TriMetals Mining Inc. and the Bolivian government entered an agreement under which the company will receive US$25.8 million as settlement over the 2012 expropriation of its Malku Khota silver-indium-gallium project.
The company said Aug. 29 that it agreed to transfer exploration data for the project to ensure a prompt settlement after the Bolivian government indicated that the data would be crucial for further development of the property.
The payment is due Sept. 5 and is much lower than the US$385.7 million sought through subsidiary South American Silver Ltd. in late 2015. The company was awarded about US$28 million in November 2018 in its battle with the Bolivian government through international arbitration.
TriMetals said it accepted a discount to the amount payable in favor of a quicker settlement. After the payment date, it will have 60 days to redeem all of its outstanding Class B shares for about US$11.4 million.
It will then have about US$5 million in cash to fund exploration and development at its Gold Springs gold-silver project straddling the Nevada-Utah border.
