The company Cerro de Pasco Resources (CDPR) completed the acquisition of the Santander mine located on the western flank of the Cordillera de Puajanca in the Huaralino district of Santa Cruz de Adamarca, from Canada’s Trevali Mining.
According to the terms of the agreement, Trevali will receive 10 million ordinary shares of Cerro De Pasco, having paid US $ 1 million in cash at the closing of the transaction. Thereafter, you will pay 15% of the total amount every 6 months.
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Guy Goulet, executive director of Cerro Pasco Resources, commented that they remain focused on their work and that the efforts in the mining operations are at an advanced stage. In addition, they have identified a way of extend the useful life of the mine responsibly and profitably.
Through a press release they indicated that this transaction will keep the highly specialized team of experts that Cerro de Pasco Resources has and that they will take advantage of the take control of the entire mining complex.
They also reported that the negotiations that were suspended with Volcan-Glencor pending the Quiulacocha tailings exploration, are now approved by the Ministry of Energy and Mines and are expected to begin at the end of the rainy season in April.
The company plans extend the operating life of the reservoir while developing access to the higher grade of Santander Pipe during the next 24 to 36 months, which would extend the mine’s useful life by five years.
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