The deal has a money part of $2 and a variable worth of as much as $10 million to be calculated, decided and paid from the date on which industrial manufacturing has been reached within the Santander pipe, Cerro de Pasco mentioned.
CEO Man Goulet mentioned the sale aligns with the corporate’s technique of lowering debt. The corporate acquired the Santander mine in late 2021 from the now-collapsed Trevali Mining. In June 2023, the operation underwent curtailment on account of weak zinc costs.
The corporate mentioned it’s targeted creating of its principal 100% owned asset, the El Metalurgista mining concession in central Peru.
Cerro de Pasco Assets’ inventory was down over 7% in late afternoon commerce in Toronto. The corporate has a C$49.2 million ($36.3m) market capitalization.