Pan American Silver Corp. (PAA.TO,PAAS) said Tuesday that it has completed the sale of its Quiruvilca operation to Quiruvilca Ltd., a subsidiary of Southern Peaks Mining L.P.
As per the deal, Pan American sold 100 percent of its ownership interest in Pan American Silver S.A. Mina Quiruvilca, the company that holds 100 percent of the Quiruvilca mine, to Quiruvilca Ltd. and Southern Peaks.
Quiruvilca Ltd. and Southern Peaks have agreed to pay $2 million, subject to certain adjustments, in exchange for 100 percent of the assets and the assumption of all liabilities of Quiruvilca.
They will also pay either a 2 percent net smelter returns royalty on all saleable metals, or the price difference between $23 per ounce of silver and the market price on 50 percent of Quiruvilca's future payable silver production for the applicable quarter.
Pan American expects the sale of Quiruvilca to result in a net gain of about $11.3 million on the disposition of the mine's assets and liabilities.
Geoff Burns, President & CEO of Pan American, said, "In recent years, Quiruvilca had become a higher-cost producer that was increasingly reliant on base metals and no longer fit in our portfolio of operating assets."
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