Boliden's Tara zinc mine has been put on hold due to a combination of plummeting zinc prices, increased energy costs, and general cost inflation.
Plummeting zinc metal prices and rising energy costs recently prompted Boliden to place its Tara zinc mine on care and maintenance until further notice. “The business is currently cash flow negative due to a combination of factors,” the Swedish metals producer said. Officials went on to specify that these operational challenges included “a decline in the price of zinc, high energy prices, and general cost inflation.” Tara is an underground mine about 60 kilometers northwest of Dublin, Ireland.
The benchmark Dutch TTF gas price was €34.90 per megawatt hour on June 20. According to information from Trading Economics, this is still seven times higher than the €5.11 quoted during the week of June 22, 2020. The elevated prices remain a significant problem. This is despite prices from the unprecedented 2022 highs caused by Russia’s invasion of Ukraine.
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