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Consolidated Zinc to Move to 90 Percent Ownership of Plomosas Mine
Oct. 30, 2018 08:41AM PST
Under a June 2015 shareholder agreement, CZL, through its wholly owned subsidiary Arena Exploration has the option to acquire an additional 39 percent of Minera Latin American Zinc that owns 100 percent of the mine.
Consolidated Zinc (ASX:CZL) has advised that it will increase its ownership of the Plomosas zinc-lead-silver mine in Mexico from 51 percent to 90 percent.
Under a June 2015 shareholder agreement, CZL, through its wholly owned subsidiary Arena Exploration has the option to acquire an additional 39 percent of Minera Latin American Zinc (MLAZ) that owns 100 percent of the mine. Accordingly, the company has issued the required notice to Retec Guaru and MLAZ.
The company said the key terms of the acquisition are:
- Payment of AU$750,000 in cash to Retec
- Issue of AU$1,700,000 of CZL shares to Retec
- Completion subject to CZL shareholder approval
- The remaining 10 percent of MLAZ held by Retec is fully contributing
Click here to read the full Consolidated Zinc (ASX:CZL) press release.
