€65m losses incurred at Tara Mines in 2023, accounts show

The company that owns Tara Mines in Navan, Co Meath has said preliminary results indicate the facility incurred losses of €65m last year.

The Boliden Group published its full year accounts for 2023 today.

It is understood that full year results for Tara Mines are not available, but the preliminary figures indicate this loss before tax.

Last summer, the zinc mine was placed under care and maintenance, with around 600 staff temporarily laid off.

The company said the temporary closure was due to unsustainable losses at the mine, inflation, and a drop in the price of zinc.

Keeping the mine in care and maintenance is understood to be costing the company €13m per quarter.

Discussions between management at Boliden Tara Mines and the group of unions representing workers are ongoing, with the parties attending discussions at the Workplace Relations Commission (WRC).

The company had put forward a rescue plan, which includes reducing the headcount and reducing production targets.

The general manager of Tara Mines Gunnar Nystrom said today that external market conditions remain extremely challenging.

“Preliminary results for 2023 indicate that the Tara Mines entity incurred losses of €65 million in 2023. That would have been substantially higher had we not temporarily suspended operations and entered care and maintenance in July 2023”.

Mr Nystrom said that the price of zinc is still of “major concern”, adding that this demonstrates the importance of reaching an agreement with the group of unions on the rescue plan proposals to enable the operation to reopen on a sustainable basis.

“We remain in discussions with the group of unions and continue to work towards achieving an agreement”, he said.

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