Blue Horseshoe - Or Someone - Likes Anaconda Mining; Shares Pop 20% After Selling Iron Ore Assets

By Staff,

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Anaconda Mining Inc. ( ANX ) is up 20% this afternoon, jumping 1.5 cents to 9 cents a share after saying it has closed on the sale of its iron ore exploration assets in chile to a private Chilean company, Hierro Tal Tal S.A., for $11 million in cash plus gross sale royalties and a 1.25% carried interest in a related firm.

Anaconda plans to use about one of the $2 million received at closing to repay the full $711,000 in principal owed to holders of its Series III debentures. It also plans to pay down other debt and vendor payables.

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This article appears in: Investing Commodities
Referenced Stocks: ANX

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