The Polo Sur copper property, northeast of Antofagasta, Chile, will be sold to the Chilean affiliate of Magma Copper (NYSE). Owners Cambior (TSE) and Cambiex (ME) will receive US$3 million and retain a 1% net smelter return interest.
Cambior and Cambiex are selling the property to concentrate their efforts on gold properties; they believe the time and price are right for the sale. Cambior, with an 82.5% interest, and Cambiex, with the remaining 17.5%, will share the proceeds proportionately.
Cambior has also announced that 2.1 million common shares of Audrey Resources (TSE) were tendered under Cambior’s exchange offer by the extended deadline of Oct. 10. A total of 10.3 million shares have now been tendered to Cambior, and the company’s holding in Audrey stands at 97.7% — enough to complete the takeover.
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