Silver X Mining Corp (TSX-V:AGX, OTC:WRPSF) has announced a 12-year extension of its social agreement with the local Huachocolpa community which it said will solidify relations and enable continued operations at its Nueva Recuperada project in central Peru until November 2035.
In a statement, the silver developer and producer said the agreement, which became effective on November 6, 2023, encompasses all areas including the Nueva Recuperada Processing Plant, Tangana Mining Unit, and the Red Silver Mining Unit.
The pact incorporates social development initiatives focusing on education, health, agriculture, livestock, and local employment. Additionally, Silver X said it demonstrates the company’s commitment to engaging and supporting local businesses, with up to 23 companies actively involved in the current operations.
Silver X CEO José García said the extension of the agreement with the Huachocolpa community is a requirement to increase its production capacity from 720 tonnes per day to 2,220 tonnes with an additional 1,500-tonne per day (tpd) mill as outlined in the Preliminary Economic Assessment (PEA) it published for the Tangana Mining Unit expansion in February 2023.
"This agreement will serve as the cornerstone for a period of close collaboration between the company and our local stakeholders, as Silver X aspires to be the partner of choice for developing mining projects in the Andean region,” García added.
“Our guiding principle is 'Sustainable Development Through Mining', as reflected in our inaugural Sustainability Report published earlier this year."
Silver X is a rapidly expanding silver developer and producer. The company owns the 20,000-hectare-plus Nueva Recuperada Silver District in Central Peru and produces silver, gold, lead, and zinc from the district's Tangana Mining Unit.
Contact the author at stephen.gunnion@proactiveinvestors.com