Xstrata PLC (XTA.LN), a global diversified mining group, said Wednesday its unit, Xstrata Zinc Canada, has agreed to buy the remaining 23.6% interest in the Pallas Green property in Ireland belonging to its current joint venture partner in the project, Minco PLC (MIO.LN) for $19.4 million.

MAIN FACTS:

-Under the agreement, Xstrata Zinc will become the sole owner of the project at Cahernconlish, Limerick County in the Republic of Ireland.

-Exploration efforts have identified significant zinc mineralization at the Pallas Green property, which is at pre-feasibility study stage.

-As of Dec. 31, 2010 the JORC compliant inferred resource estimate is 25.9 million tons with 7.51% zinc and 1.38% lead at a 4% cut off (8.89% Zn eq).

-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, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com

Minco (LSE:MIO)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Minco Charts.
Minco (LSE:MIO)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Minco Charts.