Newsroom

July 22, 2025

On the first day of sitting, Kennedy MP Bob Katter met with the new Minister for Industry and Innovation, Senator Tim Ayres, and his department head to develop a rescue package for Mount Isa, which provides mining sector reforms and ensures taxpayer funds won't be used to bail out the international mining giant Glencore.

"Let me be quite clear; we don't bail out foreign billionaires," Mr Katter stated.

"Just down the road in Cloncurry, another copper mine, Ernest Henry, has recently announced record-breaking profits. Glencore was the former operator of this mine and got rid of it, claiming it wasn't profitable. That should give you a very clear picture of how incapable Glencore really is.

"I have said it repeatedly, if Glencore cannot make the Mount Isa copper smelter work on their own, the government should step in; not to throw money at what appears to be 'spectacular mismanagement', but to take control of the asset.

"This smelter is a vital piece of Australian industry, and government needs to act - swiftly and decisively," Mr Katter said.

Government must immediately:

(1) Reserve a portion of domestic production for domestic processing and manufacturing to ensure a national benefit, and

(2) Implement 'use it or lose it' so that multi-national organisations can't sit on our mining assets to influence international stock markets.

"We cannot compete with the Chinese when their governments build and own factories, provide subsidised power and don't require return on investment. Australia is already fighting an uphill battle; meanwhile, we are letting Glencore run riot and send our value offshore," Mr Katter warned.

Mr Katter expressed confidence that the government was beginning to see the writing on the wall.

"There is faith that this government will move to gain a stake in the copper smelter, not bail out the multi-national Glencore. If they want ownership partnerships, then it should come with government oversight, domestic processing guarantees and a binding commitment to Australian jobs.

"It is an insult to all Australian taxpayers that a single cent of their money would be spent on a foreign-owned corporation that has recorded massive profits in other divisions while allowing for our critical infrastructure to wither and die.

"A line in the sand must be drawn. Our assets must be retained for our benefit. Glencore can get with it or get out."