Pan American to sell Tres Cruces stake
Bnamericas Published: Saturday, November 01, 2003
Canada's Pan American Silver (TSX: PAA) said it has agreed to sell its 50% interest in the Tres Cruces gold project in Peru to New Oroperu Resources Inc. The deal accelerates the exercise of an option agreement entered into with Oroperu in May 2002, Pan American said. Pan American will receive 3.5 million Oroperu shares and a 1.5% net smelter royalty on the property. The sale is expected to close in January subject to completion of documentation and regulatory and shareholder approval by Oroperu, it said.
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News in: Mining & Metals (Peru)
Restart of Peru's Tía María copper project faces further hurdles
The US$1.4bn project is designed to produce 120,000t/y of copper and would have a useful life of 20 years.
After the green light for Tía María, the Government seeks to expedite Antamina and Inmaculada replacements
Both projects have a total investment of US$2,923 million and are waiting for Minem to grant them permits to begin operations.
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