Outokumpu buys Bula ore for €35m

FINNISH metals group Outokumpu is to buy the Bula ore body next to its Tara zinc mine in for €35 million which will extend the lifetime of the mine.

Production has been suspended since November last year due to weak markets, but the company, buoyed by the Bula deal, plans to restart the mine in September.

Outokumpu said acquiring the Bula ore body and completing a southwestern expansion would "significantly enhance the value of the Tara mine". It will buy the ore body from Bula receiver Laurence Crowley who was appointed receiver back in 1985.