Mining Weekly reported that the government of Australia’s Northern Territory has approved the AU$369-million expansion of Glencore Xstrata plc’s (LSE:GLEN) McArthur River zinc mine.
As quoted in the market news:
Mines and Energy Minister Willem Westra van Holthe said on Tuesday that the Phase 3 development project would see to the employment of a further 300 people, and would extend the life of the mine by nine years, to 2036, taking production from 2.5-million tons of ore a year to 5.5-million tons of ore, and production from 360 000 t/y to 800 000 t/y of zinc.
‘With the approval of Phase 3, McArthur River mine will become the largest zinc resource in the world,’ the Minister said.
Investing in zinc? Zazu Metals Corporation (TSXV:ZAZ) holds a 50% interest in the Lik Project in Alaska, a joint venture with Teck Resources Limited. The PEA on Lik South estimates that 17.1Mt tonnes of ore milled at an average grade of 7.7% zinc, 2.6% lead and 47 g/t silver would come from the Lik South project.
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