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Nyrstar to Buy Tennessee Zinc Mine for $126 mln

Higher TCs Push up China's Lead, Zinc Output in Aug

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.
&nbsp;&nbsp;&nbsp; The complex is about 250 miles (400 km) from Nyrstar's Clarksville smelter and Gordonsville zinc mine complex, which Nystar bought in May.
&nbsp;&nbsp;&nbsp; Nyrstar Chief Executive Roland Junck said in a statement that the acquisition would yield cost reductions and operational synergies between the two mining sites.
&nbsp;&nbsp;&nbsp; The acquisition is expected to be completed in the fourth quarter.
&nbsp;&nbsp;&nbsp; The latest complex of three separate mines, which Glencore bought in May 2006, has been on care and maintenance since February 2009.
&nbsp;&nbsp;&nbsp; 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.
&nbsp;&nbsp;&nbsp; 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.
&nbsp;&nbsp;&nbsp; (Source: Reuters)&nbsp;

[Cu] Summary - 2009/9/14 Spot Copper Market

Nyrstar to Buy Tennessee Zinc Mine for $126 mln_SMM | Shanghai Nonferrous Metals

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