Xstrata Buys 23.6% Stake In Pallas Green Property For $19.5 Million
July 13 2011 - 2:42AM
Dow Jones News
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
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