Tara Mines records €9.1m loss during 2025 after resuming operations 

Company resumed operations in late 2023 after a prolonged closure due to sharp fall in zinc prices

Operations at Tara Mines ceased in July 2023 due to sustained financial losses. It gradually began resuming operations towards the end of 2024. 

Tara Mines in Co Meath recorded a loss of €9.1m for its 2025 financial year after the company resumed operations following a prolonged closure, the company’s latest financial results show.

In July 2023, operations at the mine, owned by Swedish mining firm Boliden, were temporarily suspended and the site entered a period of essential care and maintenance in response to significant and sustained financial losses.

These losses were driven by a sharp decline in zinc prices, elevated energy costs, general cost inflation and internal operational challenges.

The mine is primarily focused on the extraction of zinc and lead for export. The current reserves and resources support a mine life through 2032.

Operations at the mine entered into a care and maintenance phase throughout much of 2024.

Improving market conditions, including higher zinc prices and lower energy costs, as well as the implementation of a new sustainability agreement, agreed with the group of unions and employees, enabled the mine to reopen on a more financially sustainable basis, with production recommencing during the last quarter of 2024.

“Since the restart, operations have stabilised and the mine has successfully returned to normal production activities,” the company said.

“Output progressively increased during 2025, with mined and milled volumes of 1.45m tonnes reflecting positive operational recovery. The focus for 2026 remains delivering safe, reliable and cost-efficient production, embedding the new operating model, and ensuring the long-term sustainability of the business.” 

Given the gradual ramp-up in production over the course of 2025, the company saw a turnover of €166.4m — compared to the €10.1m recorded in 2024 when operations were mostly ceased.

The cost of sales at the mine stood at just under €150m, while administrative expenses stood at €19.3m.  On average, the company employed 388 people during 2025 — down from 484 in 2024. 

“Financial performance was supported by stronger zinc prices, which were 5% higher on average compared to the prior year, lower treatment and refining charges, and by lower energy costs following the stabilisation of European gas and electricity markets,” the company said.

“Lead prices were marginally lower year-on-year, decreasing by 3%.” 

The weakening of the dollar during the year acted as a headwind to revenues, reducing the euro value of concentrate sales which are priced in US dollars.

The group recorded a loss of €9.1m after tax for the financial year — compared to the €68.6m loss recorded in 2024.

“The significant improvement in operating performance compared to the prior year reflects a full year of production activities for 2025 financial year and the absence of restructuring costs of €31.8m, relating to the 2024 voluntary severance scheme,” the company said.