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Primero Mining Corp. (TSX:P,NYSE:PPP) announced that its subsidiary has been reinstated to Mexico’s import and export registries. As a result, normal course import and exports have resumed at its San Dimas mine.
Primero Mining Corp. (TSX:P,NYSE:PPP) announced that its subsidiary has been reinstated to Mexico’s import and export registries. As a result, normal course import and exports have resumed at its San Dimas mine.
As quoted in the press release:
As of yesterday evening Primero’s wholly owned subsidiary Primero Empresa Minera S.A. de C.V. (“PEM”) has been reinstated to the Mexican customs registry, and the Company has commenced selling all inventoried silver. This includes approximately 2.0 million ounces, comprised of 1.2 million ounces to be delivered under its silver purchase agreement with Silver Wheaton Corp. and 0.8 million ounces to be sold into the spot market. The proceeds from the silver sales will be recorded as third quarter revenue for the Company.
PEM’s import and export licences were suspended by the Mexican customs authorities in May 2015 due to a discrepancy over the Company’s address related to its corporate office relocation from Mexico City to Durango, Mexico. The Company was able to source necessary supplies locally so that the San Dimas mine and mill continued to operate uninterrupted.
Click here to read the full Primero Mining Corp. (TSX:P,NYSE:PPP) press release.