BASE METALS

Boliden halts production at Tara

Europe's largest zinc mine to shut down for at least a fortnight.

Staff reporter

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The company said it was evaluating how to ensure supply of concentrate to its zinc smelters following the loss of volumes from Tara, Europe's largest zinc mine.

Canadian bank BMO forecast Tara would produce about 135,000 tonnes of zinc in concentrate in 2020, representing 45% of Boliden's total zinc production this year.

BMO said the 14-day shutdown would have "relatively limited impact on overall production", but noted there was a risk it could be extended "given the evolving nature of restrictions related to the COVID-19 virus".

Tara represents about 2% of BMO's gross NPV estimate for Boliden.

Ireland had recorded 46 COVID-19 related deaths as of Sunday. The country's prime minister Leo Varadkar introduced a set of lockdown measures on Saturday, telling residents to stay home until at least April 12.

 

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