Fortuna Silver Mines Inc. (FSM:NYSE; FVI:TSX; FVI:BVL; F4S:FSE) sold its San Jose mine in Mexico to a local private company as reserves ended. The sales price was $6 million over three years, with an additional $11 million due on certain conditions not released; Fortuna was also granted a 1% royalty.
Although the sales price might seem low, it saves Fortuna the potential extensive closing costs and environmental liabilities, as well as ongoing fights with the local antagonistic environmental agency. The company had already announced, after an extensive study, that it would be winding down the mine. Separately, the company reported a record 455,958 gold equivalent ounces for 2024, driven by record gold production. In the fourth quarter, gold production was up from the previous quarter but down from the year-ago quarter, while silver output, also down from the year-ago quarter and up from the third quarter, was below guidance for the…
