Nyrstar NV said it has entered into a share purchase agreement to sell its Campo Morado mine in Mexico to Telson Resources Inc. and Reynas Minas S.A. de C.V. for $20 million, plus the potential for additional future proceeds through the creation of a new royalty arrangement. Telson, a Canadian based junior resources company, will own 99.9% of the purchased shares while Reynas Minas, a Mexican based mining consulting company, will own the other 0.1%. Nyrstar was paid $800,000 upon signing the agreement. It will receive $2.7 million by the closing and $16.5 million payable in cash on or before the 12-month anniversary of the closing of the transaction. Closing of the transaction is subject to customary closing conditions and is expected to occur by Q3 2017.
- Written by E&MJ News