, the state will target mining waste and tailings for critical minerals and invest in scientific research on circular economy initiatives.

Seizing Opportunities for a Greener Future

The potential benefits of Australia’s critical minerals sector are immense. Independent modelling indicates that increased exports of critical and energy-transition minerals could create over 115,000 new jobs and add $71.2 billion to Australia’s GDP by 2040. However, the country can unlock even greater opportunities by expanding downstream refining and processing capabilities. The government plans to target $500 million of new investment into critical minerals projects through the Northern Australia Infrastructure Facility to achieve this. It will also establish the National Reconstruction Fund, which allocates $1 billion for value-add in resources and $3 billion for renewables and low emissions technologies. These initiatives are vital for maximising the value of critical minerals and ensuring Australia’s role as a key player in the global metals supply chain for clean energy solutions.

The Path to a Renewable Energy Superpower

Critical minerals are becoming increasingly valuable as the world accelerates its transition towards renewable energy. Vanadium, copper, zinc, and cobalt are just a few examples of the essential minerals needed for renewable energy technologies. In Queensland’s northwest, numerous exploration projects are seeking rich deposits of vanadium to support the production of redox flow batteries for energy storage in power plants and electrical grids. The state’s significant critical mineral reserves and the government’s strategic investments help position Queensland at the forefront of the renewable energy revolution.

A Decisive Strategy with Room for Improvement

While the Critical Minerals Strategy is a step in the right direction, some stakeholders have highlighted areas for improvement. Industry experts indicate that the strategy needs major policy schemes or a comprehensive onshoring action plan. Addressing these aspects will be crucial to ensure that Australia maximises the potential of its critical minerals sector and fully capitalises on the renewable energy transition.

Conclusion

Australia’s critical minerals boom, powered by the recently unveiled Critical Minerals Strategy, is poised to transform the nation’s mining and manufacturing landscape. With a strong emphasis on downstream processing and expanding onshore capabilities, the strategy aims to position Australia as a global leader in critical minerals and a key player in the clean energy future. Collaborative efforts between industry and government, particularly in Queensland, will be vital in unlocking the full potential of this transformative opportunity. As the world’s appetite for renewable energy technology grows, Australia’s rich geological reserves and mining expertise will play a pivotal role in shaping a greener future for all.

Read more about the Critical Minerals Strategy 2023–2030 and Queensland’s Critical Minerals Strategy.

The latest figures released by the Australian Bureau of Statistics (ABS) have revealed a significant downturn in mining turnover, with a 10.6% decrease in April compared to March. This decline positions mining as one of the nine industries to see turnover fall this past month. But what does this data mean for the mining industry?

The ABS Findings

According to Kate Lamb, the ABS head of business indicators, the decline in mining turnover can be attributed to the decrease in coal and iron ore exports, coupled with falling commodity prices. The mining industry recorded the largest percentage decrease in turnover among the selected industries. The electricity, gas, water, and waste services sector also witnessed a significant monthly fall in turnover (-9.4%), while the transport, postal, and warehousing industry experienced a downturn of 6.8%.

In year-on-year terms, 11 out of the 13 industries analysed by the ABS witnessed a rise in turnover, highlighting the contrast between monthly and annual trends. Notably, the construction industry showed substantial growth (+18.0%), followed by other services (+13.6%) and accommodation and food services (+11.1%). However, both the mining industry and the information media and telecommunications sector experienced year-on-year declines of 5.2% and 0.1%, respectively.

Implications for the Mining Industry

The downturn in mining turnover raises concerns about the challenges faced by the industry. With declining exports and falling commodity prices, mining companies need to carefully navigate this difficult period. A range of factors may be influencing this downturn, including changes in global demand, market dynamics, and geopolitical factors affecting international trade.

The decrease in mining turnover emphasises the need for the industry to enhance its resilience and adaptability. Mining companies should consider exploring strategies such as diversification, technological advancements, and operational efficiencies to mitigate the impact of market fluctuations. These measures can help optimise resource allocation, reduce costs, and maintain competitiveness in a challenging environment.

Furthermore, the year-on-year decline in mining turnover calls for a closer examination of long-term sustainability and resilience within the sector. Mining companies should focus on adopting environmentally and socially responsible practices to align with evolving global trends and stakeholder expectations. Embracing sustainable mining practices and investing in technologies that promote efficiency and reduce environmental impact can contribute to the industry’s long-term growth and stability.

The ABS data clearly indicates a significant downturn in mining turnover, reflecting challenges faced by the industry. The decrease in exports and falling commodity prices have contributed to this decline. Mining companies need to carefully evaluate their strategies and adapt to the changing market conditions. By diversifying operations, embracing sustainable practices, and investing in innovation, the mining industry can navigate these challenges and position itself for long-term success.

The global mining and resources sectors are gearing up for the 26th World Mining Congress (WMC) 2023, to be held in Brisbane, June 26-29, 2023. This prestigious international gathering will be hosted by Australia’s national science agency, the Commonwealth Scientific and Industrial Research Organisation (CSIRO). Industry leaders, researchers, regulators, and investors from across the globe will come together to explore the future of mining and its impact on society. BLJ In-Situ Solutions is one of the many organisations eagerly anticipating the conference and the exciting opportunities it presents.

The 2023 WMC will focus on Resourcing Tomorrow: Creating Value for Society as it examines our world’s economic and social dependence on resources into the future. The Congress will tackle issues such as environmental sustainability, digital transformation, disruptive technologies, climate change, and the future of our workforce.

A Unique Opportunity for Global Collaboration:

Since its inauguration in 1958, the WMC has served as the leading international forum for the mining and resources industries. Held triennially, the WMC presents a unique opportunity to unite representatives from the world’s top resource economies and encourage collaboration, sharing expertise, and tackling present-day obstacles. The 26th WMC aims to continue this tradition, presenting a valuable opening for stakeholders to facilitate global information exchange about sustainable mining practices, discuss current challenges and future opportunities, and build new partnerships.

The Host: CSIRO – Leading Innovation and Research:

Australia’s CSIRO is proud to host the WMC 2023. With a team of over 5,500 skilled professionals and researchers working across multiple disciplines and fields, CSIRO is at the forefront of resource research and innovation. Their cutting-edge and breakthrough technologies, such as sensing and automation, have improved productivity and safety for workers across Australia. CSIRO’s dedication to expanding the resource base, enhancing environmental performance, and promoting social welfare perfectly aligns with Congress’s goals of creating value for society through sustainable mining practices.

Shaping the Future of Mining:

WMC 2023 will address a diverse range of topics through plenary sessions, workshops, and panel discussions. These themes include:

There are three prominent symposia within WMC 2023 that address the future of mining and resources in a global context.

• The Sustainable Construction Materials symposium will explore the environmental and social challenges associated with the extraction of sand, gravel, and crushed stone. It will also address circular economy principles and the development of low-carbon alternatives for concrete.
• The Mine Closure symposium will focus on the challenges posed by mine closures and the responsible management of environmental and social transitions. Case studies from around the world will be presented, along with discussions on technological innovations, progressive closure practices, and the engagement of local communities.
• The Minerals Policy & Governance for the New Economy symposium seeks international acceptance for government support in research, education, partnerships, and guaranteed purchasing to achieve environmentally and socially responsible mining goals in fossil fuel transition areas.

Queensland’s Role in Showcasing Resources and Advancements:

As the official host state partner, the Queensland Government will have the opportunity to showcase the state’s abundance of mineral resources and advancements in the mining industry. Queensland is a significant player in the global resources market thanks to its rich deposits of coal, bauxite, gold, and other minerals. Queensland state government aims to demonstrate its innovative mining practices, sustainable resource management, and commitment to responsible mining.

Throughout WMC 2023, Queensland representatives will highlight the state’s mining infrastructure, which includes ports, rail networks, and export facilities that allow for the efficient transportation of resources to both domestic and international markets. The Queensland mining industry strongly emphasises environmental stewardship and community engagement, ensuring that mining operations coexist harmoniously with local communities and ecosystems, a key topic at the 2023 WMC.

Business and Networking Opportunities:

A key benefit of attending WMC 2023 is the opportunity to network with industry leaders, researchers, investors, and government representatives from around the world. The WMC 2023 will feature a comprehensive exhibition showcasing cutting-edge technologies, equipment, and services from global industry leaders in the mining and resources sectors.

Gathering international experts and investors presents a wealth of opportunities for business connections and research advancements. Industry experts and researchers from across the globe will be brought together to share insights, present research findings, and discuss emerging trends in the mining sector. This exchange of knowledge and ideas can foster collaboration and accelerate technological advancements in areas such as automation, digitalisation, and sustainable mining practices. The Congress will also hold business forums and matchmaking sessions, facilitating connections between industry players and potential investors to foster joint ventures and investment opportunities that drive future growth and development in the mining industry. This provides a platform for companies like BLJ In-Situ Solutions to discuss innovative solutions and forge valuable partnerships.

For BLJ In-Situ Solutions, the upcoming World Mining Congress 2023 presents a unique opportunity to connect with industry leaders and be at the forefront of the latest research and developments. BLJ In-Situ Solutions is excited to hear the global dialogue on sustainable mining and the industry’s future.

Queensland has officially opened its largest gold mine, the Ravenswood mine. Having undergone a $350 million expansion at the site, the mine has created nearly 400 local jobs, supported 1000 contractors and a further 220 permanent contractors. The gold mine is set to produce over 200,000 ounces of gold a year. 

The opening ceremony was attended by Resources Minister Scott Stewart and Ravenswood Gold CEO Brett Fletcher. Resources Minister Scott Stewart said the project “deserves a gold medal for how it supports locals and local businesses”. 

Located 130km southwest of Townsville, the Ravenswood mine is a major economic boost for the state and will create hundreds of jobs. It is also a testament to the hard work and dedication of the Ravenswood Gold team. 

The Resources Minister said the mine was a significant investment in Queensland’s resources sector. The Ravenswood mine is expected to produce over 200,000 ounces of gold a year, which will generate significant economic benefits for the state. 

CEO Brett Fletcher said the mine was “a great example of local people working together with private business and government to bring real benefits for the State of Queensland”. 

“We are delivering huge economic benefits and providing local employment opportunities, with the vast majority of our team living within a two-hour drive of the mine.” The Ravenswood mine is proud to be a part of the Queensland community. 

The Ravenswood mine has been in operation since 1987 and was purchased by Ravenswood Gold in April 2020. The company has invested in the expansion of the mine, which is expected to increase production. 

The Economic Impact of the Ravenswood Mine

The mine is located in the heart of the Queensland goldfields and is one of the largest gold producers in the state. The region is already home to a number of other mines, including the Mount Isa mine. 

The opening of the Ravenswood mine is expected to boost the regional economy, create jobs in the mining and construction sectors and generate millions of dollars in revenue for the state. It is also expected to have a positive impact on the local community, providing support for businesses and services in the region. 

The Ravenswood mine is a welcome addition to the Queensland resources sector. The mine is a sign of confidence in the state’s mining industry and is a vote of support for the Queensland economy. 

Image credit: qld.gov.au

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