Glencore's McArthur River Zinc Mine May be Forced to Close

Reuters reported that Glencore plc’s (LSE:GLEN) Australia-based McArthur River zinc mine may be forced to close if it doesn’t improve its environmental track record and increase “a financial bond covering rehabilitation of the site.”
The news outlet states that people living near the major mine have made various environmental complaints about it.
As quoted in the market news:

Adam Giles, the chief minister of the Northern Territory where the mine is located, said his government had been talking to Glencore for months about the need to come up with a plan to control increased levels of reactive waste rock, a chemical which turns into sulphuric acid when it meets water.
“We have been working with the mine itself to increase its level and standards of environmental protection at the site,” Giles told Australian Broadcasting Corp.
“We have been adamant that unless Glencore fixes its environmental procedures and practices we will close the mine.”
Miners in the Northern Territory are required to lodge a bond to cover 100 percent of the final remediation cost at every stage of the mine’s life.
Glencore’s chief operating officer for zinc in Australia, Greg Ashe, said the mine was engaged in a process with the government around the bond and was committed to finding a balanced solution that meets the expectations of the government, the mine and the community.

Click here to read the full Reuters report.