Nyrstar announced it has reached the final key funding milestone for the Port Pirie Redevelopment and commenced draw-down under the funding structure supported by the South Australian government and Australia’s export credit agency, the Export Finance and Insurance Corporation (EFIC).

Nyrstar made the first drawdown and will make further progressive drawdowns each month (to fund the following month’s expenditure) over the first half of 2016 under the AUD$291.25 million structure. The funding will be used to complete the construction phase of the project and enable the commencement of commissioning and ramp-up in H2 2016.

Located on the eastern shore of Spencer Gulf in South Australia, Port Pirie is one of the world’s largest primary lead smelting facilities and the third largest silver producer, which allows it to generate significant economies of scale. Port Pirie’s competitive position is enhanced by its ability to produce a range of metals and treat a variety of byproducts, together with its focus on supplying Asian markets of Asia, especially China.