It is reported that a company developing a zinc mine in the Adelaide Hills says it is on track to begin production by June. At its annual general meeting recently Terramin Australia announced it would push ahead with the Angas mine near Strathalbyn despite a decline in zinc prices.
Mr Kevin Moriarty Executive chairman of Terramin Australia said the company's strong growth had led to takeover offers from major mining companies. But he appealed to shareholders not to let that happen. He said "We are very concerned about it."
Mr Kevin Moriarty said "Terramin has built a very large management team, there'd be something like 200 employees, we've built Terramin to develop our resources and mines and so we're not building Terramin to be taken over by someone else.”
He said "Because our projects produce zinc very cheaply, we're still making good profit even if prices did fall, but our prediction is that prices won't fall any further than now and in fact we predict they will rise strongly over the next two years as a lot of mines are closed."
