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The total purchase price paid by Santiago Metals for the Berta mine is US$8.5 million, split between US$7.65 million on signing and the balance of US$0.85 million held in escrow for nine months.
Coro Mining (TSX:COP) has announced that its subsidiary SCM Berta has sold the Berta mining operation and concessions to Santiago Metals Proyecto 4 Limitada, a private Chilean company for total consideration of US$8.5 million.
The total purchase price paid by Santiago Metals for the Berta mine is US$8.5 million, split between US$7.65 million on signing and the balance of US$0.85 million held in escrow for nine months.
President and CEO of Coro, Luis Tondo said:
“In October last year we announced that we were placing the Berta Mine and Nora processing plant on care and maintenance while looking for longer-term solutions. I am pleased to announce today that we have completed the sale of the Berta mine to Santiago Metals for US$8.5 million. With the sale of the Berta mine, Coro will benefit from being streamlined, allowing a greater focus of time and energy on our Marimaca project where the exploration program is approaching peak activity and the results thus far have exceeded our expectations.”
Click here to read the full Coro Mining (TSX:COP) press release.
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