South32 (ASX:S32) spending cash
Stock
South32 (S32) $3.80 as at 18/06/2018Event
South32 has agreed to buy junior Canadian Zinc miner Arizona Mining for $1.75bil in cash, a huge 50% premium to the last traded price. South32 already holds 17% of the Toronto listed company, earning it a board seat and a close look at Arizona’s key asset, Hermosa, which holds zinc, silver and lead. The deal, although sizable, doesn’t require South32 to raise debt, with enough cash on the balance sheet, however the asset is still in development phase and will require working capital to begin production. South32 (S32) Chart