L and M sells all mining but gold
L and M Mining has reached agreement to sell its industrial minerals group to , the Swiss industrial minerals group, Pluess-Staufer A.G. for $l3 million. The sale includes the limestone, bentonite, clay, dolomite and various other industrial mineral activities. Canterbury Bentonite at Coalgate is one of the plants in the sale. All employees associated with these activities will be offered continuing employment with Pluess-Staufer, L and M said in a statement The Nelson-based L and M Mining is holding on to the agricultural division (Selcote, animal baits and inoculants), independent service laboratoriesSLandmark Exploration GroujLand research and development activities. In addi-
tion, L and M will retain the rights to gold exploration and production on all properties sold. The agreement is subject to the approval of the Overseas Investment Commission and the Commerce Commission. The terms of payment are SIOM on settlement, SIM in October, 1988, and a further S2M in October, 1989. L and M said it will concentrate on gold exploration, development and production activities. “We consider Landmark Exploration, the service laboratories and associated research and development are complementary to these activities,” the statement said.. Funds from the sale will be used for exploration and development of projects ‘{which are well advanced feasibility studies.”
Chase Corporation took control of L and M Mining through an associated gold mining company in Australia, AUR, earlier this year.
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Press, 9 October 1987, Page 16
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233L and M sells all mining but gold Press, 9 October 1987, Page 16
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