Primero Mining Corp. has closed the sale of Black Fox Mine and complex, located in Black River-Matheson near Timmins, to McEwen Mining.
In an Oct. 6 announcement, the company said, as part of the deal, it would receive $32.5 million following a closing net working capital adjustment of $2.5 million.
This includes $27.5 million in cash proceeds and the expected release of $5 million from restricted cash that was pledged towards environmental closure liabilities in the amount of $16.5 million, which will be assumed by McEwen.
Proceeds from the sale have been used to reduce Primero’s debt.
Primero’s remaining assets are the San Dimas gold-silver mine and the Cerro del Gallo gold-silver-copper development project, both of which are in Mexico.
