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Santacruz terminates US$15M sale of San Felipe silver project

Santacruz Silver Mining Ltd. terminated the previously announced deal to sell the San Felipe silver-zinc-lead project in Sonora, Mexico, to Hermosillo Group.

The company decided to pull out of the deal upon failing to reach an agreement over revised payment terms. No payments pursuant to the transaction were made.

Earlier in December, Hermosillo agreed to pay US$15 million for the property plus value-added tax of US$2.4 million in three tranches to Santacruz unit Impulsora Minera Santacruz SA de CV.

Santacruz is in talks with Minera Hochschild Mexico SA de CV, the underlying vendor, regarding the continued deferral of the payment terms for 100% of the San Felipe project, it noted in a Dec. 23 release.

The company had renegotiated the terms of its agreement with Minera Hochschild over the San Felipe property several times in the past years.