Australia to provide $74 million more to Nyrstar smelters

Nyrstar NV

Wed 07:40

    MELBOURNE, June 10 (Reuters) - Australia will provide a further A$105 million ($73.68 million)to support Nyrstar Australia in progressing modernisation studies at its South Australian and Tasmanian smelting operations, Australia's industry minister said on Wednesday.

Here are the details:
The support is in addition to the previous amount of A$135 million ($87.4 million) announced in August last year, as part of Australia's strategy to become a key supplier of critical minerals to Western allies.
The funding will support Nyrstar, a unit of the trader Trafigura, in maintaining operations at both smelters in 2026, while it completes studies to produce critical minerals. It previously said it would look at producing germanium and indium in Hobart, in the country's south, and antimony and bismuth from Port Pirie in South Australia.
Nyrstar shipped its first antimony earlier this year. 
Australia's metal smelters have been under strain due to high power and labour costs, and cheaper rivals elsewhere. Modernising the country's ageing fleet will require significantly more capital, potentially testing the resolve of the government and taxpayers.
     
     
($1 = 1.4251 Australian dollars)

(Reporting by Melanie Burton; Editing by Rashmi Aich)
((melanie.burton@thomsonreuters.com Twitter: @MelanieMetals; +613 9286 1421; Reuters Messaging: melanie.burton.thomsonreuters.com@reuters.net/))