MAG Silver to raise cash for Juanicipio project
MAG Silver will raise Cdn$60.0mn (US$43.0mn) to fund advances at the Juanicipio project in Mexico.
MAG arranged a non-brokered private placement with Canadian billionaire Eric Sprott, offering 4.53mn shares at Cdn$13.25 per share.
“We understand this is Mr Sprott’s largest single investment in the silver space, and would like to thank him for his strong sign of support,” MAG CEO George Paspalas said in a statement.
Net proceeds will be used for exploration and development of the Juanicipio silver-gold project, a 44:56 JV with Fresnillo.
Proceeds will also be used for working capital and general corporate purposes, said MAG. The offering is expected to close by April 30.
Surface exploration and construction at Juanicipio have been suspended to comply with Mexican lockdown measures aimed at slowing the spread of COVID-19.
The US$440mn project is expected to produce 11.7Moz/y silver and 43,500oz/y gold, with first production earmarked for 2021.
Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.
News in: Mining & Metals (Mexico)
How Mexico's lack of mining policy affects industry sustainability
BNamericas talks with Paloma García Segura, an independent mining and environmental consultant, who co-authored a study on Mexico's mining policy f...
Mexico to start production of lithium batteries in 2H23
Foreign minister Marcelo Ebrard says investments will come from South Korean and Chinese companies, as well as a US program to start producing the ...
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects in: Mining & Metals (Mexico)
Get critical information about thousands of Mining & Metals projects in Latin America: what stages they're in, capex, related companies, contacts and more.
- Project: 1068
- Current stage:
- Updated:
5 months ago
- Project: Elektra
- Current stage:
- Updated:
6 months ago
- Project: Nieves
- Current stage:
- Updated:
6 months ago
- Project: San Celso
- Current stage:
- Updated:
6 months ago
- Project: Rebeico
- Current stage:
- Updated:
6 months ago
- Project: Guadalupe y Calvo
- Current stage:
- Updated:
6 months ago
- Project: Cusi Expansion
- Current stage:
- Updated:
6 months ago
- Project: Promontorio (Au, Ag, Cu)
- Current stage:
- Updated:
6 months ago
- Project: Sara Alicia
- Current stage:
- Updated:
6 months ago
- Project: Oposura
- Current stage:
- Updated:
6 months ago
Other companies in: Mining & Metals (Mexico)
Get critical information about thousands of Mining & Metals companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: Gerdau Corsa
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: FLSmidth México
-
FLSmidth S.A. de C.V. (FLSmidth México), the Mexican subsidiary of Danish equipment supplier FLSmidth & Co. A/S, supplies the minerals and cement industries with engineering, si...
- Company: Minera Fresnillo, S.A. de C.V. (Minera Fresnillo Mexico)
-
Minera Fresnillo SA de CV is a subsidiary of the Mexican mining company Fresnillo plc. established in 1997 to explore, extract and commercialize precious metals in Mexico. It is...
- Company: Schneider Electric Software Global Solutions (Schneider Electric Systems Mexico, S. A. de C. V.)
-
Schneider Electric Mexico is a subsidiary of Schneider Electric SA, and is engaged in the development of technologies and solutions for energy management and automation. Its pro...
- Company: Siemens S.A. de C.V. (Siemens México)
-
Siemens S.A de C.V. (Siemens Mexico) is the local subsidiary of German technology company Siemens A.G. With headquarters in Mexico City, the company has been present in the coun...
- Company: NewFields Servicios de México S. de R.L. de C.V. (NewFields México)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.
