Nyrstar to invest $284 mln in zinc electrolysis plant in Australia

Nyrstar NV

28/04/2022 12:50

April 28 (Reuters) - Swiss zinc smelter Nyrstar NV  NYR.BR 
said on Thursday it would invest A$400 million ($284 million) to
build an electrolysis plant in Hobart as it looks to bolster the
metal's production in Australia.
    The investment includes funding of A$50 million from the
Federal Coalition and A$20 million from the Tasmanian
government. 
    Demand for zinc, a key element used in batteries and solar
cells, has soared as the world transitions from fossil fuels to
renewable sources of energy, with the commodity's price also
getting a boost from the Ukraine crisis.
    The project has received regulatory approvals from the
Environment Protection Authority of Tasmania and the Glenorchy
City Council, the company said.
    
($1 = 1.4085 Australian dollars)

 (Reporting by Upasana Singh in Bengaluru; Editing by Anil
D'Silva)
 ((Upasana.Singh@thomsonreuters.com;))