Quadra completes Centenario takeover

Vancouver-based Quadra Mining (TSX: QUA) said it has completed a previously announced plan of arrangement and has acquired all the shares of Centenario Copper (TSX: CCT), the owner of the Franke copper mine in Chile. Quadra purchased Centenario in an all-stock deal for 0.28 of a Quadra common share for each full share of Centenario. Centenario has also been delisted from the Toronto Stock Exchange. Previously expected to kick off last year, Franke has suffered delays due to the financing problems of Centenario. As part of the takeover, Quadra has lent Centenario funds to continue developing the project so it can reach production this year. Franke, located in Chile's northern region II, is slated to produce some 30,000t/y in copper cathode. Quadra owns the Sierra Gorda copper project nearby in region II.