Titan Completes Sale Of Zaruma Mine And Portovelo Process Plant
ADVERTISEMENT
The Assay - Mining investment news, insights and company profiles
Mining investment news, insights and company profiles
No Result
View All Result
Subscribe
  • Home
  • News
    • All News
    • Gold
    • Silver
    • Copper
    • Nickel
    • Lithium
    • Precious Metals
    • Base Metals
    • Battery Metals
    • Exploration
    • Development
    • Production
  • Articles
  • Assay Insights
  • Videos
    • CEO Interviews
    • Investor Panels & Presentations
  • Company Profiles
  • Magazine
  • Newsletter
  • 121 Mining Investment
  • About
    • About Us
    • Our Team
    • Contact Us
    • Partners
The Assay - Mining investment news, insights and company profiles
  • Home
  • News
    • All News
    • Gold
    • Silver
    • Copper
    • Nickel
    • Lithium
    • Precious Metals
    • Base Metals
    • Battery Metals
    • Exploration
    • Development
    • Production
  • Articles
  • Assay Insights
  • Videos
    • CEO Interviews
    • Investor Panels & Presentations
  • Company Profiles
  • Magazine
  • Newsletter
  • 121 Mining Investment
  • About
    • About Us
    • Our Team
    • Contact Us
    • Partners
No Result
View All Result
Subscribe
The Assay - Mining investment news, insights and company profiles
No Result
View All Result
Home News

Titan Completes Sale Of Zaruma Mine And Portovelo Process Plant

byThe Assay
2 years ago
Reading Time: 3 mins read
Titan Completes Sale Of Zaruma Mine  And Portovelo Process Plant

To Receive US$15.0 million In Staged Cash Payments And Smelter Royalty

Titan Minerals Limited (ASX: TTM) has completed the sale of the Zaruma mine concessions and the Portovelo Process Plant assets in Ecuador to Pelorus Minerals Limited for consideration of US$15.0 million in staged cash payments plus a 2% net smelter return royalty on future copper production from the Zaruma mine concessions.

Managing Director, Laurie Marsland, said completion of the asset sale will enable Titan to resolve the balance sheet issues it inherited following the acquisition of Core Gold Inc. in 2020 and to focus its full attention on the development of its flagship Dynasty gold project, and exploration at the Copper Duke project and the high-grade Linderos gold project in Ecuador.

 “Titan’s focus remains firmly set on developing the Dynasty gold project and advancing the Copper Duke project and Linderos gold project in Ecuador,” Mr Marsland said.

“Sale of the Zaruma mine and the Portovelo Process Plant strengthens our balance sheet and allows us to manage the liabilities we inherited following the Core Gold acquisition.

“It has been a lengthy process to get to this point and we appreciate the continued support shown by our shareholders. Given the improvement in our financial position as a result of this asset sale, we expect to continue drilling and deliver an updated JORC resource at Dynasty following completion of the Cerro Verde drill programme.

“We wish Pelorus every success for itsIPO planned for later this year and for re-establishing operations at the Zaruma mine, which Titan shareholders will retain exposure to through the 2% net smelter return royalty on future copper production.” Transaction Summary The transaction was completed pursuant to a Share Sale Agreement which documents the sale of shares (the “Sale Shares”) by Titan of a number of its subsidiaries (the “Group Companies”) to Pelorus.

“Coincidental with entering into the Share Sale Agreement, Titan and Pelorus also entered into a trust deed under which Pelorus pledged all the Sale Shares in favour of Titan to guarantee timely and complete payment of the staged cash consideration payments under the Share Sale Agreement.”

The intention is that the majority of employees of the Group Companies will transfer across to Pelorus on terms and conditions of employment which are no less favourable than those on which they were employed by Titan. Titan has also offered to assist Pelorus with regard to transition arrangements, initially for a period of up to 60 days.

The Zaruma mine is located in the Zaruma-Portovelo mining district and comprised of thirty (30) concessions totalling 7,615 Ha. The Portovelo Process Plant is a fully operational CIP milling operation located 9 km by road from the Zaruma mine’s Cabo de Hornos portal.

The sale was completed on an ‘as is, where is’ basis and includes the Zaruma mining concessions, mine infrastructure, related mining equipment and machinery, geological data, permits and licences, the Portovelo process plant, process plant infrastructure including buildings and structures located on the property, and three tailings dams.

For further information please visit: Titan Minerals

Tags: ASX:TTMEcuadorFinance
TweetShareSend
Previous Post

Blackstone Completes Ta Khoa Refinery Pre-Feasibilty Study

Next Post

BMG Kicks Off Latest Abercromby Gold Drilling

Related Posts

Arafura Receives US$600M German Support for Nolans Rare Earths Project
News

Arafura Receives US$600M German Support for Nolans Rare Earths Project

byColin Sandell-Hay, Contributor - The Assay
29 March, 2023
Walkabout Signs US$20m Debt Facility to Complete Jumbo Graphite Project
News

Walkabout Signs US$20m Debt Facility to Complete Jumbo Graphite Project

byColin Sandell-Hay, Contributor - The Assay
29 March, 2023
Panther Metals to Raise A$2.7M to Grow Nickel-Cobalt Resource
News

Panther Metals to Raise A$2.7M to Grow Nickel-Cobalt Resource

byColin Sandell-Hay, Contributor - The Assay
27 March, 2023
Eric Sprott Joins Tudor Gold’s Upsized $16M Private Placement Offering
News

Eric Sprott Joins Tudor Gold’s Upsized $16M Private Placement Offering

byColin Sandell-Hay, Contributor - The Assay
25 March, 2023
Cyprium Metals Enters into A$6M Secured Loan Deed
News

Cyprium Metals Enters into A$6M Secured Loan Deed

byColin Sandell-Hay, Contributor - The Assay
24 March, 2023
Thomson Resources Updates Mt Carrington Status
News

Thomson Resources Updates Mt Carrington Status

byColin Sandell-Hay, Contributor - The Assay
21 March, 2023
Next Post
BMG Kicks Off Latest Abercromby Gold Drilling

BMG Kicks Off Latest Abercromby Gold Drilling

Popular Articles

  • The Rise and Rise of Indonesian HPAL – But Can It Continue?

    The Rise and Rise of Indonesian HPAL – But Can It Continue?

    0 shares
    Share 0 Tweet 0
  • The Assay Guide to Palladium vs Platinum

    0 shares
    Share 0 Tweet 0
  • Zinc Mining & Market Outlook 2022-2025

    0 shares
    Share 0 Tweet 0
  • The Assay’s Guide to Manganese Mining and Production

    0 shares
    Share 0 Tweet 0
  • Riding The Nickel Rollercoaster

    0 shares
    Share 0 Tweet 0
  • Home
  • News
  • Articles
  • Investor Discussions
  • CEO Interviews
  • Company Profiles
  • Newsletter
  • Magazine
  • About Us
  • Our Team
  • Contact Us
Hyve logo

Please note: This Web site and The Assay magazine and the information and materials on this Web site and in The Assay magazine are not, and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, any regulated products, securities or investments. This Web site and The Assay Magazine do not, and should not be construed as acting to, sponsor, advocate, endorse or promote any regulated products, securities or investments. This Web site and The Assay magazine and the information and materials on this Web site and in The Assay magazine do not, and shall not be construed as, making any recommendation or providing any investment or other advice with respect to the purchase, sale or other disposition of any regulated products, securities or investments, including, without limitation, any advice to the effect that any mining or metals related transaction is appropriate or suitable for any investment objective or financial situation of a prospective investor. A decision to invest in any regulated products, securities or investments should not be made in reliance on any of the information or materials on this Web site or in The Assay magazine. Before making any investment decision, prospective investors should seek advice from appropriately qualified and licensed financial, legal, tax and accounting advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.

Privacy Policy
Cookies
Hong Kong Residents Privacy Statement

© 2023 The Assay

No Result
View All Result
  • Home
  • News
    • All News
    • Gold
    • Silver
    • Copper
    • Nickel
    • Lithium
    • Precious Metals
    • Base Metals
    • Battery Metals
    • Exploration
    • Development
    • Production
  • Articles
  • Assay Insights
  • Videos
    • CEO Interviews
    • Investor Panels & Presentations
  • Company Profiles
  • Magazine
  • Newsletter
  • 121 Mining Investment
  • About
    • About Us
    • Our Team
    • Contact Us
    • Partners

Please note: This Web site and The Assay magazine and the information and materials on this Web site and in The Assay magazine are not, and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, any regulated products, securities or investments. This Web site and The Assay Magazine do not, and should not be construed as acting to, sponsor, advocate, endorse or promote any regulated products, securities or investments. This Web site and The Assay magazine and the information and materials on this Web site and in The Assay magazine do not, and shall not be construed as, making any recommendation or providing any investment or other advice with respect to the purchase, sale or other disposition of any regulated products, securities or investments, including, without limitation, any advice to the effect that any mining or metals related transaction is appropriate or suitable for any investment objective or financial situation of a prospective investor. A decision to invest in any regulated products, securities or investments should not be made in reliance on any of the information or materials on this Web site or in The Assay magazine. Before making any investment decision, prospective investors should seek advice from appropriately qualified and licensed financial, legal, tax and accounting advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.

Privacy Policy
Cookies
Hong Kong Residents Privacy Statement

© 2023 The Assay

Go to mobile version