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Production and exploration at Tara Mines in Navan, County Meath, is to temporarily cease, resulting in the temporary laying off of 650 workers.

Its parent company, Boliden, said the "high-cost mine" will be "placed under care and maintenance".

Tara is Europe's largest zinc metal mine and the eighth-largest in the world.

Production at the site began in 1977 and it was acquired by Swedish firm Boliden AB in 2004.

A spokesperson for Boliden said the mine is "currently cash-flow negative" due to operational challenges including a decline in the price of zinc, high energy prices and general cost inflation.

"Tara will therefore be placed under care and maintenance until further notice.

"The decision means that production at the mine ceases and that the workforce is temporarily laid off until conditions of the operation improve," they added.