Santacruz Silver Mining Ltd (TSX-V:SCZ, OTC:SZSMF) announced the implementation of a structured payment plan to accelerate its obligations owed to Glencore, securing a cost-saving of US$40 million.
As part of the agreement, Santacruz made an initial payment of US$10 million to Glencore under the newly structured plan.
The company will continue with bi-monthly payments of US$7.5 million starting in May 2025, completing the total payment of US$40 million by the end of October this year.
"This accelerated payment to Glencore underscores our strong financial discipline and commitment to creating opportunities that enhance shareholder value,” said Arturo Préstamo, CEO of Santacruz.
“The plan helps preserve an optimal level of working capital while positioning the company for future success."
Préstamo also expressed gratitude to Glencore for its ongoing support.
"Glencore's professionalism and collaborative approach have been essential in maintaining a strong business relationship,” the CEO said.
“We look forward to continuing this successful partnership.”