Joint venture development for Pasminco site terminated

Remediation work at Pasminco’s Cockle Creek smelter, the world’s biggest zinc producer, near New South Wales, is in its finishing stages and is expected to complete by next year, the Herald reports.

Pasminco’s Cockle Creek smelter, which since 1857 had run a lead and zinc smelter on the 200-hectare site went into voluntary administration in 2001.

Ferrier Hodgson was appointed administrators of Pasminco and closed the smelter in 2003.

Under the remediation order, the smelter plant and other structures were dismantled.

Currently only a water treatment plant remains on the site, according to the newspaper.

A spokesperson told the newspaper that lead abatement strategy was approximately 90per cent complete, and the final eligible properties will be treated in the next month or so.

Further, the talks of a joint venture development of the site with McCloy Group have been dismissed, a Ferrier Hodgson spokesman confirmed.

The primary reason for termination, according to a letter to Pasminco’s creditors, has stated that McCloy Group was concerned about the ongoing litigation between Pasminco and Incitec.

Accorrding to the administrators a triangular patch of property at the site has been allocated for residential use.

They expect to fetch $2.5 million for it but pointed out that the property prices at Lake Macquarie have continued to depreciate.

Newcastle’s lord mayor Jeff McCloy has confirmed the termination of a joint venture development of Pasminco site.