TORONTO, ONTARIO ("Iberian") is pleased to announce that
shareholders at the special shareholders meeting held today, voted
93.9 % in favor of approving the acquisition of 92% of the issued
and outstanding shares of Compania Minera Condestable ("CMC") from
Trafigura Beheer B.V. ("Trafigura").
Jeremy Weir, Iberian director and Executive Director of
Trafigura states "Trafigura is delighted at the support given by
Iberian shareholders by approval of the acquisition. Both Trafigura
and Iberian will continue to build upon this success as we work
together to create a mid-tier, multi-mine entity. We are also
pleased to announce an undertaking by Societe Generale for an up to
US$75 million pre-export finance facility against production from
CMC. This facility may be used to complete the equity required
under the project financing facility currently being negotiated for
the Aguas Tenidas project."
In addition to approving the acquisition, the shareholders of
Iberian voted in favour of terminating the Company's rights plan
and in favour of adopting a new general by-law, all as set forth
and Company's management information circular dated November 20,
2007.
CMC is the owner and operator of the Condestable Mine, and
lessee of the Raul Mine (collectively the "Condestable Mine")
located 90 km south of Lima in Peru. The Condestable Mine has been
in continuous production since 1998 and has produced copper and
gold in concentrates as outlined in the table below.
----------------------------------------------------------------------------
Product- 2007
ion Unit 2001 2002 2003 2004 2005 2006 (June)
----------------------------------------------------------------------------
Ore
treated MT 639,871 713,633 867,845 1,006,435 1,319,704 1,500,154 739,560
----------------------------------------------------------------------------
Ore
treated
(daily
average)MT/D 1,753 1,955 2,378 2,757 3,616 4,110 4,063
----------------------------------------------------------------------------
Concent-
rate
produced MT 33,921 37,306 43,518 48,136 60,912 68,954 33,775
----------------------------------------------------------------------------
Fine
copper
produced MT 9,101 9,531 11,295 12,590 15,922 18,267 8,456
----------------------------------------------------------------------------
Fine
gold
produced OZ 5,269 7,493 8,263 9,767 11,360 13,501 5,918
----------------------------------------------------------------------------
Fine
Silver
produced OZ 76,152 102,631 124,149 130,683 152,550 153,500 72,552
----------------------------------------------------------------------------
Source: CMC annual report and interim filings made in compliance with
Peruvian securities laws.
For the financial information in respect of CMC and the proforma
financial information of the resulting issuer please refer to the
Management Information Circulated of Iberian dated November 20,
2007, available at www.sedar.com.
Peter Miller states "We welcome the result of the shareholder
vote as an endorsement of the Company's growth strategy. Upon
closing of this transaction Iberian will be a copper and gold
producer, whose production of base metals will be substantially
enhanced once the Aguas Tenidas Mine reaches anticipated production
late 2008. We warmly welcome the financial and technical strengths
being brought to Iberian by the Trafigura group."
As partial consideration for the acquisition the Company will
issue to Trafigura 65,990,833 common shares in the capital of the
Company ("Common Shares") at a deemed price of $1.80 per Common
Share for a deemed aggregate issue price of US$115 million
(exchange rate of US$1.00 equals $1.0329). Trafigura will also been
granted a 46% net operating profit ("NPI") of CMC for a term of
four years commencing January 1, 2011 payable in cash or, at the
option of Trafigura and subject to regulatory approval, including
the approval of the TSX Venture Exchange, in Common Shares. Iberian
shall have the right until June 30, 2011 to purchase the NPI from
Trafigura for US$60 million. The acquisition of CMC is anticipated
to close on or about January 30, 2008 after the completion of
requisite documentation and regulatory approvals being
obtained.
About Iberian Minerals Corp.
Iberian Minerals Corp., through its wholly owned subsidiary
MATSA, is currently proceeding with the re-opening of the Aguas
Tenidas copper/zinc project located in the Region of Andalucia, SW
Spain. In January 2006, a feasibility report on the project was
prepared by SRK Consulting of Cardiff UK, which demonstrated the
technical feasibility and economic viability of the project (press
release January 20, 2006). Elements of this feasibility report have
been updated by Adam Wheeler and RSG Consulting Pty Ltd. (press
release of May 22, 2007), which is available at www.sedar.com. In
addition to the approved acquisition of approximately 92% of the
issued and outstanding shares of CMC from Trafigura, the Company
has also signed a long-term offtake agreement with Trafigura for
the sale of all its metal concentrates from Aguas Tenidas. In
addition to the Aguas Tenidas project the Company, through MATSA,
holds an extensive land position of exploration properties within
the Iberian Pyrite Belt.
About Trafigura Beheer B.V. Amsterdam
Trafigura is one of the largest independent commodities traders
worldwide today, with 1500 people operating 50 offices in 35
countries. Incorporated in the Netherlands and privately owned by
management and personnel, Trafigura is the 3rd largest independent
oil trader and 2nd largest base metal trader in the world. Company
turnover in 2006 was $45 billion.
Trafigura currently holds 39,429,858 Common Shares, representing
approximately 21% of the issued and outstanding Common Shares and
on closing of the acquisition will hold 105,420,691 Common Shares
representing approximately 42% of the issued and outstanding Common
Shares.
About Societe Generale
Societe Generale is one of the leading financial services groups
in the euro zone. It's corporate and investment banking arm ranks
among the leading banks worldwide in euro capital markets,
derivatives and structured finance. Societe Generale Corporate
& Investment Banking's natural resource banking group provides
comprehensive mining and metals financial services ranging from the
pre-feasibility stage to project construction to structured
commodity finance.
FORWARD LOOKING STATEMENTS:
This news release contains certain "forward-looking statements"
and "forward-looking information" under applicable securities laws
concerning Iberian's transactions with Trafigura. Except for
statements of historical fact, certain information contained herein
constitutes forward-looking statements. Forward-looking statements
are frequently characterized by words such as "plan", "except",
"project", "intend", "believe", "anticipate", "estimate", and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are
made, and are based on a number of assumptions and subject to a
variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking statements. Assumptions upon which
such forward-looking statements are based included that
transactions will be completed, that all required third party
regulatory and governmental approvals for transactions will be
obtained and all other conditions to completion of the transactions
will be satisfied or waived. Many of these assumptions are based on
factors and events that are not within the control of Iberian or
Trafigura and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from
results anticipated by such forward-looking statements include
failure to reach definitive agreements in respect of the
contemplated transactions, as well as changes in market conditions
and other risk factors discussed or referred to in the management
information circular of Iberian dated November 20, 2007 and in the
annual Management's Discussion and Analysis for Iberian filed with
the applicable securities regulatory authorities and available at
www.sedar.com. Although Iberian has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be anticipated, estimated or intended. There can
be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Iberian
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change
except as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking
statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Iberian Minerals Corp. Peter Miller (416) 815-8558
Iberian Minerals Corp. Norm Brewster (416) 815-8558
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