T he federal government’s announcement of a A$600m rescue package for Glencore’s copper smelting and refining operations in Mount Isa and Townsville marks a definitive shift in Australia’s industry policy.

The announcement follows the $2.4bn rescue of the Whyalla steelworks , and a smaller assistance package for metals smelter Nyrstar .

At the time it was announced, the Whyalla rescue could be seen as a one-off special case. The steelworks’ owner, Sanjeev Gupta, had run into financial difficulties associated with the collapse of its major financier, Greensill Capital. The rescue plan included support for a transition from unsustainable blast furnace technology to “green steel”, though this remains problematic.

By contrast, Swiss giant Glencore is a highly profitable corporation

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