Zinc is zooming – it is up 55% since hitting a 6 year low mid-January. Prices have risen around 3% on the LME since Monday.
The closing of 4 major zinc mines since 2013 has reduced supply by over 1 million tons. Glencore cut H1 2016 production by 31% to help shore up prices. Beijing has ordered the shut-down of lead and zinc mines in parts of Hunan province which is the centre of Chinese production. This has resulted in China’s refined zinc output to fall 2.8%.
Anglesey Mining Plc holds 100% of the Parys Mountain underground zinc-copper-lead-silver-gold deposit in North Wales, UK where it is exploring and plans to carry out evaluation and pre-feasibility work when commodity prices improve.
Minco Plc has initiated a 1400 drill program to explore for zinc-lead at Moate County Westmeath, Ireland. The company discovered the Limerick mine in Ireland in 2007, sold their 23.6% interest to Xstrata for US$19M in 2011.