Nyrstar to Buy Tennessee Zinc Mine for $126 mln-Shanghai Metals Market

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Nyrstar to Buy Tennessee Zinc Mine for $126 mln

Industry News 01:16:23PM Dec 07, 2009 Source:SMM

BRUSSELS, Sept. 14 -- Belgium's Nyrstar (NYR.BR: Quote), the world's biggest producer of zinc, said on Monday it had agreed to buy the East-Tennessee Zinc mine complex in Tennessee from the Glencore Group for $126 million.

    The complex is about 250 miles (400 km) from Nyrstar's Clarksville smelter and Gordonsville zinc mine complex, which Nystar bought in May.

    Nyrstar Chief Executive Roland Junck said in a statement that the acquisition would yield cost reductions and operational synergies between the two mining sites.

    The acquisition is expected to be completed in the fourth quarter.

    The latest complex of three separate mines, which Glencore bought in May 2006, has been on care and maintenance since February 2009.

    Nyrstar said it had recently commenced limited operations at Gordonsville and would ramp up output over the next six months. The East-Tennessee complex would be restarted as quickly as possible, the company added.

    Nyrstar, which had a net cash position of 158 million euros ($230.7 million) at the end of June, said it would fund the acquisition with existing cash reserves.

    (Source: Reuters) 

Nyrstar to Buy Tennessee Zinc Mine for $126 mln

Industry News 01:16:23PM Dec 07, 2009 Source:SMM

BRUSSELS, Sept. 14 -- Belgium's Nyrstar (NYR.BR: Quote), the world's biggest producer of zinc, said on Monday it had agreed to buy the East-Tennessee Zinc mine complex in Tennessee from the Glencore Group for $126 million.

    The complex is about 250 miles (400 km) from Nyrstar's Clarksville smelter and Gordonsville zinc mine complex, which Nystar bought in May.

    Nyrstar Chief Executive Roland Junck said in a statement that the acquisition would yield cost reductions and operational synergies between the two mining sites.

    The acquisition is expected to be completed in the fourth quarter.

    The latest complex of three separate mines, which Glencore bought in May 2006, has been on care and maintenance since February 2009.

    Nyrstar said it had recently commenced limited operations at Gordonsville and would ramp up output over the next six months. The East-Tennessee complex would be restarted as quickly as possible, the company added.

    Nyrstar, which had a net cash position of 158 million euros ($230.7 million) at the end of June, said it would fund the acquisition with existing cash reserves.

    (Source: Reuters)