Glencore Xstrata’s McArthur River Mine Expansion Receives Approval

Mining Weekly reported that the government of Australia’s Northern Territory has approved the AU$369-million expansion of Glencore Xstrata plc’s (LSE:GLEN) McArthur River zinc mine.

As quoted in the market news:

Mines and Energy Minister Willem Westra van Holthe said on Tuesday that the Phase 3 development project would see to the employment of a further 300 people, and would extend the life of the mine by nine years, to 2036, taking production from 2.5-million tons of ore a year to 5.5-million tons of ore, and production from 360 000 t/y to 800 000 t/y of zinc.

‘With the approval of Phase 3, McArthur River mine will become the largest zinc resource in the world,’ the Minister said.

Click here to read the full Mining Weekly report.