Published by Jaroslaw Adamowski
Silver mine acquisition US silver miner Coeur Mining has purchased Canada’s Silvertip mine under a deal worth some $250 million.
The mine is located in northern British Colubia, and it commenced production during the fourth quarter of 2016, Coeur Mining said in a statement. The operation is located within a land plot of 37,650 hectares.
"The Silvertip mine is one of the industry’s newest and highest-grade silver-zinc-lead mines," the statement says. "Upon expected completion of the transaction in late October, Coeur intends to invest US$25 – US$35 million in surface infrastructure, accelerated underground development and drilling and mill optimization over a six-month period and recommence commercial production by the end of the first quarter of 2018."
Coeur Mining expects Silvertip to produce an average of about 10 million silver equivalent oz per year