On July 22nd local time, Glencore announced its decision to sell the Lady Loretta zinc mine and associated land to Austral Resources. The acquisition will enable Austral to extract additional copper ore from its existing Lady Annie Mine, which adjoins the boundary of Glencore’s Lady Loretta lease.

Lady Loretta is one of Glencore’s key zinc-lead assets within the Mount Isa multi-metal mining region in Queensland, Australia. Glencore had previously announced plans in October 2023 to wind down operations at Mount Isa and associated assets, including the northern-based Lady Loretta mine. According to a report released in early 2025, zinc operations at Lady Loretta are scheduled to cease by the end of the year, with the transaction expected to complete around the same time.

The Mount Isa region primarily comprises two zinc-lead mines: George Fisher and Lady Loretta. Public data indicates average annual ore production of approximately 3 million tonnes at George Fisher and 1.6 million tonnes at Lady Loretta. Based on this ratio, Lady Loretta contributes roughly 34% of Mount Isa’s total zinc-lead ore output. Following its closure, Mount Isa’s zinc-lead concentrate production may decline by around one-third, while operations at George Fisher are expected to continue at least through 2036.