Canada’s Para Resources Buys Mineros SA Subsidiary in Colombia
Medellin-based international gold mining giant Mineros SA announced January 9 that it sold 100% of its “Operadora Minera SAS” subsidiary in Colombia to Canada-based gold miner Para Resources.
“The offer includes the sale of 100% of the shares of Operadora Minera and the mining title ‘GJJ101’ corresponding to the Nechi [Antioquia] project for a total value of US$5.5 million payable in cash in two facilities,” according to Mineros.
Besides operations in Canada and Brazil, Para already owns and operates a high-grade gold mine near Zaragoza, Antioquia, the company added.
“With this transaction, Mineros concentrates its activities in Colombia in the alluvial operation, which today represents 85% of the company’s production in this country,” said Santiago Cardona, Mineros vice president.
“In turn, with our recent exploration agreement with Royal Road Minerals in western Antioquia, we will continue to strengthen our operation in Colombia as a strategic jurisdiction for the mining group, through the acquisition of new operations and the optimization of current ones,” Cardona added.
Mineros SA has an exceptional reputation for environmentally and socially responsible mining in Colombia and has recently expanded operations to Argentina, Chile and Nicaragua.