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Cerro de Pasco Resources (CSE: CDPR) announced on Tuesday it has agreed to sell its Santander mine to a Peruvian investment firm that specializes in managing distressed assets.
The zinc-lead-silver mine is located approximately 215 kilometres northeast of Lima, comprising an underground mine, a 2,000-tonne-per-day processing mill, a conventional sulphide flotation mill and associated infrastructure.
The deal has a cash component of $2 and a variable price of up to $10 million to be calculated, determined and paid from the date on which commercial production has been reached in the Santander pipe, Cerro de Pasco said.
CEO Guy Goulet said the sale aligns with the company’s strategy of reducing debt. The company acquired the Santander mine in late 2021 from the now-collapsed Trevali Mining. In June 2023, the operation underwent curtailment due to weak zinc prices.
The company said it is focused developing of its principal 100% owned asset, the El Metalurgista mining concession in central Peru.
Cerro de Pasco Resources’ stock was down over 7% in late afternoon trade in Toronto. The company has a C$49.2 million ($36.3m) market capitalization.
