Santacruz Silver Mining Ltd. (TSXV: SCZ) has sold its shares in Santacruz Holdings Ltd., which has 100% ownership in Impulsora Minera Santacruz, S.A. de C.V., a non-core Mexican subsidiary of the company, to a private Mexican group.
The sale of this non-core asset is part of the company’s ongoing restructuring efforts as it aims to streamline its core business focus. Santacruz Silver received a nominal cash consideration in addition to the buyer agreeing to accept certain obligations and liabilities from the company as consideration for the sale of Santacruz Holdings Ltd.
“The divestment of this non-core asset is expected to reduce our current liabilities and strengthen our balance sheet. Going forward Santacruz will continue to assess opportunities to deleverage the company and improve its financial position,” Arturo Préstamo, executive chairman and interim CEO of Santacruz, commented.
“In addition, the company wishes to announce the retirement of its COO, Wayne Corso, effective 31 December 2023. In support of ensuring a seamless transition, Corso has agreed to continue offering his expertise to the company as a consultant. His responsibilities will encompass overseeing ongoing projects, including providing guidance for key initiatives like the management of various operational aspects and acting as a qualified person for the company.”
Préstamo added, “Wayne made significant contributions during his tenure as COO, playing a fundamental role in incorporating the Bolivian operations into Santacruz and participating in the recent management restructuring at Zimapan. On behalf of the board and management, we express our gratitude to Wayne for his valuable contributions and extend our best wishes for his future endeavors.”
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