Fortuna Mining (FSM) said Monday it completed the sale of its 100% stake in Compania Minera Cuzcatlan to JRC Ingenieria y Construccion for $6.5 million. Cuzcatlan is the sole owner of the San Jose mine in Oaxaca, Mexico.
The terms include $1.2 million for pre-paid working capital items and tax receivables, due by April 30.
The company is also eligible for a right to receive up to roughly $8.3 million upon the completion of certain conditions, the Canadian miner added.
Fortuna said it maintains a 1% net smelter royalty on production from the mine.
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