https://www.miningweekly.com

Minera buys San Santiago plant

17th September 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed Minera Gold has exercised its option to acquire the San Santiago processing plant, in Peru, for $5.5-million.

Minera in July this year signed the option agreement over the plant, which was currently the subject of a lease agreement under which Minera would treat ore from its Torrecillas gold project, also in Peru.

Minera told shareholders on Wednesday that the processing plant contained a newly refurbished gold circuit and two copper circuits to treat oxide and sulphide copper mineral, as well as 9 000 ha of surrounding mining and exploration rights.

“The cash flow benefits and cost savings from the purchase of the San Santiago processing plant are immediate, and the funding arrangements put in place are largely nondilutive for shareholders, making this a very attractive transaction,” said Minera MD and CEO Ashley Pattison.

The funding for the acquisition has been provided by metal streaming house SilverStream, which would provide Minera with a total of $4.5-million in new funding, which could be drawn down in two tranches.

Minera also entered into a two-year mezzanine agreement with an existing shareholder, under which the shareholder would provide Minera with a $1.25-million facility to complete the mill acquisition. The facility would be a combination of straight debt and a convertible component.

Edited by Creamer Media Reporter

Comments

Showroom

Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.214 0.252s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: