Minorco acquires Lisheen interest

The Lisheen zinc-lead deposit in Ireland will be developed by Minorco and Ivernia West.

Following a decision in September by the Irish High Court in its favor, Ivernia acquired the 52.5% interest in the project of Chevron for US$77 million and then sold a 50% interest in Lisheen for US$77 million to Minorco, part of the Anglo American group.

The court battle developed a few years ago when Chevron said it would sell its interest to Lac Minerals (since swallowed by American Barrick Resources). Ivernia argued that it had pre-emptive rights over Chevron’s interest. Minorco also acquired management control of Lisheen.