✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

Australia's Red River to restart zinc mine in 2017

Published 02/12/2016, 02:27 pm
Updated 02/12/2016, 02:30 pm
© Reuters.  Australia's Red River to restart zinc mine in 2017
HG
-
RVR
-

MELBOURNE, Dec 2 (Reuters) - Australia's Red River Resources RVR.AX said on Friday it plans to restart a monthballed zinc mine in northern Queensland to take advantage of a rise in commodity prices afer successfully raising A$30 million ($22 million) in a placement.

The Thalanga zinc project, which has been on care and maintenance since 2012, will start development work immediately and is expected to return to production by the second half of 2017, Red River said in a statement.

The capital cost of the restart was estimated at A$17.2 million.

The mine will produce 21,400 tonnes of zinc, 3,600 tonnes of copper, 5,000 tonnes of lead, 2,000 ounces of gold and 200,000 ounces in silver in concentrate a year over an initial mine life of five years, it said.

London Metal Exchange zinc prices CMZN3 have more than doubled from the year's lows below $1,445 a tonne to top out at $2,985 a tonne this week. Zinc was last trading at $2,705 a tonne. ($1 = 1.3495 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.