THE BOURSE WHISPERER: PLD Corporation (ASX: PLD) announced it has finalised the Sale Agreement related to the Admiral Bay zinc project with Kagara Limited and that the deal has been given the go-ahead by the Federal Court of Australia.
PLD claims the Admiral Bay zinc project to be one of the world’s largest undeveloped zinc projects.
Admiral Bay hosts an Inferred Mineral Resource Estimate of 72 million tonnes at 6.7 per cent zinc equivalent (ZnEq) and an Exploration Target Range of 170 to 250 million tonnes at 5.3 per cent to 7.5 per cent ZnEq.
The project is located in the Canning Basin of Western Australia.
The Admiral Bay mineral resource includes a higher grade core of 20 million tonnes at 10.1 per cent ZnEq and, based on geological assessment, it is considered that multiple higher grade zones could exist within the 18 kilometre mineralised corridor.
“The acquisition will constitute a change in nature and scale of the company’s activities,” PLD Corporation said in its ASX announcement.
As part of satisfying its requirements to re‐comply with ASX Listing Rules, PLD must seek approval of its shareholders for the acquisition at a general meeting.
“The company’s shareholders will receive a notice of meeting shortly setting out various resolutions relating to the acquisition,” the company explained.
“A detailed explanatory statement will accompany the Notice of Meeting, together with an independent experts report (if required) and will be distributed to all shareholders prior to the meeting.”