Navan completes purchase

NAVAN Resources has completed the acquisition of Almagrera, a Spanish government holding company whose main asset is the Sotiel copper, lead and zinc mine in northern Spain. Navan is paying $3.1 million in cash and assuming $4.8 million in debt. In 1996, Almagrera produced 47,000 tonnes of copper concentrate, 5,000 tonnes of lead concentrate and 24,000 tonnes of zinc concentrate, as well as 250,000 tonnes of sulphuric acid. The company employs 370 people. Further development of the mine is expected in mid 1997.