Tara Mines in Co Meath is to reopen after an agreement has been reached at the Workplace Relations Commission (WRC).

Trade union Siptu said it will release more details on the deal after it has spoken to its members.

Tara Mines’ Swedish parent company, Boliden, announced the temporary closure of the facility last June, resulting in the temporary lay-offs of 650 workers.

The company said the decision was due to high energy prices and the low price of zinc, and the mine was placed under care and maintenance.

Tara Mines’ chief executive Gunnar Nystrom said the move was decided in the face of “tremendous unsustainable losses” and was a necessity to safeguard the future of the company and stem the cash flow out of the company.

Speaking to RTÉ’s Morning Ireland, Mr Nystrom said the closure was brought about by a “perfect storm” of four factors: falling zinc prices, electricity prices, inflation and operational issues.

“The zinc market seems to be very volatile at the moment,” he added.

Zinc prices are about 25 per cent lower than a year ago and the consensus forecast in a Reuters poll of analysts this week projected a zinc market surplus of 300,000 tonnes in 2024.

Trafigura-owned Nyrstar halted two US zinc mines late last year because of weak prices and inflation and this month closed the Budel zinc smelter in the Netherlands.