A deal leading to the creation of a new joint venture agreement covering the Lisheen lead-zinc project in County Tipperary, Ireland, has been worked out between Ivernia West and Minorco.
The new agreement will give Ivernia and Minorco a 50% interest each in the project. Minorco will be the project operator and will provide Ivernia with funds for Ivernia’s share of the project’s pre-production costs. Ivernia’s current Lisheen partner is Chevron Mineral Corp., which has offered to sell its 52.5% interest in the project to Ivernia for US$66 million. Minorco has offered to provide Ivernia with the funding necessary to complete the acquisition. The Ivernia-Minorco agreement is subject to various approvals.
Lac Minerals (TSE) was foiled (T.N.M., Mar. 22/93) in its attempt to purchase Chevron’s Lisheen interest when an arbitrator ruled that Ivernia had the first right of refusal on the sale of Chevron’s interest.
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