Zinc rates cut while lead is held steady

- February 2nd, 2009

Zinc Investing News reports zinc rates were cut this week. Oz Minerals Ltd, the world’s No. 2 zinc miner who is struggling to refinance debt, has been dealed another blow. The company will take a US $65.5 million charge for the second half due to price adjustments caused by falling metals prices. It said zinc … Continued

Zinc Investing News reports zinc rates were cut this week.

Oz Minerals Ltd, the world’s No. 2 zinc miner who is struggling to refinance debt, has been dealed another blow. The company will take a US $65.5 million charge for the second half due to price adjustments caused by falling metals prices. It said zinc output from its flagship Century zinc mine in eastern Australia, where production costs are higher than selling prices, slipped 3 percent to 125,333 tonnes in the fourth quarter versus the previous quarter. Oz Minerals has been depleting its cash reserves rapidly as its operations have been squeezed by deterioration in commodities markets.

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