Hindustan Zinc to pursue demerger, CEO says
The government's proposal to sell a stake in the company is also going on.
Sibanye-Stillwater (JSE: SSW, NYSE: SBSW) announced on Friday that its Century zinc operation in Queensland, Australia, has been suspended due to regional bushfire.
While all workers and the main infrastructure at the site are reported safe, there has been an “extensive loss” of piping infrastructure. Orders for replacements have already been placed, the South African miner said in a statement on Friday.
Zinc output this quarter is expected to fall short by nearly 9,700 tonnes due to the stoppage, which will likely last until mid-November, according to the statement. Century produced 76,000 tonnes of zinc last year.
“This incident once again highlights the threat posed by climate change, which is leading to significant damage from extreme weather-related events worldwide,” CEO Neal Froneman said.
“This setback is unfortunate, considering the Century operation had recovered well after heavy rains affected Q1 2024,” he added.
The Century zinc mine began production in 1999. Operations were placed on care and maintenance in 2016 after the depletion of the original open-pit reserves, following 16 years of producing and processing an average of 475,000 tonnes of zinc and 50,000 tonnes of lead concentrate per annum.
The mine is expected to run out of ore in 2027, but its indicated and inferred resources present an opportunity to extend operations beyond 2030, the company has said.
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