The Prospector News

Cerro de Pasco Resources Announces Sale of its Santander Mine

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Cerro de Pasco Resources Announces Sale of its Santander Mine

 

 

 

 

 

Cerro de Pasco Resources Inc. (CSE: CDPR) (Frankfurt: N8HP) today announced that it has entered into a share purchase agreement with FIC03 Fondo de Inversión Privado, a Peruvian investment company controlled by Finanzas e Inversiones Corporativas. FIC specializes in managing alternative and distressed investments across various industries. Under the Agreement, the Company has agreed to sell its Santander Mine in Peru to FIC03.

 

Guy Goulet, CEO, commented, “The sale of the Santander Mine aligns with our strategy to focus on reducing corporate debt. We thank the Santander team for their commitment and dedication, and we wish them success in executing the projects we have developed together.”

 

Transaction Highlights

 

Pursuant to the Agreement which is effective as of August 29, 2024, CDPR has sold the shares of its Peruvian subsidiary Cerro de Pasco Resources Subsidiaria del Peru S.A.C., that holds the interest in the Santander mine, including all assets and liabilities associated with it, to FIC03, in exchange for a consideration comprised of a cash component of $2.00 and a variable price of up to $10,000,000, to be calculated, determined and paid according to the terms of the Share Purchase Agreement, from the date on which commercial production has been reached in the Santander Pipe. As part of the Transaction, the Company agrees to settle over time outstanding obligations incurred between itself and its subsidiaries.

 

The Transaction is an “arm’s length transaction”.

 

About Finanzas e Inversiones Corporativas

 

FIC is a leading firm in private equity fund management in Peru. FIC recently announced an ambitious expansion of its investment portfolio, focusing on large-scale mining projects in the central region of the country. This move is driven by growing international demand for key minerals such as gold, copper, and zinc, where FIC aims to strengthen its market position.

 

The Santander Mine

 

Cerro de Pasco Resources acquired the Santander mine in late 2021. In June 2023 the operation underwent curtailment due to macro-economic pressures affecting zinc price. The assets include a 2,500 tonne per day sulfide milling and flotation plant. CDPR developed a consolidated Mine Plan comprising the current resource at Magistral and all the known resources at the Santander Pipe.

 

About Cerro de Pasco Resources Inc.

 

Cerro de Pasco Resources is focused on the development of its principal 100% owned asset, the El Metalurgista mining concession, comprising silver-rich mineral tailings and stockpiles extracted over a century of operation from the Cerro de Pasco open pit mine in Central Peru. The Company’s approach at El Metalurgista entails the reprocessing and environmental remediation of mining waste and the creation of numerous opportunities in a circular economy. The asset is one of the world’s largest above-ground resources.

 

Posted September 3, 2024

Share this news article

MORE or "UNCATEGORIZED"


ABRASILVER ANNOUNCES CLOSING OF $30 MILLION PUBLIC OFFERING OF COMMON SHARES

AbraSilver Resource Corp. (TSX-V: ABRA) is pleased to announce th... READ MORE

February 7, 2025

Troilus Announces $5.8 Million Strategic Investment by Vaneck via a Non-Brokered Private Placement

Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) (FSE: CM5R) announce... READ MORE

February 7, 2025

PPX Closes First Tranche of Silver Royalty Agreement With Silver Crown Royalties

PPX Mining Corp. (TSX-V: PPX) (BVL: PPX) is pleased to announce t... READ MORE

February 7, 2025

Barrick Grows Gold and Copper Reserves Significantly, Setting It Apart From Peers as It Positions for Growth

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) grew attributable ... READ MORE

February 6, 2025

Liberty Gold Announces Assay Results from the 2024 Drill Program at the Black Pine Oxide Gold Project, Idaho

0.96 g/t Au over 24.4 meters, including 1.94 g/t Au over 6.1 mete... READ MORE

February 6, 2025

Copyright 2025 The Prospector News