Shareholders of Westmin Resources (TSE) will be asked to approve an amalgamation with Westmin Investments, a corporation which will be formed as a wholly owned subsidiary of Brascade Resources.
Westmin Investments will be a single-purpose company owning the 32.9 million common shares of Westmin Resources currently held indirectly by Brascade. The amalgamation will see Brascade owning a direct 76% interest in Westmin Resources.
Westmin shareholders will vote April 19 at the annual and special meeting. AZCO ready and still waiting
DENVER — With permits in order and 1.3 billion lb. of copper waiting to be excavated, AZCO Mining (TSE) has yet to secure financing for its Sanchez open-pit mine in southeastern Arizona.
The company, situated (as is the mine) near the town of Safford, has retained a leading investment bank to advise on financing.
AZCO has not ruled out the possibility of selling an interest in the mine or in its Piedras Verdes copper project in northwestern Mexico, or of entering into some form of a corporate merger.
The Sanchez, which employs solvent extraction-electrowinning, is expected to produce 56 million lb. of copper annually for 20 years at a cost of US53 cents per lb.
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