South32 has today announced that it will pay $US1.3 billion for the 83 per cent of Toronto-listed Arizona Mining that it doesn't already own.
South32 has been a major shareholder in Arizona mining since May 2017.
Arizona Mining is the owner of the Hermosa Project containing high grade zinc and silver oxide.
CEO, Graham Kerr says the all cash offer for Arizona Mining will allow the company to optimize the design and development of one of the most exciting base metal projects in the industry.
South32 will pay $C6.20 a share in its bid, representing a 50 per cent premium to Arizona Mining's last closing price.
Shares in South32
(ASX:S32) are trading 2.56 per cent lower to $3.80
