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Kazakhstan's ShalkiyaZinc shuts plant until summer 2009
Moscow, December 22 2008
Kazakh zinc miner ShalkiyaZinc has temporarily shut its Kentau plant down until summer 2009, the company said in a statement.
"The shut-down of operations has been undertaken in the context of current market circumstances and depressed zinc concentrate prices, and is aimed at preserving the Company's financial position," the company said.
"It is anticipated that the Company will review its plans for its Kentau plant in summer 2009 or at such time that there is a return to sustainable zinc concentrate prices that will enable economic production and allow financial performance acceptable to the Company and its shareholders," it said.
Plans to build a new plant at the Shalkiya mine and to achieve 4mpta production at this new plant will not be affected by the shut down of the Kentau plant, which has been used as an interim source of revenue and as a testing site prior to construction of the new plant.
The company said it was discussing the financing options for the construction of the New Processing Plant at Shalkiya Mine with international and domestic banks and other financial investors.