UK-based mining and exploration company Patagonia Gold has concluded the reacquisition of the COSE property from Pan American Silver (PAAS).

On 27 February 2024, Patagonia signed an agreement to reacquire COSE in return for assuming PAAS’s costs and liabilities in relation to COSE.

Under the reacquisition agreement, Patagonia had then stated it would not make any monetary payment to PAAS, but instead it has agreed to assume the remaining closure costs of COSE, which are related to the ongoing environmental monitoring.

The deal’s completion was contingent upon meeting or waiver of conditions precedent associated to Patagonia’s acceptance of the current net smelter return royalties.

In 2018, Patagonia divested COSE to PAAS, and later in 2022 PAAS closed the COSE mine after mining the known main COSE mineral deposit from the site.

The reacquisition of COSE by Patagonia Gold is a strategic move that consolidates the company’s holdings within the El Tranquilo concession block.

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This area includes the company’s Cap Oeste Project and several other prospects and mineral occurrences.

Additionally, the block also includes 26 individual concessions, spanning a total of 66,255 hectares.

Patagonia is a TSX Venture Exchange-listed company that focuses on the exploration and development of gold and silver projects in the Patagonia region of Argentina.

It has a significant presence in the province of Santa Cruz, where it is one of the largest landholders.

This acquisition is a key part of Patagonia Gold’s strategy to expand its project portfolio, which includes the Calcatreu project in Rio Negro and the development of the Cap-Oeste underground project.

Patagonia, either indirectly through its subsidiaries or under option agreements, has mineral rights to more than 430 properties across several provinces in Argentina.