Golden Minerals Completes $2.5M Sale of Velardeña Mine, Awaits Full Payment for Durango Assets

Author: Benzinga Newsdesk | July 15, 2024 06:47am

Golden Minerals Company ("Golden Minerals," "Golden" or the "Company") (TSX:AUMN) announces that, pursuant to certain asset purchase and sale agreements, dated April 29, 2024 (the "Agreements"), the Company has received payment in full of $2,500,000 cash, plus Value Added Tax ("VAT"), for the Velardeña Mine and associated facilities and title has been transferred to a privately held Mexican company ("the Buyer"). Further and in connection with the Agreements, there has been a delay in the closing of the Minera William agreement entered into to sell the oxide processing plant and the water wells, located in Durango State, Mexico. To date, the Company has received partial payments in the amount of $373,000 for these assets. The remaining $2,627,000, plus VAT on the full sale price, was due on July 1. The Company expects to negotiate an extension with the Buyer.

Posted In: AUMN TSX:AUMN