Business
Santacruz Silver Announces the Closing of Its Acquisition of Glencore's Producing Bolivian Silver/Zinc Assets
Vancouver, British Columbia--(Newsfile Corp. - March 21, 2022) - Santacruz Silver Mining Ltd....
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Silver Announces the Closing of Its Acquisition of Glencore's Producing Bolivian Silver/Zinc AssetsVancouver, British Columbia--(Newsfile Corp. - March 21, 2022) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (\"the Company\" or \"Santacruz\") is pleased to announce that it has completed the acquisition of a portfolio of producing assets located in Bolivia (the \"Transaction\") pursuant to a previously disclosed share purchase agreement dated October 11, 2021 (the \"SPA\"), as amended pursuant to an amendment agreement dated March 18, 2022 between the Company and certain subsidiaries of Glencore plc (together, \"Glencore\"). Arturo Prestamo Elizondo, Executive Chairman of Santacruz, stated: \"The Transaction elevates the Company into a multi asset producer and is accretive with the future cash flows of the mines financing the acquisition. We have been working closely with Glencore and the Bolivian government to ensure a smooth transition while the mines have generated sufficient cash flow to decrease the initial US$20 million upfront consideration down to US$12,011,148, which will be paid by Santacruz to Glencore within 30 days of closing and will be paid from working capital. We look forward to elevating Santacruz into a leading mid-tier silver producer while generating value for all stakeholders.\" Carlos Silva, CEO of Santacruz, stated: \"This is a significant acquisition for Santacruz that creates a leading mid-tier silver producer in the Americas. We are very pleased to team up with a great group of professionals in Bolivia, where Glencore has performed extraordinary work while achieving very high standards in terms of responsible mining practices and their commitment to responsible business and community relations. We will ensure that this excellent legacy continues in the coming years.\"Key Transaction HighlightsCreation of a significant Latin-American focused silver producer following acquisition of a robust portfolio of producing, exploration and mining infrastructure assets;Initial upfront consideration of US$20 million, as adjusted pursuant to the purchase price adjustments under the SPA (the \"Closing Cash Payment\"), was determined to be US$12,011,148 and will be paid by Santacruz to Glencore within 30 days of closing and will be paid from working capital;Glencore agreed to provide the San Lucas business with ...