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Gold/Mining/Energy : ZINC The base metal. News and Views. Symbol Zn
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To: Stephen O who wrote (465)3/25/2003 10:43:20 AM
From: Stephen O  Read Replies (1) of 3270
 
Pasminco Administrators to Shut Cockle Creek Plant in September
2003-03-24 17:06 (New York)

Pasminco Administrators to Shut Cockle Creek Plant in September

Melbourne, March 25 (Bloomberg) -- Pasminco Ltd.'s
administrators said they decided to bring forward the closure of
the Cockle Creek lead and zinc smelter in Australia to September
because of its worse-than-expected performance.
The plant, near Newcastle in New South Wales state, was
scheduled to close between 2006 and 2008, administrators John
Spark and Peter McCluskey of Ferrier Hodgson said in a statement
to the Australian Stock Exchange.
``The major factors have been lower treatment charges, the
strengthening value of the Australian dollar, higher than expected
capital expenditure requirements for meeting future environmental
standards and the increasing difficulties in meeting production
targets while operating an ageing plant for a finite period,''
Pasminco Chief Executive Greig Gailey said in the statement.
The Cockle Creek plant has capacity to produce 90,000 metric
tons a year of zinc and 35,000 tons of lead bullion, according to
Pasminco's Web site.

--Dudley White in Melbourne (61) 3-9228-8701 through the Sydney
newsroom or at dwhite1@bloomberg.net. Editor: Gosman
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