Nippon Steel, Sojitz to take 49% stake in Champion Iron’s project in Canada
The Kami project will also receive up to A$490 million in contributions from Nippon and Sojitz.
Glencore Plc has halted operations at its McArthur River zinc and lead mine (MRM) in Australia following heavy rainfall this week, the company said on Thursday.
The suspension could exacerbate a tightened supply of zinc concentrates, feedstock to make refined zinc, which is mainly used to galvanise steel to protect it from corrosion.
“MRM has temporarily ceased operations as we monitor flooding in the region and assess impacts onsite at our operations,” Glencore said in a statement.
McArthur River mine is one of the world’s biggest zinc and lead operations. It produced 262,200 tonnes of zinc in concentrates and 50,400 tonnes of lead in concentrates last year, according to Glencore’s production report.
The site experienced rainfall this week which exceeded the previous record dating back about 50 years to 1974.
Also backed by Glencore, Peruvian zinc, lead and silver miner Volcan suspended three of its mines in the country earlier this week as it works on updating an operating permit for its Rumichaca tailings dam.
Delay in the start of major Russian zinc mine Ozernoye, suspension of Europe’s biggest zinc mine Tara, also led to a lower supply of mined zinc.
(By Julian Luk; Editing by David Evans)
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