Nyrstar NV has successfully completed the sale of its Coricancha mine in Peru to Great Panther Silver Ltd., a primary silver mining and exploration company listed on the Toronto Stock Exchange, for a total cash consideration of $100,000 plus earn-out consideration of up to $10 million. Under the earn-out, Nyrstar will be paid 15% of the free cash-flow generated by the Coricancha mine during the five-year period after which the Coricancha mine is cumulative free cash-flow positive from closing of the transaction.
As previously announced, the share purchase agreement for the transaction was entered into on December 20, 2016, and had a number of customary conditions precedent that needed to be satisfied before the transaction could be completed.
