UPDATE: Xstrata Buys 23.6% Stake In Pallas Green For $19.5 Million
July 13 2011 - 3:09AM
Dow Jones News
Xstrata Zinc Canada has agreed to buy the remaining 23.6% stake
it doesn't own in the Pallas Green project in Ireland in a deal
worth $19.4 million, its parent, U.K.-listed miner Xstrata PLC
(XTA.LN), said Wednesday.
The stake currently belongs to Xstrata's joint venture partner
in the project, Minco PLC (MIO.LN).
The project, located in Cahernconlish, Limerick County, will be
solely owned by Xstrata. Pallas Green is at the pre-feasibility
study stage and has an estimated inferred resource of 25.9 million
metric tons with 7.51% zinc and 1.38% lead.
Xstrata's zinc and lead operations and exploration projects are
located in Australia, Canada, Germany, Peru, Spain and the U.K. The
division produced around 766,000 tons of refined zinc metal in
2010, along with around 239,000 tons of refined lead metal.
Xstrata shares closed in London Tuesday at 1349 pence, valuing
the company at GBP40.01 billion; Minco shares closed at 4 pence,
valuing the company at GBP14.88 million.
-By Ian Walker and Andrea Hotter, Dow Jones Newswires;
44-20-7842-9296; ian.walker@dowjones.com
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