Nasdaq- and TSX-listed silver miner SSR Mining will buy the remaining 25% shareholding in the Puna operation, in Argentina, from TSX-V-listed Golden Arrow Resources for $34-million.
Upon closing of the transaction, SSR will own 100% of Puna – a joint venture that was formed through the combination of SSR’s Pirquitas mine and processing plant with Golden Arrow’s Chinchillas silver/lead/zinc project. Commercial operation was declared in December last year.
"This is a positive deal for both parties, in that it allows SSR Mining to consolidate our ownership in Puna operations and streamline our reporting structure, while benefiting Golden Arrow by providing funding to pursue its exploration projects, eliminating its debt obligation to us, and cancelling our shares in Golden Arrow,” said SSR president and CEO Paul Benson on Monday.
Golden Arrow chairperson Joseph Grosso added in a separate statement that the transaction would allow Golden Arrow to maintain diversified low-risk exposure to the continued success of SSR at Puna operations and across their gold-focused producing portfolio in North America.
"The transaction provides Golden Arrow with a strengthened financial position to focus on delivering shareholder returns through the exploration and development of our exciting exploration portfolio in South America.”