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Client Work

Falconbridge purchases SDBJ's interest in Perseverance zinc mine and announces plans to invest $145 million in its development

Fasken
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Client

Confidential Client

On August 11, 2006, Falconbridge Limited (the subject of a heated takeover battle over the last several months, and now owned by Xtrata) announced its intention to invest approximately $145 million in the development of the Perseverance zinc mine in northern Québec. Strong zinc prices and the continued support and collaboration of the Québec government were among the key factors in making this decision. Prior to this announcement, Québec City lawyers Jean-M. Gagné, Ianny Xénopolous and Martin R. Gagné advised Falconbridge on the $6.5 million purchase of all of the Société de développement de la Baie-James' interest in the Perseverance joint venture and their interest in the claims that were in their names in the Perseverance project, in a deal that closed on May 3.

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