The loss-making Mount Isa copper smelter and Townsville refinery will stay open as their owner Glencore has struck a deal with the federal and Queensland governments for a taxpayer bailout.

Glencore’s operations in Mount Isa and Townsville were in jeopardy this year as its interim chief operating officer warned the company may have to place the two smelters into care and maintenance until conditions improved.

The company was expected to report a multi-billion-dollar loss for the two operations over the coming seven years.

Industry Minister Tim Ayres will be in Mount Isa on Wednesday alongside Queensland’s Minister for Natural Resources and Mines Dale Last to announce the bailout.

The pair are set to front the press at 11.30am AEDT.

A joint offer was made to Glencore two weeks ago in

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