NEWS ROUNDUP — Cambior buying all of Grevet

The jointly owned Grevet zinc project southeast of Matagami, Que., will soon have one proprietor.

Toronto-listed Cambior has reached an agreement (subject to regulatory approval) with Serem-Quebec to buy the latter’s 50% interest in the project. A wholly owned subsidiary of Cambior, VSM Exploration, owns the other half. (Cambior acquired VSM in 1992.)

Cambior has agreed to issue to Serem, an exploration company of the French government, common shares worth $7 million. The transaction is expected to close by the end of July.

A feasibility study is to be ready during the first quarter of 1994 and, if approved, would lead to production during the third quarter of 1995. A probable reserve estimate of 11.7 million tons grading 8.55% zinc, 0.48% copper and 1.07 oz. silver per ton is reported for Grevet.