Consolidated Zinc Limited (ASX: CZL; “Consolidated Zinc” or “the Company”) is pleased to announce that the Company has completed the acquisition of a 100% interest in the subsidiary that holds the Plomosas Mine, Minera Latin American Zinc S.A.P.I de C.V. (“MLAZ”).
As announced on 4 September 2019, the Company and Retec Guaru S.A. de C.V (“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 S.A.P.I de C.V. (“MLAZ”).
The purchase consideration for the acquisition of the Retec interest in MLAZ is a 1% Net Smelter Return
Royalty (the “Royalty”) from the sale of minerals produced from Plomosas.
Consolidated Zinc Managing Director Mr Brad Marwood commented “the Company is very pleased to have finalised 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.”
For and on behalf of the Board.
Brad Marwood Managing Director
ABOUT CONSOLIDATED ZINC
Consolidated Zinc Limited (ASX: CZL) owns 100% of the historic Plomosas Mine, located 120km from Chihuahua City, Chihuahua State, Mexico. Chihuahua State has a strong mining sector with other large base and precious metal projects in operation within the state. Historical mining at Plomosas between 1945 and 1974 extracted over 2 million tonnes of ore grading 22% Zn+Pb and over 80g/t Ag. Only small-scale mining continued to the present day and the mineralised zones remain open at depth and along strike.
The company has recommenced mining at Plomosas and is committed to exploit the potential of the high-grade Zinc, Lead and Silver Mineral Resource through the identification, exploration and exploitation of new zones of mineralisation within and adjacent to the known mineralisation with a view to identify new mineral resources that are exploitable.