Compañía Minera Autlán, S.A.B. de C.V. (BMV:AUTLAN B) cancelled the acquisition of Velardeña properties including the Velardeña and Chicago mines, two processing plants, mining equipment and other adjacent exploration properties from Minera De Cordilleras, S. De R.L. De C.V.
September 08, 2019
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Compañía Minera Autlán, S.A.B. de C.V. (BMV:AUTLAN B) entered into an agreement to acquire Velardeña properties including the Velardeña and Chicago mines, two processing plants, mining equipment and other adjacent exploration properties from Minera De Cordilleras, S. De R.L. De C.V. for $22 million on June 26, 2019. Upon execution of the agreement, Compañía Minera Autlán paid a deposit of $1.5 million to Golden Minerals Company, parent of Compañía Minera Autlán, S.A.B. de C.V. If the transaction is consummated, the deposit will be applied against the $22 million purchase price at closing. The sale includes the lease agreement pursuant to which Golden Minerals Company has leased the Velardeña oxide plant to Minera Hecla, S.A. de C.V. through December 31, 2020. The proposed transaction also includes the sale of the Rodeo and Santa Maria project concessions. The agreement provides for a period of up to 75 days for Compañía Minera Autlán to conduct due diligence related to Velardeña and other properties, the Rodeo concessions and the Santa Maria concessions. Following completion of its due diligence review, Compañía Minera Autlán may elect to terminate the agreement with no further obligation. Closing of the transaction is subject to the satisfactory completion by Compañía Minera Autlán of its due diligence review and other customary closing conditions. The transaction is also subject to approval by the Mexican antitrust authority (the Comisión Federal de Competencia Económica), which is expected to be obtained prior to closing. The parties anticipate that closing of the transaction will occur during the third quarter 2019. As of August 7, 2019, the transaction is expected to close during the end of the third quarter 2019.
Compañía Minera Autlán, S.A.B. de C.V. (BMV:AUTLAN B) cancelled the acquisition of Velardeña properties including the Velardeña and Chicago mines, two processing plants, mining equipment and other adjacent exploration properties from Minera De Cordilleras, S. De R.L. De C.V. on September 9, 2019.
Compania Minera Autlan SAB de CV is a Mexico-based company primarily engaged in the mining, exploitation, production and sale of manganese ore and manganese ferroalloys. The Companyâs activities are divided into three divisions: Ferroalloys, Manganese and Energy. The Ferroalloys division is responsible for the manufacture of manganese ferroalloys for steel sector, including high, medium and low carbon ferromanganese, as well as silicomanganese, among others. The Manganese division focuses on manufacturing of manganese nodules, manganese carbonates, battery and ceramic grade natural manganese dioxides and manganous oxide. The Energy division generates energy through hydroelectric power plant. The Company operates through a number of subsidiaries, such as Autlan Metal Services SA de CV, which offers complementary products of the steel industry to its customers. The Company is owned by Autlan Holding SAPI de CV.
Compañía Minera Autlán, S.A.B. de C.V. (BMV: AUTLAN B) cancelled the acquisition of Velardeña properties including the Velardeña and Chicago mines, two processing plants, mining equipment and other adjacent exploration properties from Minera De Cordilleras, S. De R.L. De C.V.
COMPAÑÍA MINERA AUTLÁN, S.A.B. DE C.V. 
