Cloud PRWire

Polymetals finalises acquisition of Endeavor Silver, Zinc & Lead Mine

–News Direct–

Polymetals Resources Ltd (ASX: POL) executive chairman David Sproule sits down with Proactives Jonathan Jackson to discuss the acquisition of the Endeavor Silver, Zinc & Lead Mine. This revised acquisition, through Polymetals' subsidiary Cobar Metals Pty Ltd, ensures 100% ownership of the mine and its associated exploration tenements in NSW's Cobar Basin. The new agreements allow for a two-year deferral on the replacement of the approximately $28 million Endeavor Mine Rehabilitation Bond, originally due by April 2024, under the conditions of a prior agreement. This extension aids Polymetals in securing project financing and hastening the mines restart, with production aimed for the first half of 2025. The updated deal not only transfers ownership but also positions Polymetals to enhance economic contributions to the local community by creating over 200 jobs and potentially increasing the mine's life through further exploration and treatment improvements. This acquisition, pending shareholder approval and compliance with several set conditions, marks a significant stride towards leveraging the favourable market conditions for base metals. Shareholder consent is particularly crucial for the grant of security over assets owned by Cobar Operations Pty Ltd and Endeavor Operations Pty Ltd, as required under the financial assistance provisions of the Corporations Act 2001 (Cth).