THE SWEDISH OWNER of Tara Mines in Co Meath has said its “ambition” is to re-open in Quarter 2 of next year.

Swedish parent company Boliden announced the temporary closure of the facility in June of this year, with the closure taking effect in July.

This resulted in around 650 workers being temporarily laid off.

Boliden said it made this decision due to “operational challenges” including a “decline in the price of zinc, high energy prices, and general cost inflation”.

However, workers were today informed that a rescue plan is being “accelerated” and will be presented early next year.

This is despite the company stating that the “market conditions that led to the temporary suspension of the mine have not materially changed”.

It said zinc prices remain “well below the point at which the Company can cover costs” and added that energy prices are three times the price being paid two years ago.

While Boliden said “there are major challenges to reopening the mine”, it added that a rescue plan is being designed.

If agreement is reached on the rescue plan by the first week of February, Boliden’s “ambition is to re-open the mine in Quarter 2 of 2024, assuming no significant deterioration in market conditions”.

The announcement was today welcomed by Enterprise, Trade and Employment Minister Simon Coveney.

He said he is “very conscious of the ongoing impact that the closure of the mine is having on workers and their families, and on the wider community in County Meath”.

He added that the Government “recognises the strategic importance of the mining sector and is committed to providing all possible assistance to facilitate an early reopening at Tara”.

Coveney noted that Tara Mines has been onboarded as an Enterprise Ireland client, and Enterprise Ireland is actively engaging with Boliden to “assist with an accelerated and sustainable resumption of operations”.

“There are a number of factors that will impact on a reopening date,” said Coveney, “and the relevant Government departments and agencies will continue to support ongoing efforts to address these.”

Boliden today said it is “grateful to the Government for the support they have provided” and added that the company will “continue to engage with them on items that could potentially assist with an accelerated reopening of the mine, including mining licences and energy supports”.