https://www.miningweekly.com

Greenstone ups interest in Heron to 19.3%

4th July 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

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JOHANNESBURG (miningweekly.com) – Private equity fund Greenstone Resources will increase its ownership in Australian base metals miner Heron Resources to 19.3%, through the acquisition of 398-million shares valued at $21-million.

The company currently has a 16.23% ownership in Heron Resources.

Greenstone will subscribe through two separate tranches, with Greenstone acquiring 30-million common shares of Heron in the first tranche.

The second tranche will be subject to approval by Heron shareholders and, if completed, Greenstone will acquire a further 368-million common shares in Heron.

Heron’s flagship asset, the Woodlawn zinc-copper project, is based 220 km southwest of Sydney, and comprises two significant polymetallic resource-based assets – the Woodlawn underground project and the Woodlawn tailings retreatment project.

With a nine-year mine life, Woodlawn is expected to produce 284 000 t zinc, 67 000 t copper, 87 000 t lead, 7.5-million ounces of silver and 28 000 oz gold.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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