Mining giant to buy Irish firm for €7.2m

INTERNATIONAL exploration giant Lundin Mining is set to buy Irish company Belmore Resources for nearly £6.4 million (€7.2m).

Belmore, which is currently headed by former Bula Resources executive Pat Mahony and chairman Ian Forrest, counts as its sole asset a 350sq km zinc, lead and silver prospect in Co Clare; in which Lundin has an existing share.

Toronto-headquartered Lundin, which formerly owned the Galmoy zinc mine in Kilkenny, has offered 15p per share for Belmore. The latter’s management has accepted the terms and has recommended the cash offer to its shareholders.