- Hochschild Mining
- 30 October 2024 08:38:03
Source: Sharecast
Amarillo Mineração will make cash payments to Cerrado of $30m prior to the date of the closing of the deal.
This is in addition to the $15m which has been deemed paid in respect of the transaction, and a further $15m payable at certain milestones after closing, giving a total consideration of $60m.
Hochschild announced in June that its shareholders had approved the transaction.
Chief executive Eduardo Landin said: "Following the successful commissioning and ramp-up of Mara Rosa, I am delighted that we have been able to move the Monte do Carmo project, in the neighbouring state of Tocantins, from option status to a fully integrated part of our project pipeline.
"We have conducted an extensive exploration and twin drilling programme which has returned encouraging results giving us confidence in our ability of defining a compelling project. We believe that we have the right team in place to deliver an exciting opportunity for all stakeholders."