Mineros has agreed to acquire an additional 80% interest in the La Pepa gold exploration project from Pan American Silver for $40m (161.25bn pesos).
The move brings Mineros' interest in the La Pepa project to 100%.
It is 100% owned by Minera Cavancha, a joint venture (JV) entity that is 20% owned by Mineros and 80% by Pan American.
The transaction is structured as a share purchase agreement between subsidiaries of Mineros and Pan American, involving the sale of all shares of Minera Cavancha not currently owned by Mineros.
With this purchase, the existing JV between the two mining giants will come to an end.
The acquisition is expected to be finalised by 30 September 2025. This strategic move will enable Mineros to leverage the full potential of the La Pepa project, enhancing its position in the global mining sector.
Mineros president and CEO David Londoño said: “We are pleased to add the balance of the La Pepa project not already owned by us to our portfolio of organic growth projects.
“While we remain focused on acquiring producing gold assets or late-stage development assets, we are expanding our strategy to include acquiring earlier-stage projects to enable Mineros to develop a pipeline of growth projects as we mature as a mid-tier gold producer. Additionally, the acquisition of La Pepa Project exposes us to Chile, an additional jurisdiction with a long and well-established mining history.”
The La Pepa project in the Atacama Region of Chile lies approximately 800km north of Santiago and 110km east of Copiapó in the Andes Mountains, at an altitude of 4,200m.
The mineral resource estimate effective 31 October 2021 revealed measured mineral resources of 58.82 million tonnes averaging 0.61 grams per tonne of gold, containing 1.15 million ounces of gold.
In related news, Pan American Silver has entered into a definitive agreement to purchase all issued and outstanding common shares of MAG Silver. This acquisition, valued at approximately $2.1bn (C$2.9bn), will be executed through a court-approved plan of arrangement.
