AFRICA – Shareholders of Vancouver-based Trevali Mining Corp
. approved the acquisition of interests in three African zinc properties from Glencore plc
. The deal includes Glencore’s 80% interest in the Rosh Pinah mine in Namibia, a 39% interest in the Gergarub project also in Namibia, and a 90% interest in the Perkoa mine in Burkina Faso.
[caption id="attachment_1003718498" align="alignleft" width="300"] Underground at the Rosh Pinah mine in Namibia.
Glencore will receive US$244 million in cash and 175 million Trevali shares priced at US$1.20 each. Glencore will then hold a 25% equity interest in Trevali.
The acquisition will double Trevali’s annual zinc output to 410 million lb., making it the eighth largest zinc producer in the world.
Trevali has also been granted an option to acquire 100% interest in the Heath Steele property near Bathurst, N.B. plus related exploration properties and assets. Trevali recently drilled a wide interval of massive sulphide mineralization at the former mine.
Learn more about the company’s operations at www.Trevali.com.