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Golden Minerals nixes US$22M Mexican project disposal option

Golden Minerals Co. terminated an option agreement granting Compañía Minera Autlán SAB de CV the right to acquire its Velardena silver property and other Mexican assets for US$22 million.

The company said Sept. 11 that it will continue to hold the Velardena property and lease its oxide mill to a unit of Hecla Mining Co., which will continue processing its San Sebastian material there through 2020. The lease to Hecla is expected to boost Golden Minerals' net operating margin by about US$5 million per year.

Golden Minerals also plans to sustain the Santa Maria, Rodeo and Mogotes gold-silver properties in Mexico.

The company has an option to repay an US$1.5 million deposit to Autlán within 90 days following termination of the agreement, or elect to transfer the Rodeo concessions to Autlán in full settlement of the deposit.