Canadian miner Capstone Mining Corp. has announced it signed a deal to sell its 100% stake in the Minto mine in Canada to Pembridge Resources. Under the contract, Capstone is to receive up to US$20 million in cash in staged paments, the company said in a statement.
"Completing Minto's divestiture allows Capstone's management to fo-cus on our core operations, which includes completing the strategic process for Santo Domingo," said Darren Pylot, the president and chief executive of Capstone, as quoted in the statement.
The Canadian business says it operates two producing copper mines: Pinto Valley in the U.S., and Cozamin in Mexico. In addition to this, Capstone also holds a 70% stake in the Santo Domingo cop-per-iron development project in Chile, and a portfolio of exploration properties, acccording to data from the firm.