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Binani Zinc secures long term contract rights from Australia
15 April 2010: Binani Zinc (BZL) has secured long-term supply of zinc concentrates from Australia.
BZL through its Australia based subsidiary BZ Minerals (Australia) Pty has recieved a first right of refusal over 65 per cent of zinc concentrates produced from the Lennard Shelf Project of Meridian Minerals in Western Australia.
BZL has reportedly agreed to A$2 million (approx Rs 8.24 crore) equity investment in Meridian Minerals and a Euro 6 million (approx Rs 36 crore) loan facility for the advancement of the Lennard Shelf Project, subject to government approvals.
The project envisages exploiting zinc and lead deposits in the region to produce high-grade and clean metal concentrates. Commercial production of concentrates is slated to begin by the third quarter 2012.
Source: Hindu Business Line