Latest news with #coppermine
ABC News
03-07-2025
- Business
- ABC News
Austral Resources Australia acquires Rocklands Copper Mine near Cloncurry
An outback Queensland copper mine with a tumultuous and controversial history has been acquired for the third time in seven years. Austral Resources Australia has executed a binding agreement to acquire Rocklands Copper Mine near Cloncurry, which has sat in care and maintenance since November. While the acquisition could be a boost for the community, residents are cautious given a decade of failures involving the mine. Rocklands' reputation has been sullied by a trail of unpaid invoices and job losses, which led to the closure of local businesses. The community is concerned the mine has caused the town more pain than gain in its nine-year history. Cloncurry Shire Mayor Greg Campbell said while any mining activity was positive for the community, past owners might have tainted any trust in Rocklands. Austral non-executive director Dan Jauncey said the company's priority was to rebuild a relationship with residents. "We're in this for the long haul," he said. "We can't do this without the people, without the businesses supporting us as we want to support them." Mr Jauncey said Austral would revisit Rocklands' previous failures and assess what could be done differently. "[Rocklands] has been undercapitalised, under-resourced," he said. "We're very focused on this consolidation piece and ensuring, before we hit go on anything, that we've got all our i's dotted and t's crossed." Chinese-backed miner CuDeco first opened Rocklands in 2016. It closed in 2018 and fell into receivership the following year, leaving $60 million in unpaid wages and debts. Cr Campbell said the unpaid bills put pressure on residents, causing an exodus from the town. After liquidation in 2020, Copper Resources Australia purchased the mine in 2021, promising a brighter future. Within three years it was again in administration, joining two other copper projects shuttered in 2024. The mothballing of the mine this time around affected more than 600 workers, again creating bitterness among Cloncurry residents. Now, seven months on, Austral said it wanted this new deal settled by the end of August. It has operated the Lady Annie copper mine north of Mount Isa for the past six years. Once finalised, the company will also have to face the potential closure of Mount Isa's copper smelter — one of just two in the country — as Swiss owners Glencore seek government funds to keep it running. The loss of the smelter could mean that copper production would move overseas. Mr Jauncey said Austral was aware of the situation and prepared to work through it. "All we can focus on is what we can control … but I know that we can be self-sufficient," he said. Cr Campbell said to keep Cloncurry afloat, mining companies needed to do the right thing by the community. "As a mining shire, we're happy to do our bit and promote the area," he said. "But we do have a strong expectation on businesses, especially mining companies, to come and invest in our community and do it transparently … ultimately to pay the bills." He said Austral had work to do to ensure Cloncurry was not held ransom by Rocklands a third time. "If they want to come and operate in our shire, they're more than welcome," he said. "But we've got a really strong desire to keep our people ultimately employed and then paid once they do their work."
ABC News
20-06-2025
- Business
- ABC News
Mount Isa faces uncertain future, with imminent closure of copper mine
Mount Isa is set to lose a major industry by the end of July, with Glencore set to close its underground copper mine. The North West Queensland city is bracing for the impact of the closure on the mining community.
Wall Street Journal
19-06-2025
- Business
- Wall Street Journal
Rio Tinto Agrees to Settle Mongolia Copper Mine Lawsuit
Rio Tinto agreed to pay $138.75 million to resolve a class-action lawsuit that alleged the company concealed problems during the expansion of a giant copper mine in Mongolia. The plaintiffs in the lawsuit, led by Pentwater Capital Management, alleged the company misrepresented and omitted information about the expansion of the Oyu Tolgoi mine, which ran years late and nearly $2 billion over budget.
CTV News
18-06-2025
- Business
- CTV News
Teck receives provincial certificate to extend B.C. Interior copper mine
Teck's Highland Valley Copper mine is pictured in British Columbia's interior, Sunday, March 26, 2017. THE CANADIAN PRESS/Jonathan Hayward Vancouver-based mining company Teck Resources says it has received an environmental assessment certificate from the B.C. government to extend the life of the Highland Valley Copper Mine. Teck says in a release that the positive decision supports the extension for Canada's largest copper mine. The mine is located about 50 kilometres southwest of Kamloops, B.C. Teck president Jonathan Price says in a statement that site preparation work is expected to start shortly along with work to secure additional required permits, with a final construction decision by Teck's board of directors expected later this year. Price says the decision will not only support the extension, but will strengthening the North America critical minerals supply chain and contribute to jobs and economic activity. The company says the project is expected to create roughly 2,900 jobs during construction and support 1,500 jobs once in operation. This report by Chuck Chiang, The Canadian Press, was first published June 17, 2025.
Yahoo
17-06-2025
- Business
- Yahoo
Teck Receives Environmental Assessment Certificate for Highland Valley Copper Mine Life Extension
VANCOUVER, British Columbia, June 17, 2025 (GLOBE NEWSWIRE) -- Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ('Teck') today announced that the B.C. Government has issued an Environmental Assessment Certificate for the proposed Highland Valley Copper Mine Life Extension project ('HVC MLE'). 'This positive decision by the Government of B.C. will support extending the life of Canada's largest copper mine, strengthening the North America critical minerals supply chain and contributing to jobs and economic activity,' said Jonathan Price, Teck President and CEO. 'This is an important step forward that positions the project for a final construction sanction decision in the near term. I want to thank Indigenous Governments and the Province of B.C. for their thoughtful assessment of HVC MLE, and local communities, employees and all stakeholders for their engagement and feedback.' Site preparation work is expected to start shortly along with work to secure additional required permits, with a final construction sanction decision by Teck's Board of Directors expected in the third quarter of 2025. HVC MLE is expected to create about 2,900 jobs during the construction phase of the project. After construction, Highland Valley Copper's ongoing operations will support approximately 1,500 direct jobs and $500 million in annual GDP. The HVC MLE would extend the life of Highland Valley Copper to the mid-2040s. For more information go to: For photos and video of Highland Valley Copper go to: Photo and Video Gallery Forward-Looking StatementsThis news release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information as defined in the Securities Act (Ontario). Forward-looking statements and information can be identified by statements that certain actions, events or results 'may', 'could', 'should', 'believe', 'would', 'expect', 'continue', 'might' or 'will' be taken, occur or achieved. Forward-looking statements include qualifications and limitations relating to the expected permitting and sanction decision timeline, if any; the ability of HVC MLE to receive and maintain permits; the expected value that would be created ; the continuing positive relationships with Indigenous peoples and local communities; the framework for regulatory process and timeline being adhered to; Teck's ability to execute planned activities; Teck's ability to execute its construction plans and the expected timing of HVC MLE completion; the expected extended mine life of Highland Valley Copper; the community benefits of HVC MLE, including creation of jobs and the creation of annual GDP; the ability of HVC MLE to strengthen the North American critical minerals supply chain; the profitability of Highland Valley Copper; and Teck being a well-positioned copper development company. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general business and economic conditions, interest rates, commodity and power prices, current conditions and expected future developments, Teck's ability to obtain and maintain permits, the regulatory framework remaining defined and understood, and other considerations that are believed to be appropriate in the circumstances. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially. Factors that may cause actual results to vary include, but are not limited to, risks relating to the environmental assessment certificate being challenged, Teck's ability to successfully sanction and construct HVC MLE to expand operations within the expected timeline or at all, changes in regulatory framework and the presence of laws and regulations that may impose restrictions on mining, the timing and ability of Teck to obtain and maintain required approvals and permits, community, non-governmental and governmental actions, stakeholder and Indigenous peoples' actions, risks related to mining construction and operation activities, the ability to continue current operations, metal and commodity prices, the global economic climate, and changes or deterioration in general economic conditions. Teck does not assume the obligation to revise or update these forward-looking statements after the date of this document, except as may be required under applicable securities laws. About TeckTeck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. We are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at or follow @TeckResources. Investor Contact:Emma ChapmanVice President, Investor Relations + Media Contact:Dale SteevesDirector, External Communications236.987.7405
