Xstrata Zinc Buy Hackett River and Wishbone Greenstone

Posted in Industry News on 22nd July 2011

William Rowland are a leading supplier of Zinc.

Xstrata Zinc Canada, a unit of Anglo-Swiss miner Xstrata, has recently come to an agreement with Sabina Gold and Silver Corporation to buy the Hackett River and Wishbone Greenstone belt exploratory properties in Nunavut, Canada.

It was agreed that zinc suppliers, Xstrata would pay Sabina $50 million Canadian dollars in cash, as well as providing a silver production royalty equal to 22.5% from the first 190 million ounces of silver produced at Hackett River and other properties. A further 12.5% from Hackett River and Wishbone will be provided.

The deal should take between four and six months to complete, and during this time Xstrata will commit a further $50 million to undertake a bankable feasibility research programme within four years of the deal closure. Exploration drilling is well underway at Hackett River and around 60 million tonnes of ore has been located. The ore contains zinc, silver, copper, lead and gold plus approximately 5.2 million tonnes of zinc equivalent found in deposits that can be mined via an open pit.

Hackett River comprises of 9 mineral leases totaling 12,250 hectares in property, and the Wishbone area comprises 132 mineral claims, which covers 107,227 hectares.

William Rowland Ltd are zinc suppliers, and if you would like to find out how we can meet your requirements, please contact us using the Quick Enquiry Form on the right-hand side of this website.

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