Stephen:
<<First Quantum looked at buying Aljustrel, the Portuguese copper mine that EZM bought, and passed.>>
I think you've confused Aljustrel with Neves Corvo? EZM has owned Aljustrel for many years, and it's primarily a zinc mine -- currently on care and maintenance but with major resources, including the mill. They recently bought Neves Corvo from the Portuguese government -- and this is the copper mine, but with major zinc credits and exploration potential. This is presumably what FM looked at and passed on. But EZM had the advantage of already owning Aljustrel and its mill, very close by and with a rail link between the two, leading to possible synergies and cost savings. The following is from the EZM website...
<<The acquisition of the Neves Corvo mine has allowed EuroZinc to achieve its long stated objective of becoming a mid-tier base metals producer. The Company's next objective will be to expand cash flow and diversify by exploiting the extensive zinc resources of Neves Corvo, and by bringing the nearby Aljustrel mine into production. The Aljustrel zinc mine, which the Company also owns, is located approximately 40 kilometres from the Neves Corvo.>>
Regards,
Howy |
