Santiago Metals Acquires Coro Mining’s Berta Mine for $8.5 Million, Chile
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Coro Mining’s subsidiary has sold the Berta mining operation and concessions to Santiago Metals Proyecto 4 Limitada, a private Chilean company for total consideration of US$8.5 million.
“In October last year we said we were placing the Berta Mine and Nora Processing Plant on care and maintenance while looking for longer-term solutions. I am pleased to announce today that we have completed the sale of the Berta Mine to Santiago Metals for US$8.5 million,” said Luis Tondo, president and CEO of Coro.
“With the sale of the Berta Mine, Coro will benefit from being streamlined, allowing a greater focus of time and energy on our Marimaca Project where the exploration program is approaching peak activity and the results thus far have exceeded our expectations,” added Tondo.
About Coro Mining
Coro Mining is a copper-producing company with a strategy to grow its Chilean copper production through the discovery, development and operation of “Coro type” deposits. These are projects and properties that are well-located with respect to infrastructure and water, have low permitting risk and the potential for a short and cost-effective timeline to production. Their preference is open pit heap leach copper projects, where they will seek to minimize capital investment rather than maximize NPV; where they will prioritize profitability over production rate and where they will keep capital costs in relative proportion to our market capitalization. The company’s main assets include the Marimaca development project, in which the company is earning a 75 percent ownership and its 65 percent interest in SCM Berta, which includes the Nora and Berta operations as well as the El Jote deposit.
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