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Court OKs Minco, Buchans deal

Keywords: Tags  Minco, Buchans, manganese carbonate, Canadian Manganese, Everdeen Mason


NEW YORK — Minco Plc’s acquisition of Buchans Minerals Corp. has been approved by the Supreme Court of Nova Scotia, the companies said July 2.

As a result, Ireland-based Minco on July 16 will acquire all of the issued and outstanding common shares of Buchans Minerals that it doesn’t already own in exchange for 0.826 of a Minco share per Buchans share, the companies said. Once the deal closes, Buchans will become a wholly owned unit of Minco.

The companies are joint-venture partners on the Plymouth manganese carbonate deposit in New Brunswick, Canada. The mine is now owned by Halifax, Nova Scotia-based Buchans through its wholly owned Canadian Manganese Co. Inc. subsidiary ( amm.com, May 8).

Buchans and Minco entered into the merger agreement April 30, and it was approved by Buchans’ shareholders June 28.


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