Mineros, the dual-listed Colombian gold miner operating in Latin America, announced on Friday that it has sold its subsidiary in Argentina, including its gold mining operations, to Eris. The two companies have entered into a share-purchase and sale agreement, with Eris acquiring all the outstanding shares in Minas Argentinas.
Gualcamayo Property and Deep Carbonates Project
The subsidiary, Minas Argentinas, holds a 100% interest in the Gualcamayo property, which includes the Gualcamayo Mine and the Deep Carbonates Project. As part of the agreement, Eris will provide an upfront payment of $4 million to fund the operations of Minas Argentinas.
Contingent Payment and Production Expectations
Additionally, Eris has agreed to make a $30 million contingent payment to Pan American Silver if the deep carbonates project advances to production. Otherwise, this payment would have been made to Mineros.
Mineros anticipates producing around 31,000 to 33,000 ounces of gold at the Gualcamayo property in 2023. The company's guidance for the full year's gold production is expected to be between 55,000 and 63,000 ounces. However, this guidance will be reviewed and updated to reflect the impact of the sale.