Australian Miner South32 Greenlights $2.16 Billion US Zinc Mine as Profits Slump [Financial Post (Toronto, Ontario, Canada)]
SOUTH32 LTD SPNS/ADR (SOUHY)
NASDAQ:AMEX Investor Relations:
south32.net/docs/default-source/exchange-releases/notice-of-annual-general-meeting-2017-and-director-election.pdf?sfvrsn=b80badf_6
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Source: Financial Post
Author of the article: (Bloomberg) — South32 Ltd. said it will go ahead with a $2.16 billion zinc-lead-silver project in the US, as it released first-half results that saw it take a battering from a slump in nickel prices. The Australian miner announced final investment approval for the Taylor deposit at the Hermosa site in Arizona, with production to start in 2027, it said in a statement. The project is likely to have an initial operating life of around 28 years and an internal rate of return of about 12%, it said. Article content Article content The price of zinc — used as a coating to protect iron and steel from rust — has fallen by almost a quarter in the past year, but long-term demand is expected to be strong given it can be used to make electric vehicle batteries. Silver is also tied to the energy transition, as it's an ingredient in solar panels. “This investment is a major milestone for our business, that further reshapes our portfolio towards commodities critica
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