TORONTO, ON / ACCESSWIRE / March 12, 2024 / PPX Mining Corp. (the “Company” or “PPX“) is pleased to announce that today, it has subscribed a letter of intent (“LOI”) with Silver Crown Royalties Inc. (“SCR”) for a silver royalty to complete project financing for the 350 tpd CIL and flotation plant that the Company intends to build. The plant will process oxide and sulfide ore, currently mined from its high-grade Callanquitas Mine (Igor Project), located in La Libertad, Peru. One of the Company’s subsidiaries is in the final stage to receive its permit to start construction.
The key terms of this financing are as follows:
- US$ 2.5 million funding payable in cash for a 15% silver royalty at the Igor 4 mining concession.
- The royalty expires upon the delivery of 250,000 ounces of silver or five years from closing, whichever occurs later.
- Starting June 1, 2025, an annual minimum of 50,000 ounces of silver applies.
- The Company has the option, at…
