Lac must drop Lisheen offer

A deal by which Lac Minerals (TSE) would have acquired control of an Irish zinc-lead deposit has fallen through.

Lac was offering US$70 million for a 52.5% interest in the Lisheen property belonging to Chevron Corp.

An arbitrator appointed by the American Arbitration Association ruled that Ivernia West PLC, with a 47.5% interest in the property, has the right of first refusal on the sale of Chevron’s interest.