Operations at the mine will be temporarily suspended within the next four weeks.
Tara Mines in Meath has announced it's to temporarily lay off 650 workers, It said the decision was taken to safeguard the long-term future of the company.
Employees were told at a meeting last night it's in response to significant and unsustainable financial losses.
The company described the zinc mine, which is Europe's largest, as a high-cost mine.
Enterprise Minister Simon Coveney has said State agencies will be sent to the mine today to assist those affected.
Aontú leader and Meath West TD Peadar Tóibín has called on the Minister for Enterprise to meet with Tara Mines management immediately.
Deputy Tóibín stated: “This is disastrous news from Tara Mines. It will have a significant impact on the whole of Meath. Tara Mines is one of the largest employers in Meath.
"There are also, I understand, 120 indirect contractors working in the Mines. It is the backbone of the Navan economy especially. Closure of Tara Mines is devastating.
“I understand that the second biggest cost in Tara Mines is now electricity. Last April I appealed publicly for the government to meet with Tara Mines to see how the extortionate electricity costs could be reduced.
"I also asked that Éamon Ryan would meet with the management of Tara Mines. I understand that the management of Tara Mines had issued a similar request but that Éamon Ryan still did not meet with them.
“The cost of electricity in Ireland is the highest in Europe. Indeed per unit the cost of electricity is twice the European average. The Green Party for ideological reasons have allowed this to continue and now its costing hundreds of jobs.
“There is deep frustration among domestic and commercial customers due to extortionate electricity prices despite collapsing wholesale prices. All of this is happening when ESB profits have more than doubled.
"Last October the government stated that they would put in place a windfall tax if energy companies continued to profiteer. As with many government promises it remains unrealised.
“The Minister for Enterprise needs to meet management and workers tomorrow. Simon Coveney Must and Eamon Ryan must detail immediately how they will reduce the cost of electricity not just for Tara Mines but for business and families everywhere.
"The government has a responsibility to treat all business equally. They must look at what supports can be given to Tara Mines.
"The government are providing €100 million in assistance to chip manufacturers, it does not make sense that other key employers would be left out”.
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