MOSCOW, Dec 12 (PRIME) -- Russian mining company Intergeo, controlled by billionaire Mikhail Prokhorov, has agreed to merge with Canada’s Mercator to create a new copper-focused base metals company, Mercator said Thursday.
Under the deal, Daselina Investments Ltd, Intergeo’s controlling shareholder, has agreed to invest U.S. $100 million in the united company, which will be renamed to Intergeo Mining Ltd. Intergeo’s shareholders will obtain about 85% of the enlarged company, while the rest will belong to current shareholders of Mercator Mining.
Intergeo is a diversified mineral resource company primarily focused on developing, exploring and acquiring base metal properties in Russia. The company is 99% owned by Daselina, part of Prokhorov’s Onexim group. Kirkland Intertrade, owned by Maxim Finsky, holds the remaining 1%.
Mercator Minerals operates its wholly-owned copper, molybdenum and silver Mineral Park mine in Arizona. Mercator also wholly owns two development projects in Mexico, the copper heap leach El Pilar and the molybdenum and copper El Creston property.
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