Navan Mining has completed selling its Spanish mining share interests with the disposal of a zinc and copper mine in southern Spain for up to $2.66 million.
Navan said the sale of the Aguas Tenidas zinc mine includes a provision for royalties that could earn the company $2.66 million.
Navan's Spanish subsidiary filed for bankruptcy protection in December 2001 to continue operations.
The Spanish purchaser intends to continue operating under bankruptcy protection, Navan said in a statement.
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Navan's remaining two minor Spanish subsidiaries will be dissolved and liquidated and are expected to be able to satisfy their obligations under Spanish law.