Mining giant BHP's spin-off South32 is set to buy the remainder of Canada's Arizona Mining for US$1.3 billion to capitalise on "one of the most exciting base metal projects in the industry".
South32 - which has aluminium, manganese, silver and selected coal and nickel assets - already owns 17 percent of the Canadian mineral exploration and development firm and is seeking to tap into its Hermosa Project. The project in Santa Cruz County, Arizona, has deposits of zinc, lead, silver and manganese.
"Our all cash offer for Arizona Mining will allow us to optimise the design and development of one of the most exciting base metal projects in the industry," South32 chief executive Graham Kerr said in a statement. Shares in South32 closed 1.28 percent lower at Aus$3.85 in Sydney on Monday.
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