Saturday 17 March 2018

Anglo says appetite is strong for Lisheen sale

MINING giant Anglo American said yesterday that the sale of its zinc unit, which includes Lisheen Mines in Tipperary, is "well advanced" amid strong appetite for the operations.

Anglo is selling the profitable Lisheen Mine as part of a bigger disposals programme, which includes zinc mines in Namibia and South Africa. Companies from Asia, Africa and Europe all held talks with Anglo American last month on the sale. The company put its zinc operations up for sale in October last year in a move aimed at saving the company $120m (€90m) a year.

The Metallurgical Corp of China is in the running for zinc assets, while other possible owners include Xstrata, its biggest shareholder Glencore and India-based Hindustan Zinc.

The new owners will be responsible for the site clean-up between the villages of Moyne and Templetuothy after the closure of the mine. Anglo had set aside more than $30m for this.

London-based Anglo American also said yesterday that it posted gains in first-quarter output of iron ore, platinum, copper, diamonds and zinc. Production of iron ore jumped 23pc, coking coal gained 32pc and refined platinum rose 11pc. Copper and nickel output rose 7pc while thermal coal production fell 2pc, it said.

Anglo is boosting output as demand recovers after slumping last year as metal prices fell amid recessions in the world's biggest economies. Anglo's shares have more than doubled in London to £28.14 during the past year.

Irish Independent

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