Sierra Metals Repurchases Royalty at Its Cusi Silver Mine, Mexico
Sierra Metals Inc. (SMTS)
Last sierra metals inc. earnings: 11/13 05:15 pm
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US:NASDAQ Investor Relations:
sierrametals.com/investors/default.aspx
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Source: Business Wire
TORONTO, Ontario--(BUSINESS WIRE)-- Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) is pleased to announce that the Company has agreed to repurchase a royalty on its Cusi Silver Mine in Mexico, from Minera Cusi SA de CV for US$4.0 million. The royalty agreement required the Company to pay a 3% royalty on the net revenues generated by the mine, less transportation costs, for the life of the mine. The Company has already paid US$2.5 million upon signing the repurchase contract on May 10, 2019 and is required to pay a further US$1.5 million on May 10, 2021. Igor Gonzales, President, and CEO of Sierra Metals stated, “The acquisition of this royalty agreement is strategically important to Sierra Metals as it enhances the cost structure of our operations at a time when we are significantly expanding our production capacity at our Cusi Mine and Malpaso processin
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