Bolinden, the management group of Tara Mines have told LMFM radio that they are targeting a reopenong of the Navan mine in the second quarter of next year.

The full statement issued to the radio station  this morning reads,”We are deeply conscious of how difficult the last few months have been for our employees and the wider community. The external backdrop remains very challenging due to a number of factors including current zinc prices and the cost of energy, which has settled at three times the level we saw two years ago. We also continue to face a series of operational challenges, which must be addressed in order to place the mine on a sustainable footing. 

With the support of the Boliden Group, and based on recent communications with the Group of Unions, we are determined to bring about a sustainable re-opening of the mine as soon as possible. We must address the operational challenges through a rescue plan, before we can re-open the mine. It is our intention to present a rescue plan in early January 2024, after which we intend to enter talks with the Group of Unions to discuss the proposals that are presented, and seek to reach an agreement with them. 

It is a very significant move for us to attempt to do this against the current external market backdrop, and the rescue plan must ensure an acceptable return on investment for shareholders, but the Boliden Group has agreed to support us in this objective. 

If we can reach an agreement by the first week in February, our ambition is to re-open the mine in the second quarter in 2024, assuming that there is no significant deterioration in market conditions. We will continue to work tirelessly to bring about a re-opening as early as possible. We are grateful to the Government for the support they have provided to date and will continue to engage with them on items that could potentially assist with an accelerated reopening of the mine, including mining licences and energy supports.”