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Nov 06, 2017 15:27 EEST
November 6 (SeeNews) - UK-based Central Asia Metals (CAML) said on Monday it has completed the acquisition of Lynx Resources, the owner of Macedonia's SASA zinc-lead mine.
In September, Lynx Resources said that Central Asia Metals (CAML) has conditionally agreed to fully acquire the company from US-based Orion Co-Investments III and Swiss-based Fusion Capital for $402.5 million (339.1 million euro).
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"CAML is now the owner of the Sasa zinc-lead mine in Macedonia, which means that our company is a newly diversified base metals producer. The low cost nature of Sasa complements our Kounrad operation and we look forward to our future with two long life and cash generative base metal operations in highly prospective jurisdictions. This should enable us to continue to reward our supportive shareholders with attractive returns," Nick Clarke, executive chairman of CAML said in the statement.
The SASA mine is one of the largest zinc, lead and silver mines in Europe, producing approximately 30,000 tonnes of lead, 22,000 tonnes of zinc and 400,000 ounces of silver in concentrates per annum.
Lynx Resources was established in 2015 by Fusion Capital and the Orion Mine Finance Group.
Central Asia Metals is a copper production and mineral exploration company. The company is listed on the AIM segment of the London Stock Exchange.
The company is the sole owner and operator of the solvent extraction–electrowinning (SX-EW) copper recovery plant at the Kounrad mine site, near the city of Balkhash in central Kazakhstan. SX-EW process is far less cost intensive than traditional mining, as there is no need to drill, blast or transport ore – the waste dump rocks can be leached on site, the company says.
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