Australian mining and metals company South32 has completed the acquisition of the remaining 83% of issued and outstanding shares of Canadian mining company Arizona Mining that it did not already own via a plan of arrangement. Under the terms of the transaction, former shareholders of Arizona Mining were entitled to CAN$6.20 in cash for each common share held. The transaction consideration of US$1.3 billion was funded from cash on hand.
Following the completion of this acquisition, Arizona Mining was delisted from the Toronto Stock Exchange on 10 August. Arizona Mining will also cease to be a reporting issuer under applicable Canadian securities laws.
CEO of South32, Graham Kerr, said: “The acquisition of Arizona Mining adds to our portfolio one of the most exciting base metal projects in the industry. Our deep understanding of the high-grade Hermosa project and surrounding land package, together with our extensive experience at Cannington, positions us well to bring the project to development and deliver significant value to our shareholders.”
Design and development work is to begin at the Hermosa Project in the coming weeks. Such work will include optimising studies and the commencement of the exploration decline which will allow drilling to test for extensions and further enhance our understanding of the existing high-grade resource.
Read the article online at: https://www.globalminingreview.com/finance-business/13082018/south32-finalises-acquisition-of-arizona-mining/