The latest economic report from Glencore shows that the company’s operations directly contributed almost $20 billion to the Australian economy in 2022.
This includes providing work for over 18,000 employees and contractors, with $2.1 billion in wages and salaries paid. The company supported 7370 Australian-based businesses in 2022, spending a total $10.4 billion on goods and services. This amounted to $7.5 billion in taxes, royalties and rates to applicable governments.
“When mining does well, Australians do well and our economy well. We should never take that for granted,” Glencore head of corporate affairs Cassandra McCarthy said.
Glencore is Australia’s largest producer of coal, cobalt, zinc and lead, which it sources from the 24 mines it operators across the country. The company also operates a number of metals processing facilities, including concentrators, smelters and refineries.
“Glencore has been operating in Australia for more than 25 years, employing two generations of Australian families and continues to make an important contribution to jobs, businesses and the communities where we operate,” McCarthy said.
“Glencore works with businesses across more than 100 different industries… We support Aussie businesses that range from the local coffee shop to the country’s leading equipment and mining service providers.”
The company’s most recent move on the Australian market was the $US1.1 billion sale of its CSA copper mine to Metals Acquisition Corp (MAC).
Glencore will offtake 100 per cent of the copper concentrate produced and MAC will assume ownership and full operation of the NSW mine.
The company will also receive royalties of 1.5 per cent life of mine net smelter return.
Glencore is also actively attempting to takeover one of Canada’s leading mining companies, Teck Resources.
Teck turned down the most recent $US31.2 billion takeover offer, but Glencore has since indicated that it is working with Teck to find a way forward.
