Primero Meets Annual Silver Purchase Agreement Threshold

Primero Mining Corp. (TSX:P,NYSE:PPP) announced yesterday that it has met its annual silver purchase agreement threshold of 3.5 million ounces; it did so six weeks earlier than it did last year.

The company now plans to sell 50 percent of the silver produced at its San Dimas mine at spot prices “for its own account until August 5, 2014.”

As quoted in the press release:

The Company assumed the silver purchase agreement when it acquired the San Dimas mine in 2010 and the agreement was renegotiated in order for Primero to participate in the silver produced above the annual threshold amount. The silver purchase agreement annual threshold increases to 6.0 million ounces on August 5, 2014 and remains there for the remainder of the mine life.

Click here to read the full Primero Mining Corp. (TSX:P,NYSE:PPP) press release.