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Coeur Mining, Inc. (NYSE:CDE) said its subsidiary, Coeur Mexicana, S.A. de C.V., has signed a purchase agreement with a subsidiary of Mexican metals mining company Fresnillo plc (OTC:FNLPF).
The agreement is to acquire mining concessions adjacent to the Palmarejo gold-silver complex located in the state of Chihuahua, Mexico, for $25 million in cash and a future royalty.
The transaction includes an up-front cash payment to Fresnillo of $10 million payable upon closing, an additional $10 million payable 12 months after closing, and an additional $5 million payable 24 months after closing.
Together, the concessions comprise nearly 7,000 acres and include claims adjacent to two primary zones within Palmarejo's existing footprint.
The first set of concessions cover the southeast extensions of the Independencia and Nacion deposits where mining currently takes place.
"This transaction fills in two key strategic gaps in the large land package East of the Palmarejo mine which unlocks significant potential in areas unencumbered by the existing Franco-Nevada gold stream," said President and CEO Mitchell J. Krebs.
"Once complete, our land holdings outside the gold stream-encumbered areas will increase by nearly 20% and the overall Palmarejo complex will consist of a single nearly contiguous district spanning over 70,000 acres of highly prospective and underexplored ground in the heart of the prolific Sierra Madre Occidental."
Coeur held $53.22 million in cash and equivalents as of September 30, 2023.
Price Action: CDE shares are trading higher by 0.99% at $2.5450 on the last check Monday.
