South32 to buy outstanding stake in Arizona Mining for $1.3bn

Australian mining and metals company South32, which was spun off from BHP Billiton, has agreed to buy the remaining 83% of Arizona Mining that it does not already own for $1.3bn in cash. The price of the transaction, which will be funded from cash reserves, represents a 50% premium to the closing price of Arizona on Friday. Arizona Mining owns the Hermosa Project, which is located about 80km southeast of Tucson and contains the high grade base metals Taylor deposit, the Central zinc, manganese ...

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