Santacruz Silver Mining Ltd (TSX-V:SCZ, OTC:SZSMF) has reached a binding term sheet agreement with Glencore to amend transaction documents related to the prior sale of Glencore’s Bolivian mining assets to Santacruz.
Arturo Préstamo, executive chairman and interim CEO of Santacruz, stated: “This amended agreement represents a significant milestone for the company, as it strengthens our balance sheet and equips us with the financial flexibility necessary to effectively manage our business.
“We continue to value Glencore as our partner and look forward to maintaining a collaborative relationship with them.”
As part of the amended agreement, Santacruz will pay up to US$80 million in cash to Glencore in eight equal annual instalments of US$10 million each, with the first payment due on or before November 1, 2025.
Santacruz has the option to accelerate the payment of the outstanding balance in full at any time, with the…
