Canadian Teck Cominco Ltd. will be closing their Lennard Shelf zinc and lead mine in Australia due to the drop in zinc prices.  In 2007 the mine produced 42,100 tonnes of zinc and 12,400 tonnes of lead.  The International Lead and Zinc Study Group showed a surplus of 41,000-tonnes of lead for the first half of 2008.

Right now, precious metals, energy and commodities are experiencing a sharp and nasty correction,” said Gavin Wendt, head of mining resarch for Fat Prophets in Sydney.

“While this could continue for a few more months, as happened during the second half of 2006, we maintain that we’re in a correction, not a long-term bear market,” he said.

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