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Intrepid Mines selling Zambian assets to Weatherly International for A$5.75M

Intrepid Mines Ltd. said Dec. 12 that two of its Australian subsidiaries signed a conditional share agreement to sell fellow Intrepid unit Intrepid Mines Zambia Ltd. to Weatherly International Plc for up to A$5.75 million.

Weatherly is paying A$4.75 million cash on completion and a deferred A$1 million subject to certain milestones. Half of the deferred consideration will be paid when a decision to mine at any of Intrepid Mines Zambia's licenses is made, and the other half will be due on the start of commercial production.

Intrepid Mines Zambia holds the Mumbwa and Kitumba copper projects in Zambia.

The deal remains subject to the approval of Intrepid's shareholders and customary regulatory permits.