MRI/Naniusivik/CDC reach agreement

Nanisivik Mines and Mineral Resources International and Canada Development Corp. (CDC) have reached an agreement, reports Mineral Resources President J. C. Lamacraft.

A wholly-owned subsidiary of CDC has agreed to sell the right as of April 1, 1986, to a 35% royalty interest in the lead-zinc mine on northern Baffin Island in the Northwest Territories for $11 million.

Mineral Resources holds an 82% interest in Nanisivik Mines.

CDC acquired the royalty interest upon the sale of Kidd Creek Mines to Falconbridge Ltd. on Dec 31, 1985.

In addition, says Mr Lamacraft, 20% of the zinc concentrate production from Nanisivik formerly purchased by Kidd Creek will now be marketed by Nanisivik elsewhere.

A dispute between Kidd Creek, now Falconbridge, and Nanisivik over royalty payments for the period prior to April 1, 1986, remains outstanding, says Mr Lamacraft.

Print

 

Republish this article

Be the first to comment on "MRI/Naniusivik/CDC reach agreement"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close