Cerro de Pasco Resources (CSE:CDPR, OTC:GPPRF) announced that it is selling its Santander Mine in Peru to FIC03 Fondo de Inversión Privado, a Peruvian investment company controlled by Finanzas e Inversiones Corporativas.
“The sale of the Santander Mine aligns with our strategy to focus on reducing corporate debt,” CDPR CEO Guy Goulet commented.
“We thank the Santander team for their commitment and dedication, and we wish them success in executing the projects we have developed together."
Per the agreement, CDPR has sold its shares of its Peruvian subsidiary Cerro de Pasco Resources (CSE:CDPR, OTC:GPPRF) Subsidiaria del Peru S.A.C. which holds the interest in the Santander Mine, including all associated assets and liabilities, to FIC03.
Consideration will be comprised of a cash component of $2.00 and a variable price of up to $10 million to be calculated, determined, and paid according to the terms of the Share Purchase Agreement from the date commercial production is reached in the Santander Pipe.
CDPR is focused on the development of its principal 100% owned El Metalurgista mining concession, comprising silver-rich mineral tailings and stockpiles extracted over a century of operation from the Cerro de Pasco open pit mine in Central Peru.
Its approach includes the reprocessing and environmental remediation of mining waste to create opportunities in a circular economy.