Positioning it as a high-cost mine, Boliden said it will place the Tara mine in Ireland under care and maintenance.  The company said the business is currently cash flow negative, due to a combination of factors including operational challenges, a decline in the price of zinc, high energy prices and general cost inflation. 

This announcement follows on the heels of a mid-June announcement that a fire broke out at Boliden’s Rönnskär smelter in Norway. No injuries occurred, but the cell house has burned down. All production at Rönnskär has stopped and it’s costing the company $7.9 million per week in lost production not to mention the replacement costs for the equipment.

The company also reported that the Kevitsa copper and nickel mine in northern Finland is mining from areas with lower grades. During the second quarter, the copper grade was estimated at 0.21% and the nickel grade at 0.16%, which is significantly below the reserve grades in Kevitsa of 0.34% and 0.23%, respectively.