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In a press conference in Townsville this morning Queensland Premier Annastacia Palaszczuk and Glencore's Chief Operation Officer Matt O'Neill made the much-anticipated announcement.
In 2016 Glencore received $15 million from the State Government to extend the operation until 2022.
Today's decision extends the life of the operations a further three years.
Glencore will receive a one-off incentive as part of the Queensland Government's North Queensland Recovery Plan and will also invest more than $500 million to continue the smelter and Townsville refinery operations.
Ms Palaszczuk said the incentive was commercial in confidence but was "monetary consolidated revenue".
Good news for 1,000 jobsMr O'Neill said the announcement was not just good news for the local towns, but Queensland as a whole.
Glencore Chief Operating Officer Matt O'Neill.(ABC North West Queensland: Kelly Butterworth)
"Our [Glencore's] operations here in north Queensland employ just under 5,000 people from Mount Isa through to Townsville," he said.
"The smelter and the refinery are really important parts of the operation.
"As you're aware, metals processing and manufacturing here in Australia is facing a pretty tough time.
"Competing with the international companies that we do, the support from the State Government goes a long way to level that playing field."
This article first appeared on www.abc.net.au
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