New York-listed Cyprus Amax intends to select a buyer for its 48.3% controlling interest in Canada Tungsten (TSE), which is active in North and South America.
The decision evolved from the merger of Cyprus Minerals and Amax Inc. and is based on a view that continued ownership of Canada Tungsten does not meet the objectives of the restructured company.
Cyprus Amax is holding discussions with several parties and has retained Richardson Greenshields as an adviser and agent.
Canada Tungsten operates the Aurora gold mine in Nevada and owns the world’s largest and highest-grade tungsten resource. But its growth potential is mostly tied to a recently acquired copper project in Chile.
The company is considering placing its Andacollo copper project in production as a low-cost, open-pit, solvent extraction-electrowinning operation.
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