Conglomerate awarded option to take controlling stake in Spanish mine

SOUTH American conglomerate Antofagasta has been awarded an option to take a controlling stake in the La Zarza copper, gold and zinc mine in southern Spain which is controlled by Irish company Ormonde Mining; after the two reached a joint venture exploration agreement.

The Chilean group’s Antofagasta Mining division has agreed to invest $7 million (€4.7m) on the expanded exploration programmes at La Zarza over the next three years, with a minimum of $1m being spent in the first year. As a result, Antofagasta will have the right to take a 51% interest in the mine and an additional option of upping that to 75%.

“We’re very pleased that Antofagasta has chosen to become involved at La Zarza.