Proceeds of about $135 million will be realized by Cominco (TSE) from the recent sale of its 46.3% interest in Aberfoyle to Australian and international institutions. Aberfoyle owns the Hellyer zinc-lead mine in Tasmania.
Cominco said it intends to use the sale proceeds to increase its financial resources and to help finance capital projects. The list of new projects includes the Quebrada Blanca copper project in Chile being developed into a mining operation using the solvent extraction-electrowinning (SX-EW) process. This US$360-million project is a joint venture with Teck (TSE) and minority partner Cominco Resources International (TSE).
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