The owner of one of the largest lead smelters in the country has today paid off its debt with the South Australian Government in full.
Port Pirie smelter operator Nyrstar received a $291.1 million state government loan in 2015 for a redevelopment, which included the installation of a new top submerged lance (TSL) furnace.
In July, European commodities giant Trafigura became the majority shareholder of Nyrstar.
At the time, Trafigura agreed to repay the remainder of the taxpayer-guaranteed loan — $262.1 million — within three years.
However, the company today agreed to pay the remainder in one lump sum.
Treasurer Rob Lucas said it was a new chapter for Port Pirie.
"The smelter, along with its employees, their families and the entire Port Pirie community, now has a strong foundation for a successful commercial and sustainable operation into the future under Trafigura's stewardship," he said.
"No longer do we have the exposure of $262 million swinging in the breeze.
"This agreement allows the Port Pirie smelter to return to a business as usual basis, with the reliance of — and conditions of — government-guaranteed support."
Trafigura will also create an additional 70 full-time permanent jobs at the Port Pirie facility.
"To fill expanded roles across the entire operation, from mechanical, electrical and project engineers, to tradespeople and administrative roles," Mr Lucas said.
