Bluestone closes Renison tin mine on lower prices

摘要

Australia's Bluestone Tin said last week that it was closing its Renison Tin mine on Tasmania's west coast and sacking many of its employees due to the sliding tin price. The mine is expected to be held in an advanced state of care-and-maintenance. Renison processed 105,423mt of ore at a grade of 1.23 percent tin in the quarter to Jun 30, 2005, producing a total of 734mt of metal. Tin prices were in the 9,000-9,300 dollars /mt range around the time of Bluestone's IPO and major capital investment decisions in July-August 2004, in comparison to the 6,535 dollars /mt official cash settlement price on the London Metal Exchange Oct 7.