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Vedanta's Lisheen zinc mine to close this year

Reuters - UK Focus

LONDON, April 20 (Reuters) - Vedanta Resources (Other OTC: VDNRF - news) said its Lisheen mine in Ireland (Other OTC: IRLD - news) will close in October, taking out a large amount of zinc concentrate in a market that is expected to see a deficit this year.

The second-largest zinc mine in Europe, it produces about 165,000 tonnes of zinc metal in concentrate per year.

"Lisheen comes to the end of its life in financial year 2016," Vedanta said at a capital markets day presentation in March.

Australia's Century zinc mine is also due to close this year.

China's MMG (Other OTC: MMLTF - news) , which owns Century, has set production guidance at 320,000 to 370,000 tonnes of zinc in concentrate in 2015, down from 465,696 tonnes in 2014.

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A recent Reuters survey showed analysts expect the zinc market to see a 145,300 tonne deficit this year and a 200,000 tonne deficit in 2016.

Expectations of a supply shortfall and falling stocks have pushed zinc prices up to $2,223 a tonne, the highest since Dec (Shanghai: 600875.SS - news) . 5 and a gain of more than 10 percent since mid-March. (Reporting by Pratima Desai; editing by Jason Neely)