South32 buys US Zinc project for $US1.3b

Company News

by Anna Napoli

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

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.