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South32 takes 15% of zinc explorer

South32 (AU:S32) has bet again on base metals, paying C$110 million (US$80.2 million) for a 15% stake in zinc explorer Arizona Mining (CN:AZ).

South32 takes 15% of zinc explorer South32 takes 15% of zinc explorer South32 takes 15% of zinc explorer South32 takes 15% of zinc explorer South32 takes 15% of zinc explorer

Arizona Mining has six drill rigs on site exploring Taylor and Hermosa in Arizona, US

Toronto-listed Arizona announced it had signed a binding agreement with South32 to issue 45 million shares at C$2.45 per share to the Australian major for proceeds of $110.3 million.