Nanisivik Mines and Mineral Resources International and Canada Development Corp. (CDC) have reached an agreement, reports Mineral Resources President J. C. Lamacraft.
A wholly-owned subsidiary of CDC has agreed to sell the right as of April 1, 1986, to a 35% royalty interest in the lead-zinc mine on northern Baffin Island in the Northwest Territories for $11 million.
Mineral Resources holds an 82% interest in Nanisivik Mines.
CDC acquired the royalty interest upon the sale of Kidd Creek Mines to Falconbridge Ltd. on Dec 31, 1985.
In addition, says Mr Lamacraft, 20% of the zinc concentrate production from Nanisivik formerly purchased by Kidd Creek will now be marketed by Nanisivik elsewhere.
A dispute between Kidd Creek, now Falconbridge, and Nanisivik over royalty payments for the period prior to April 1, 1986, remains outstanding, says Mr Lamacraft.
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