Cons TVX to buy interests in Chile

An agreement has been signed which will give Consolidated TVX Mining Corp. a 49% interest in mining concessions in Chile. The concessions include the La Coipa gold- silver property which was explored by Goldfields Latin American, a subsidiary of the large British mining company. Goldfields will retain a royalty interest in the project.

tvx’s interest will be acquired from the company’s chairman, Eike Batista, who will receive tvx treasury shares in exchange for the interest. No shares will be issued until the property is placed in production and is generating a profit, tvx says.

Also, the issuance of treasury shares will be based on a profit formula. For each $24 in earnings realized by tvx, Batista will get one share, up to a ceiling of 22 million shares. The company is hoping production will begin by early 1989.

The deal is subject to the receipt of an independent fairness opinion, the availability of project financing and an independent audit of ore reserves.

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