The Government has agreed terms of new leases with the owners of Tara Mines that allow for a substantial underground extension of the mine and the continuation of mining for another ten years.
The announcement was made during a visit to Tara Mines, outside Navan, Co Meath, by Minister of State for Natural Resources Fergus O'Dowd.
It should secure the jobs of the 650 people employed at the lead and zinc mine.
Earlier this year, mine management and trade union SIPTU concluded an agreement that ended a period of industrial unrest.
In January, staff had been put on protective notice that their jobs might be lost as the company sought to reduce costs.
An agreement was struck in March that will see overtime costs reduced, some early retirements and a €110m investment by the company in the mine's future.
