Around 9,000 metric tons of lead in concentrate at Australia's Port of Esperance will stay stranded for at least another month pending approval from the Western Australian Department of the Environment and Conservation.
Magellan Metals Ltd. is preparing a proposal to move the lead, stranded since March 12 when the DEC revoked the port's lead export license after thousands of birds died in the area as a result of lead poisoning, with dust emissions from the port thought to be the source.
News reports quoted managing director Patrick Scott as expecting the approval process to take at least another month.
A DEC spokeswoman said it had not yet received a formal proposal to safely move the lead, which is bound for a Chinese customer.
Magellan Metals, wholly-owned by Canada's Ivernia Inc. (IVW.T), started shipping lead through Esperance in 2005, and was scheduled to produce 84,000 tons of lead in concentrate this year. The mine is slated to eventually produce 100,000 tons of lead per year, or 3% of global demand.
The suspension of lead exports until further notice forced Ivernia to place Magellan on care and maintenance, and exports will remain suspended until at least mid-August pending the outcome of a parliamentary inquiry in Western Australia state.
Disruption at Magellan has pushed lead prices to record highs on the London Metal Exchange and prompted analysts to move forecasts from surplus to deficit for this year.
LME benchmark three-month lead last traded at $2,220/ton, unchanged on the Friday afternoon kerb after hitting a fresh all-time high of $2,225. – Hoovers
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