Cyprium Mining Corp. has closed an acquisition agreement for 53 percent of a joint venture that owns exploitation and exploration rights of the Potosi silver mine in the Santa Eulalia District, Mexico, it announced Thursday.
The joint venture at the Potosi mine aims to complete two major projects that would rehabilitate two shafts in the mine and allow further access to all levels of the mine for operations.
Cyprium Mining Corp. has agreed to pay $2.5 million as a financial commitment consisting of an equity investment of $1.9 million into CYPVAL, a private company in Mexico that is managing the project. The remaining commitment comes in the form of a three-year loan for $600,000 at 12 percent interest.
Trafigura Mexico SA de CV has also entered into a multi-year agreement that will facilitate the purchase of concentrates from the mine
"Trafigura is pleased to start working with Cyprium Mining in order to restart the Potosi silver mine,” Comercial Manager of Trafigura, Juan Antonio Moran said. “Our relationship with the mine goes back several years and we believe the mine still has good production and exploration potential. We also look forward to evaluating other opportunities to work with Cyprium in Northern Mexico."
Organizations in this Story
Want to get notified whenever we write about Cyprium Mining Corporation ?
Next time we write about Cyprium Mining Corporation, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.Sign-up for Alerts
- New Colombia Resources says Sannabis test was successful
- Grupo Exito aims to help support Colombia
- Codelco CEO calls for transparency, focus on production goals
- BCP offers tips on choosing master's degree program
- General Tire launches new tire for Andean market
- Latin America talks of boosting pork production, exports @CorferiasBogota
- AIR Worldwide team takes part in wind-engineering conference
- El Salvador's Asesuisa discusses risk management, strategic direction with stakeholders
- Grupo Exito buying lettuce locally to support resocialization program
- Endo selling Mexico-based Grupo-Farmaceutico Somar