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December 21, 2007 |
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ZINIFEX LTD: Strike Ends at Two Nyrstar Belgian Plants Zinifex Ltd.'s joint venture with Umicore, Nyrstar, said the strike at its plants in Balen and nearby Overpelt, Belgium has ended and normal operations have resumed. The strike began on Dec. 10. Nyrstar and its unions reached a compromise on Dec. 12 on the issue of the social elections for combined Works Councils (and Health and Safety Committees) of the Balen and Overpelt operations. Nyrstar said its production has not been affected by the action, while customer deliveries have resumed. The industrial action was triggered by a dispute over Nyrstar’s proposal to combine Balen and Overpelt’s Work Councils (and Safety Committees) into the one Work Council (and Safety Committee) for both operations. Nyrstar believes that with the ever increasing complexity of many of the issues that the Work Councils advise on, in particular health and safety regulations, a single Work Council for both sites would enhance the ability to effectively implement appropriate standards. This is particularly apposite at Balen and Overpelt, due to the plants close proximity and the operational integration of the businesses. Nyrstar was formed through the combination of the Umicore zinc smelting and alloying operations and the Zinifex zinc and lead smelting and alloying operations on August 31, 2007. About Zinifex Ltd. Zinifex Limited, one of the world's largest integrated zinc and lead companies -- http://www.zinifex.com/ -- is headquartered in Melbourne, Australia. The company owns and operates two mines and four smelters. The mines and two of the smelters are located in Australia and supply the growing industrial markets of the Asian-Pacific region, including China. The company also has a zinc smelter in the Netherlands and the United States. The company sells a range of zinc metal, lead metal, and associated alloys in 20 countries. More than 80% of the company's products are distributed outside Australia, particularly in Asia, which is experiencing significant growth in construction activity and vehicle production. Zinc is used for steel galvanizing and die-casting and lead for lead acid batteries used mainly in cars and other vehicles. * * * On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's 'BB+' Issuer Default rating with a Stable Outlook. |
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