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Polymetals acquires Endeavor mine in Australia

Published by , Editorial Assistant
Global Mining Review,


Polymetals Resources Ltd has announced that it has now finalised its acquisition of the Endeavor silver, lead, and zinc mine, located 40 km north of Cobar, NSW.

Acquisition of the Endeavor Mine has been completed with the transfer of 100% of the shares held by CBH Resources Limited (vendor of the Endeavor Mine) and its subsidiary companies, Endeavor Operations Pty Ltd and Cobar Operations Pty Ltd to Polymetals wholly owned subsidiary Cobar Metals Pty Ltd. One million fully paid Polymetals shares will be issued to CBH Resources as the final element of the Endeavor Mine acquisition consideration.

Polymetals will now ramp up planned refurbishment works and continue with its recruitment of key management personnel planning to produce first concentrate and sales revenue during 1H25.

Aside from the physical site activities, finalisation of the Endeavor Mine plan optimisation and completion of project financing remain the only major outstanding corporate items.

Polymetals Executive Chairman Dave Sproule said:

“Polymetals Board and management are extremely pleased to achieve 100% ownership of the Endeavor silver, lead and zinc mine. We can now get on with what the company has done best for many years, namely the cost-efficient development, management, and operation of mines within Australia and particularly within the very familiar and fertile polymetallic Cobar Basin. The Endeavor Mine remains with an outstanding endowment of JORC Resources (16.3 Mt @ 8% Zn, 4.5% Pb & 84g/t Ag) and compelling exploration potential likely to extend the initial 10-year mine life. An updated mine plan will be announced shortly, documenting the much-improved modelled outcomes compared to the initial Mine Restart Study released on 16 October 2023.”

Read the article online at: https://www.globalminingreview.com/mining/05082024/polymetals-acquires-endeavor-mine-in-australia/

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Australian mining news