Canadian junior Xiana Mining closed on the purchase of 100% of Minera Altos De Punitaqui from Glencore, a copper-gold operation that processes around 3,600 tons of ore per day in Chile, for US$25 million and a net smelter royalty of 1.5%. In addition, the company also completed its previously announced concurrent financing for gross proceeds of approximately C$11 million.

Carlos Ballon, president and CEO of the company, said, “We are pleased to announce the closing of this acquisition and financing, Altos de Punitaqui is an excellent asset for Xiana’s portfolio and we hope to execute our optimization plans for the asset, the construction on the potential of the asset and the delivery of long-term value to our shareholders.”

He also pointed out that the operation will have a new general manager, Jaime Guzmán, who has a 30-year track record in the industry in companies such as Zaldívar, Pelambres and Andina (all based in Chile).

The Altos de Punitaqui mining complex includes three mining areas plus a processing infrastructure.