Loading ...South32 buys stake in Canada’s Arizona Mining for $81 million
Australia’s South32 (ASX, LON, JSE:S32) is investing some of its $1.5 billion of cash in a minority stake in Canada-listed Arizona Mining (TSX:AZ), which plans to develop a zinc-lead-silver project in Arizona.
As part of the deal, worth Cdn$110.3 million (about $81million), the Perth-based miner has agreed to purchase 45 million shares of the Canadian junior at a price of $2.45 per share. That represents about 15% of Arizona Mining’s outstanding shares.
The Canadian firm said it would use the proceeds to advance its Hermosa project, in particular to move to the feasibility and permitting stage the Taylor deposit, valued by RBC Capital Markets at Cdn$1.4 billion ($1bn).
cont. http://www.mining.com/south32-buys-stake-canadas-arizona-mining-81-million/