A globally diversified mining and metals company, with significant operations in Australia, Southern Africa and South America has entered into a multi-billion-dollar acquisition.
South32 has announced that is has completed the acquisition of Arizona Mining in a deal worth $1.3 billion.
Through the acquisition, South32 will inherit the company’s entire portfolio, with a major focus on its significant flagship operation; the Hermosa project.
Arizona will cease reporting and delist from the Toronto Stock Exchange (TSX).
South32 Chief Executive Officer, Graham Kerr said: “The acquisition of Arizona Mining adds to our portfolio one of the most exciting base metal projects in the industry. Our deep understanding of the high-grade Hermosa project and surrounding land package, together with our extensive experience at Cannington, positions us well to bring the project to development and deliver significant value to our shareholders.”
Hermosa is located in the Patagonia Mountains that form the western edge of the Mexican Highland section of the Basin and Range Physiographic Province of the southwest United States.
South32 will begin work to enhance the design and development of the Hermosa Project in the coming months, including optimising studies and the commencement of the exploration decline which will allow drilling to test for extensions and further enhance our understanding of the existing high-grade resource1.