UPDATE 1-Breakwater to Raise C$30 mln to Restart Quebec Mine-Shanghai Metals Market

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UPDATE 1-Breakwater to Raise C$30 mln to Restart Quebec Mine

Industry News 10:20:32AM Dec 09, 2010 Source:SMM

Dec 8 (Reuters) - Copper and zinc producer Breakwater Resources (BWR.TO) said it will raise C$30 million in a bought deal, partly to help restart operations at the Quebec-based Langlois mine in east-central Canada.

The company will sell about 4.8 million shares at C$6.30 each, a discount of 9 percent to Wednesday close.

The Toronto-based miner, which has mines in Chile, Honduras and Canada, expects the offer to close by Dec. 30.

On Monday, Breakwater said it seeks to reopen the Langlois zinc mine, where operations were suspended two years ago, in the first quarter of 2012.

It set a capital budget of C$92.1 million for 2011, of which it plans to spend C$32 million on Langlois. It had stalled operations in Langlois due to a decline in commodity prices amidst the economic downturn.

Breakwater's shares, which have gained 21 percent since the company posted better-than-expected third-quarter results in November, closed at C$6.90 on Wednesday on the Toronto Stock Exchange.

Key Words:  copper Cu  

UPDATE 1-Breakwater to Raise C$30 mln to Restart Quebec Mine

Industry News 10:20:32AM Dec 09, 2010 Source:SMM

Dec 8 (Reuters) - Copper and zinc producer Breakwater Resources (BWR.TO) said it will raise C$30 million in a bought deal, partly to help restart operations at the Quebec-based Langlois mine in east-central Canada.

The company will sell about 4.8 million shares at C$6.30 each, a discount of 9 percent to Wednesday close.

The Toronto-based miner, which has mines in Chile, Honduras and Canada, expects the offer to close by Dec. 30.

On Monday, Breakwater said it seeks to reopen the Langlois zinc mine, where operations were suspended two years ago, in the first quarter of 2012.

It set a capital budget of C$92.1 million for 2011, of which it plans to spend C$32 million on Langlois. It had stalled operations in Langlois due to a decline in commodity prices amidst the economic downturn.

Breakwater's shares, which have gained 21 percent since the company posted better-than-expected third-quarter results in November, closed at C$6.90 on Wednesday on the Toronto Stock Exchange.

Key Words:  copper Cu