Will Xstrata fight further or will the second largest zinc mine in the world have to close?
SYDNEY, Dec 17 (Reuters) - Swiss-based miner Xstrata will consider its next move after an Australian court on Wednesday upheld an appeal by some of the country's indigenous inhabitants to halt a big expansion of its McArthur River zinc mine, it said. Aborigines from Australia's Northern Territory had appealed against the local government's approval of Xstrata's plan to divert the McArthur River to allow it to replace a depleted underground mine in the region with an open pit mine. Xstrata has previously warned that failure to allow for the expansion would spell the end of the operation.
Interesting times ahead for zinc.
Lead is tipped to be a fast price mover when the world starts to recover from the present shock.
Intec could be well positioned to take advantage of any recovery if it completes the Newcastle plant buy.
Cheers.
SDV Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
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