MTAL - Metals Acquisition to Invest in Polymetals as Company Plans Endeavor Mine Restart

2024-05-28 12:25:00 ET

Metals Acquisition (MAC) (NYSE: MTAL ,ASX:MAC) has signed a strategic investment deal with Polymetals Resources (ASX: POL ), which is working to restart the Endeavor silver-zinc-lead mine and processing plant.

The transaction will see MAC make an initial AU$2.5 million investment in Polymetals for a 4.31 percent interest in the company. An additional AU$2.5 million is on the table subject to several conditions outlined in a Monday (May 27) press release , including Polymetals securing enough funding to restart the mine and processing plant.

The companies will also have to enter into a water offtake agreement , as well as a tolling agreement for the treatment of zinc ore delivered to Polymetals by MAC. In addition, MAC will have to secure third-party consent for its plans.

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