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Glencore to invest $400M in Kazakh zinc mine
Published by Jaroslaw Adamowski
Investment in mine Swiss-based Glencore has unveiled plans to invest $400 million in Kazakhstan’s Zhairem brownfield project. The zinc investment is to be carried out in the years 2018 to 2020.
The mine is to replace the Maleevsky and Tishinsky mines as they gradually reach end of lives around 2023, Glencore said in a presentation for investors.
First production from Zhairem is expected in 2020. Under the plan, Glencore is to produce some 160,000 tonnes of zinc per year over an initial 14-year mine life.
Zhairem is one of the largest polymetallic deposits in Kazakhstan.
The Swiss group says it is a leading global producer of copper, cobalt, nickel, zinc and thermal coal. Glencore is present in 50 countries worldwide in which it has about 150 assets operated by a total workforce of 155,000 employees and contractors, according to data from the group.