Polymetals Resources (ASX:POL) has completed the acquisition of Cobar Infrastructure, securing ownership of the Endeavor mine in New South Wales.
Along with acquiring 100% ownership of the privately held company, Polymetals has also completed the discharge of the vendor security, following an announcement earlier this week.
On Tuesday 28 July, Polymetals announced that it had exchanged the $28 million Endeavor mine rehabilitation bond, which was provided by Macquarie Bank.
The bond exchange was defined as the final step toward the completion of this acquisition, releasing Polymetals from vendor-held senior security over the Endeavor Project.
The company utilised existing cash reserves to exchange the bond previously held by CBH Resources, a subsidiary of Toho Zinc (TYO:5707).
Polymetals Resources is a silver and zinc producer operating and expanding the Endeavor mine in the Cobar Basin of New South Wales.
Write to Maddison Elliott at Mining.com.au
Images: Polymetals Resources
