SYDNEY: Consolidated Zinc Limited (CZL) announced that the Company has completed the acquisition of a 100% interest in the subsidiary that holds the Plomosas Mine, Minera Latin American Zinc (MLAZ).
As announced on 4 September 2019, the Company and Retec Guaru S.A. (Retec) agreed for Consolidated Zinc to acquire the remaining 10% interest in its 90% owned subsidiary that holds the Plomosas Mine, Minera Latin American Zinc (MLAZ).
The purchase consideration for the acquisition of the Retec interest in MLAZ is a 1% Net Smelter Return Royalty from the sale of minerals produced from Plomosas.
Consolidated Zinc Managing Director Brad Marwood commented, “the Company is very pleased to have finalized the acquisition of a 100% interest in Plomosas. Consolidated Zinc held 51% equity only 9 months ago, and through a series of acquisitions increased its interest to 90% and now 100% in a simplified corporate structure to add shareholder value. I would like to thank Retec, our partner in Plomosas, for working with the Company throughout this process, and who also remains a committed long-term shareholder of Consolidated Zinc.”
Consolidated Zinc Limited (CZL) owns 100% of the historic Plomosas Mine, located 120km from Chihuahua City, Chihuahua State, Mexico.