Nyrstar to make $42 million payment towards Port Pirie smelter loan

Nyrstar, after discussions with its largest shareholder Trafigura – the global commodity trading company which has entered into a conditional restructuring arrangement that may lead to it becoming the majority owner of the Port Pirie smelter – has formally advised the State Government it will make a $42.3 million payment this month.

The commitment follows a meeting in Adelaide today between Treasurer Rob Lucas and Trafigura representatives, including the company’s Singapore-based Chief Financial Officer, Asia Pacific, Nicolas Marsac – with delegated authority to negotiate with the Government over repayment of the taxpayer-guaranteed $291.25 million loan for the Port Pirie smelter operations.

Mr Lucas welcomed the $42.3 million payment as a sign the company was acting in good faith ahead of the implementation of Nyrstar’s capital restructure.

“This is certainly a positive development and one that the Government welcomes on behalf of the taxpayer,” said Mr Lucas.

“Both parties held constructive talks yesterday and today and we look forward to those discussions continuing as we seek to resolve the repayment of the $291.25 million for the Port Pirie smelter operations.

“The Government remains hopeful of a successful resolution, not only for taxpayers, but for the people of Port Pirie, the smelter’s employees and their families.”

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