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Iberian Closes Acquisition of Producing Copper
Mine in Peru
Feb 12, 2008 18:00
Iberian Minerals Corp. (TSX VENTURE:IZN) ("Iberian") is pleased
to announce that the acquisition of 92% of the issued and
outstanding shares of Compania Minera Condestable ("CMC") from
Trafigura Beheer B.V. ("Trafigura") has closed.
The closing of the CMC acquisition means that Iberian now owns
approximately 92% of CMC, the owner and operator of the Condestable
Mine and lessee of the Raul Mine (collectively the "Condestable
Mine") located 90 km south of Lima in Peru. The Condestable Mine
has been in continuous production since 1998. For detailed
information in respect of CMC and the acquisition, as well as the
proforma financial information which gives effect to the closing of
the acquisition, please refer to the Management Information
Circular of Iberian dated November 20, 2007, available at
www.sedar.com.
As partial consideration for the acquisition the Company has
issued to Trafigura 65,990,833 common shares in the capital of the
Company ("Common Shares") at a deemed price of $1.80 per Common
Share for a deemed aggregate issue price of US$115 million
(exchange rate of US$1.00 equals $1.0329). Trafigura has also been
granted a 46% net operating profit ("NPI") of CMC for a term of
four years commencing January 1, 2011 payable in cash or, at the
option of Trafigura and subject to regulatory approval, including
the approval of the TSX Venture Exchange, in Common Shares. Iberian
shall have the right until June 30, 2011 to purchase the NPI from
Trafigura for US$60 million. The Common Shares issued to Trafigura
will be subject to a hold period that expires June 12. 2008.
Iberian would like to thank Mr. Michael Newbury, Mr. Peter
Gleeson, Mr. Maurice Stekel and Mr. Jose Arnau for their
contributions to Iberian as directors and wish them well in their
future endeavours. Joining the board of Iberian are Mr. Jesus
Fernandez, Co-head of Corporate Finance for Trafigura, and Mr.
Thomas Savage, General Manager of CMC.
About Iberian Minerals Corp.
Iberian Minerals Corp. is a Canadian-based global copper and
zinc company with developing and operational interests in both
Spain, the Aguas Tenidas Project and Peru, the Condestable Mine.
Iberian Minerals Corp. is well-funded with a strong, experienced
management team and a significant partner in it's largest
shareholder, Trafigura Beheer B.V.
About Trafigura Beheer B.V. Amsterdam
Trafigura is one of the world’s leading international commodity
traders, specialising in the oil, minerals and metals markets, with
51 offices in 36 countries in Europe, Africa, Asia, Australia, and
North, Central and South America. Its principal corporate offices
are in Amsterdam, London and Lucerne.
Trafigura’s primary trading businesses are the supply and
transport of crude oil, petroleum products, natural gas, liquefied
natural gas, metals (including copper lead, zinc and aluminium) and
metal ores and concentrates.
It is the world’s second largest independent non-ferrous trading
company and the third largest independent oil trader.
Founded in 1993, the company is owned by its founding
shareholders and senior management. It has achieved substantial
growth in the last five years, growing turnover from US$9 billion
in 2001 to US$51 billion in 2007. Its equity is now in excess of
US$1.3 billion.
Including the Common Shares issued on closing of the
Acquisition, Trafigura currently holds approximately 42% of the
issued and outstanding Common Shares of Iberian.
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