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Intrepid agrees to sell Mumbwa, Kitumba copper projects in Zambia for US$5M

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Intrepid agrees to sell Mumbwa, Kitumba copper projects in Zambia for US$5M

Intrepid Mines Ltd. said Sept. 7 that it struck a conditional deal to sell its Intrepid Mines Zambia Ltd. unit to Consolidated Mining and Investments Ltd. unit Vulcan Copper Ltd. for US$5 million.

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

The sale remains subject to Intrepid and Vulcan securing all the required shareholders and regulatory approvals. The transaction is also conditional upon Vulcan submitting and securing approval from the Ministry of Mines in Zambia for the revised development plan for the projects.

Intrepid Mines' earlier bid to sell Intrepid Mines Zambia to Weatherly International PLC fell through in April after both parties failed to agree to an extension for the backstop date for the deal.