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Coro Mining to acquire Milpo's Chilean unit

Coro Mining Corp. said June 9 that it entered a deal to acquire Minera Rayrock Ltda., a Chilean subsidiary of Compañía Minera Milpo SAA, which owns the Ivan solvent extraction and electrowinning processing plant.

The 10,000-tonne-per-year copper cathode plant is 18 kilometers south of Coro's Marimaca copper project in Chile's Antofagasta region. It has been under care and maintenance for the past five years.

In addition to the plant, the transaction includes 23,748 hectares of mining claims extending between Marimaca and Ivan.

The deal also includes Coro acquiring Minera Rayrock's 14,505-hectare Sierra Medina copper claims located about 42 km northeast of Ivan and 30 km east of Marimaca.

Milpo retains a 2% net smelter return royalty on all production from Minera Rayrock's mineral properties, while Coro may buy back half of the royalty for US$2 million and will have a right of first refusal over the NSR.

The formal change of ownership is anticipated to occur early next week.