Falconbridge Ltd., a wholly owned subsidiary of Noranda (TSE) and Trelleborg, has found a buyer for its 44.9% stake in silver miner United Keno Hill Mines (TSE). Bharti Laamanen Mining, a Sudbury-based company, says that its subsidiary BLM Mines has signed an agreement to acquire all of Falconbridge’s 44.9% interest in United Keno for an undisclosed amount. The deal is scheduled to close on July 6, subject to the completion of definitive agreements and the final approval of United Keno’s board of directors.
Bharti Laamanen Mining is a private contracting firm which provides engineering, and project management services to the mining industry.
In January, 1989, all operations were suspended at United Keno’s silver-lead mines in the Yukon due to low silver prices and operating losses. Since the shutdown, silver prices have fallen to US$4.83, down from US$5.97 in January, 1989. The mines have remained on a care- and-maintenance status since that time.
Falconbridge has agreed to spend up to $2.5 million on the properties of United Keno over the next 30 months in exchange for a royalty interest.
Be the first to comment on "BLM Mines buying United Keno stake"