Toronto-based Lac Minerals (TSE) may continue its legal action to block the sale of a majority interest in the Lisheen lead-zinc deposit in Ireland, that country’s High Court has ruled.
Lac offered US$70 million for the 52.5% interest of Chevron Corp. in Lisheen. An arbitrator ruled that Ivernia West PLC, which owns a 47.5% stake in the project, has the right of first refusal on the sale of the Chevron interest (T.N.M., March 22/93).
Lac argued that Ivernia had 45 days to exercise its pre-emption right, while Ivernia said it had 60 days. An interim injunction prevents Chevron from selling its Lisheen interest to either company.
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