South32 is pleased to announce that it has completed the acquisition of the remaining 83 per cent of issued and outstanding shares of Arizona Mining that it did not already own via a plan of arrangement.
Under the terms of the transaction, former shareholders of Arizona Mining were entitled to C$6.20 in cash for each common share held.
The transaction consideration of US$1.3 billion was funded from cash on hand. With the acquisition now complete, Arizona Mining was delisted from the Toronto Stock Exchange on 10 August 2018.
Arizona Mining will also cease to be a reporting issuer under applicable Canadian securities laws.
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.”
Work to enhance the design and development of the Hermosa Project will begin in the coming weeks.
This will include 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 resource.