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Excellon Resources is buying the brownfields Mallay silver mine in Peru with hopes to get back into silver mining by mid-next year after its Platosa mine in Mexico shuttered in 2022. Credit: Excellon Resources
The Peru deal includes a $1.3 million cash payment to privately held Adar Mining and an equity stake of 12.9% in Excellon. Excellon will also pay a 1% net smelter royalty and provide a zinc and lead stream to Adar. Excellon’s acquisition depends on Adar Mining first securing the Mallay mine and Tres Cerros assets through Canadian bankruptcy proceedings.
At its height in 2007, Excellon share traded as high as C$47.50 each, in sharp contrast to the C$0.11 bids it attracts today. Over the past 12 months, shares traded in a band between C$0.08 and C$0.27. It has a market capitalization of C$12.4 million.Excellon will need approvals from Canadian and Peruvian authorities. It also needs clearances from shareholders and the stock exchange. The deal includes Tres Cerros, a large, promising exploration property.
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