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Frontera gobbles up Azco stake in Piedras Verdes

Bnamericas Published: Tuesday, May 06, 2003
Privately held Canadian junior Frontera Copper has acquired all the issued and outstanding shares that Azco Mining (TSX: AZC) had in Mexico's Cobre del Mayo (CDM), Frontera said in a statement. CDM holds the mining and exploration concessions for the Piedras Verdes mine and SX-EW copper leach project in northern Mexico's Sonora state. Frontera subsidiary Frontera Cobre del Mayo paid Azco US$200,000 for the shares, and will pay another US$50,000 on July 5. Azco will also receive further payments upon construction and commercial production start-ups and royalties if the copper price exceeds US$1.20/lb. The statement did not give percentages, but as of last June Frontera had 70% of Piedras Verdes, which it acquired from Phoenix-based Phelps Dodge (NYSE: PD), and Azco 30%.

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