I last met members of Tara Mines management team on 8 January 2002. They reported that the company was completing a comprehensive review of zinc market conditions and future plans relating to the mine.
Following my meeting with them, the company completed its review and issued a press release on 24 January. The review highlights a significant need to improve the mine's technical condition including the immediate need to carry out additional mine development and maintenance work. This improvement work will take approximately three months. I have been assured that Tara Mines is committed to restarting the mine as soon as possible. It expects to be in a position to submit its re-opening proposals to its parent company, Outokumpu, for approval on 15 March. If Outokumpu approves of the proposals, Tara Mines has advised that pre-production work would commence immediately and a resumption of full production from the mine would be expected in June 2002.