CORRECTED-UPDATE 1-Betting on end to glut, miners hunt for new zinc deposits
(In paragraph 20 corrects to show Pomorzany-Olkusz mine is owned by Stalprodukt, not Rathdowney Resources. In paragraph 33, corrects to show Glencore Xstrata owns 62.7 percent of Blackthorn's mine project, not 62.2 percent of Blackthorn.)
* Top miners join search for new zinc projects
* Anticipating a supply deficit will soon replace glut
* Rising demand for rust-proof galvanised steel in China
* As ageing mines close and China demand climbs, zinc price could rise
By James Regan
SYDNEY, Nov 5 (Reuters) - A global hunt is on to find new deposits of zinc as China buys more of the metal to rust-proof new cars and coat steel used to build bridges and skyscrapers.
Multinationals such as Swiss-based Glencore Xstrata , Belgium's Nyrstar and China's MMG are funding new mines from Africa to the Yukon on expectations that an oversupply of zinc will turn into a deficit.
Along with mining veterans such as former Newmont head Pierre Lassonde, who holds a stake in Canada's Foran Mining , they are also investing just as ageing mines accounting for a tenth of world consumption start to shut. Continued...