PERTH – ASX-listed AuTECO Minerals has struck a A$65-million deal to acquire the Green Bay copper/gold project in Newfoundland, Canada.
Under the terms of the acquisition, AuTECO will provide A$35-million in cash on completion of the transaction, as well as A$15-million worth of shares in the company, amounting to around 600-millions hares. “Green Bay is an exceptional acquisition opportunity, and we were extremely fortunate to be given the opportunity to acquire this asset via the administration process,” said AuTECO incoming MD“It is very rare for a copper asset of this size and grade with a resource of this magnitude and such immense growth potential to come up anywhere in the world, let alone in a tier-one mining location like the province of Newfoundland and Labrador.
The acquisition includes the Ming mine and Nugget Pond processing facility, with the infrastructure valued at more than A$250-million.