€65 Million Losses at Tara Mines in 2023, Boliden Group Reports

Tara Mines in Navan, Co Meath, operated by the Boliden Group, has reported preliminary losses of €65 million for the year 2023. These figures, revealed in the company's full-year accounts, highlight significant financial challenges faced by the zinc mine, which temporarily halted operations last summer. Around 600 employees were temporarily laid off as the mine entered care and maintenance due to a combination of unsustainable losses, inflation, and declining zinc prices.

Maintaining the mine in its current state is reportedly costing Boliden €13 million every quarter. Amidst these financial strains, discussions are ongoing between Boliden Tara Mines management and worker unions at the Workplace Relations Commission (WRC). A proposed rescue plan by the company aims to cut jobs and reduce production targets in an effort to salvage the operation.

Gunnar Nystrom, the General Manager of Tara Mines, expressed concern over the external market conditions, particularly the zinc price, which continues to pose a significant challenge. Nystrom emphasized the importance of reaching an agreement on the rescue plan with the unions to ensure the mine's sustainable reopening.