A collapsed pit at the Gamsberg mine on November 17 buried 10 miners, with at least one confirmed fatality. The mine, which produces around 250,000 tonnes per year of zinc in concentrates has had all operations suspended since then.
Stock-building from smelters in China
had already driven terms to low levels in previous months, coming against slowly resurgent supply from South America following pandemic-related shutdowns earlier this year.
With the market uncertain on when Gamsberg will re-open, quotes for spot concentrates to smelters have sunk since the closure, sources said.
Fastmarkets’ latest monthly assessment for zinc spot concentrate TC, cif China
was $75-90 per tonne on Friday November 27, falling by 13.2% from $85-105 per tonne on October 30 and below the level last reached in August 2018, when it was assessed at $80-95 per tonne.
Gamsberg pressures terms lower
The collapsed pit at Gamsberg is one of...