Santacruz Silver Mining Ltd (TSX-V:SCZ, OTC:SZSMF) announced that it has successfully completed its fourth and fifth payments, including the final installment, totaling US$15 million, to Glencore.
The exploration and properties development company said the milestone marks the full satisfaction of the US$40 million Acceleration Option and completes the Base Purchase Price for the acquisition of its Bolivian assets, underscoring a significant step forward in its growth strategy.
"Completing the final payments to Glencore not only fulfills our obligations under the Acceleration Option but also underscores the strength of our balance sheet and prudent capital management," Santacruz Silver Mining CEO Arturo Préstamo said in a statement.
"With US$40 million now fully satisfied, we have generated significant savings and are well positioned to advance our growth strategy."
Santacruz Silver operates the Bolivar, Porco, and Caballo Blanco mining complexes in Bolivia, with Caballo Blanco comprising the Tres Amigos and Colquechaquita mines.