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Nyrstar selling El Mochito zinc-lead mine in Honduras to Morumbi Resources

Nyrstar NV is selling its El Mochito zinc-lead-silver mine in Honduras to Toronto-listed Morumbi Resources Inc. for US$500,000 cash, according to a Sept. 22 news release.

Morumbi signaled earlier that it was it was in advanced talks with a third party for a potential material acquisition.

Both parties have also entered into an off-take deal that will see Nyrstar buying 100% of zinc and lead concentrate production from El Mochito for a 10-year period.

The treatment charges will be set at benchmark terms following the closure of the transaction, which will be subject to customary closing conditions, including Morumbi successfully completing an equity financing.

BMO Capital Markets Ltd. and Lazard & Co. are acting as financial advisers to Nyrstar in connection with the transaction.