19.9 C
Belgrade
Supported byspot_img
spot_img

Boliden resumes operations at Tara zinc mine in Ireland with workforce reduction agreement

Member of Europium Groupspot_img
Supported byspot_img

Boliden, the Swedish mining company, is set to resume production at its Tara zinc mine in Ireland after successfully negotiating cost reductions with unions. This agreement will lead to a significant reduction of approximately one-third of the operation’s workforce.

Last year, Boliden halted operations at Tara, Europe’s largest zinc mine, in response to a three-year low in zinc prices and challenges related to expensive energy costs and production issues.

The gradual ramp-up of operations at Tara is planned for the fourth quarter, with expectations to reach full capacity by January 2025. Additionally, exploration activities at the site will resume.

Supported by

As part of the restructuring, the number of full-time workers will be reduced to around 400, down from over 600 before the shutdown last year, according to Boliden’s announcement.

The company anticipates recording a restructuring cost of €30 million ($32 million) in the second quarter, attributed to the job cuts and other organizational adjustments. The total impact on the quarter’s results, including previously disclosed costs for care and maintenance, is projected to be €43 million ($46 million), as stated by Boliden.

Zinc prices have shown signs of recovery this year, rebounding from multi-year lows observed in 2023. Currently, the galvanizing metal is trading at $2,834 per tonne, reflecting a 5.7% increase compared to the same period last year.

Supported byElevatePR Digital

Related News

Overcoming the copper supply challenge: Implications for U.S. renewable energy goals

A recent University of Michigan study sheds light on a concerning gap in copper production essential for meeting renewable energy targets in the United...

Unlocking renewable energy potential: The role of renewable hydrogen in storage and decarbonization

Renewable electricity can be effectively stored by converting it into renewable hydrogen or ammonia through the process of electrolysis. These fuels can be utilized...

Empowering renewable energy: Harnessing the potential of renewable hydrogen for storage and decarbonization

Batteries play a crucial role in providing short-term flexibility to the energy system, offering advantages such as geographical and sizing flexibility. Unlike some other...

Energy storage: Enabling clean alternatives and job creation in coal-dependent regions

Energy storage is particularly relevant to carbon-intensive and coal regions, as it provides a cleaner alternative to hard-to-abate industries and traditional fossil-fuel-powered thermal plants...
Supported by
Supported by
Supported by
error: Content is protected !!