Ivernia’s flagship mine to restart in 2013
Oct 12, 2012 | 04:33 PM
| Samuel Frizell
Tags
Ivernia,
lead,
Magellan,
Wayne Richardson,
Brent Omland,
Enirgi Metals Group,
Australia,
Samuel Frizell
NEW YORK — Ivernia Inc. has announced that it will restart its Magellan lead mining operations in Western Australia during the second quarter of 2013, nearly two years after it suspended production because of concerns about lead contamination.
With a production capacity of about 85,000 tonnes per year, Magellan is one of the world’s largest lead carbonate mines. Once restarted, the mine is expected to generate a profit of up to $50 million per year based on an average lead price of $1 per pound, vice president and chief financial officer Brent Omland told AMM. On Friday, cash lead settled at 98.4 cents per pound on the London Metal Exchange.....
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