Singapore 01/11/2016 - Glencore has shuttered its Black Star zinc open cut mine - part of its Mount Isa Mines complex - in northwest Queensland, Australia, after mining out the existing reserve, the company said on Monday October 31.
The operation was transitioned to care and maintenance in October, a company spokeswoman told Metal Bulletin.
The mine, which began production in 2004, had an initial expected mine life of eight years. It ultimately delivered 13 years of operation, producing around 40 million tonnes of ore, 1.75 million tonnes of contained zinc metal and nearly one million tonnes of contained lead metal in that time, the company said.
Over the past three years, Glencore has implemented a staged workforce transition programme, with many employees redeployed to other Glencore operations, it added.
The news had boosted zinc prices on concerns that supply zinc concentrate supply will tighten further. The London Metal Exchange three-month zinc price touched $2,485 per tonne on Tuesday - the highest since August 1, 2011. It recently traded at $2,455, down $3 on Monday’s close, with around 4,100 lots changing hands on LMEselect.
(Editing by Mark Shaw)