Zinc price soars as Vedanta halts Gamsberg mine after accident – by Cecilia Jamasmie (Mining.com – November 18, 2020)


Zinc prices climbed on Wednesday to an 18-month high after Vedanta suspended mining at its Gamsberg zinc mine in South Africa following an accident that trapped ten workers.

Vedanta Zinc International (VZI) noted the mine will stay closed until further notice while a search continues for two miners still missing after the incident.

The news comes in a zinc market where mine supply is already tight due mainly to restrictions to help slow the spread of covid-19.

Benchmark zinc on the London Metal Exchange (LME) was up 2% at $2,743.50 a tonne at 12:15 local time, after reaching $2,770, the highest since May 2019.

Prices for the metal, used to galvanize steel, have surged more than 60% from a low in March as industrial activity in top consumer China rebounded from coronavirus closures.

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