Economy
STATE: Tasmanian Government backs commercial loan for Nyrstar smelter revamp
Minor metals used to make smartphones, flat screens and solar panels will be processed in Australia for the first time after the Tasmanian Government agreed to back a commercial loan to global minerals giant Nyrstar.
The Zurich-based miner is spending $52 million to upgrade its processing plant at Lutana in Hobart to treat a wider range of metals.
The Australian Government’s Export Finance and Insurance Corporation approved a $29 million loan to go towards the upgrade, with the Tasmanian Government as guarantor.
Nyrstar’s Swiss-based chief development officer Michael Morley said the Tasmanian Government’s support for that loan was vital to the continued viability of the company’s Tasmanian operation.
“We are a resources company which, like most other resources companies on the planet, is going through a difficult period,” he said.
“It’s certainly very clear that we could not have proceeded with these investments but for the support we have from the Tasmanian Government.”
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