Canada’s Atico Mining has announced its subsidiary Toachi Mining acquired the remaining 40 percent of the issued and out-standing shares of Compañia Minera La Plata S.A., the owner of the con-cessions comprising the La Plata gold-copper project in Colorado, the U.S.
The 40 percent stake was bought with an initial cash payment of some US$7 million and three installments of US$1 million each upon each an-niversary of the deal’s closing date, making for a total of US$10 million, Atico Mining said in a statement.
“The company is very pleased with this transaction as it consolidates own-ership of a project it has already committed to advancing through produc-tion. While at the same time, the Ecuadorian government is taking positive steps towards creating a favorable environment for increased interna-tional investment into the mining sector,” according to the statement.