Completion of Duluth Acquisition
Antofagasta plc is pleased to announce that its wholly-owned subsidiary, Antofagasta Investment Company Limited (“Antofagasta”), has obtained all the necessary approvals and applications to complete the acquisition of Duluth Metals Limited (“Duluth”) previously announced on 3 November 2014.
Under the terms of the agreement Antofagasta acquired all the shares of Duluth for an all cash consideration of C$0.45 per share, approximately C$53 million. The acquisition of Duluth by Antofagasta consolidates Antofagasta’s ownership in the Twin Metals Minnesota Project (“TMM”) to 100%. The TMM Project is a copper-nickel-platinum-palladium-gold-silver project in the Duluth Complex in north-eastern Minnesota, USA.
Diego Hernandez, CEO of Antofagasta plc, commented:
“The completion of the Duluth acquisition is a positive next step in building the company’s long term growth pipeline. The Duluth Complex is an attractive geological deposit and now the pre-feasibility study is complete, we will focus on further optimisations of the project and advance the permitting process.”
Investors – Santiago
Alejandro Rivera firstname.lastname@example.org
Telephone +56 2 2798 7000