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

By Midnight Trader,  December 07, 2011, 01:47:53 PM EDT

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.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: ANX



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