Abacus shareholders voted 90 percent in favor of the deal, the Vancouver-based metals explorer said today after a special meeting of investors.
KGHM agreed last month to pay $37 million for a 51 percent stake in a venture to develop the Afton-Ajax copper deposit near Kamloops, British Columbia. Lubin, Poland-based KGHM also has the right to buy another 29 percent of the venture with Abacus for $35 million.
KGHM is seeking to expand its copper reserves and reduce its average production costs by tapping Abacus’s exploration expertise. The two companies said last month they will cooperate in a global search for copper deposits.
The Polish company, the world’s ninth-largest copper producer and third-larger silver miner, last month acquired 8.75 percent of Abacus’s outstanding shares for C$4.5 million ($4.4 million) in a private placement.
Abacus was unchanged at 17 cents as of 12:38 p.m. in TSX Venture Exchange trading in Toronto. The shares declined 11 percent this year through yesterday.
KGHM fell 2.5 zloty, or 2.6 percent, to 92.5 zloty in Warsaw Stock Exchange trading.