Fortuna Mining (FSM) said Friday that it has agreed to sell its interest in Roxgold Sanu, owner and operator of Yaramoko Mine, and three other subsidiaries with exploration permits in Burkina Faso, to Soleil Resources International for $130 million in cash.
Under the terms of the deal, Fortuna said Soleil will pay $70 million on closing and Roxgold Sanu will pay Fortuna $57.5 million in cash dividends.
Fortuna said it will also have the right to receive up to about $53 million of value-added tax receivables upon the completion of certain conditions.
The transaction is expected to close in Q2, the company said.
After the transaction, Fortuna said it will cease to have any operations in Burkina Faso.
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