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South32 closes US$1.3B acquisition of remaining 83% stake in Arizona Mining

South32 Ltd. completed its acquisition of the remaining 83% stake in Arizona Mining Inc. for US$1.3 billion, it said Aug. 11.

Former Arizona Mining shareholders received to C$6.20 in cash for each share held, under the deal announced in June. Arizona Mining owns the Hermosa silver-zinc-lead project in Arizona.

As part of the transaction, Arizona Mining was delisted from the Toronto Stock Exchange on Aug. 10.

"Our deep understanding of the high-grade Hermosa project and surrounding land package, together with our extensive experience at Cannington, positions us well to bring the project to development and deliver significant value to our shareholders," said South32 CEO Graham Kerr.

South32 plans to begin work to enhance the design and development of Hermosa in the coming weeks. The program will include optimizing studies and commencement of an exploration decline to allow for drilling to test for extensions and enhance the company's understanding of the existing resource.