US miner sells Bolivian silver mine
Mine acquisition US miner Coeur Mining has signed a deal to sell its San Bartolomé silver mine in Bolivia to Sweden's Argentum Investments. The asset is estimated to have some 21.1 million oz of proven and probable reserves.
The mine is operated by Coeur’s local subsidiary Empresa Minera Manquiri which owns San Bartolomé and a processing facility located near Potosí, Bolivia.
"The Agreement provides that Manquiri will be sold to … a privately-held Swedish company owned by a group of Mexican individuals with extensive mining experience in Latin America," Coeur said in a statement.
Under the deal, Coeur is to obtain a 2% net smelter returns royalty worth about $5 million, all re-funds of pre-closing value-added tax (VAT) whose outstanding balance was $13 million as of 30 November, and one-year promissory notes with an aggregate principal amount equal to Manquiri’s cash and cash equivalents. Manquiri’s cash and cash equivalents were $28 million as of November 30, the statement said.