VANCOUVER, British Columbia – Xiana Mining announced Wednesday that it has entered into a definitive agreement with subsidiaries of Glencore plc (“Glencore”) to acquire 100% of Minera Altos De Punitaqui (MAP), a copper-gold producing company in Chile.
Under the MAP Agreement signed on May 18, 2018, Xiana and Xiana Chile SPA (a wholly-owned subsidiary of Xiana) agreed to pay Glencore total cash consideration of US$25 million and to grant a net smelter royalty..
The operations are in an established mining district with over 90% of employees from Punitaqui or Ovalle.
Xiana Mining (“Xiana” or the “Company”), formerly Dorato Resources Inc., is a mineral Canada-based exploration and development company focused on acquiring and developing mining assets in Peru and Chile.
“MAP is an excellent cornerstone asset for Xiana which combines an existing copper and gold production base with significant upside potential,” said Chairman & CEO Carlos Ballon, commenting on the MAP Acquisition. “We look forward to building upon MAP’s potential and enhancing shareholder value through organic growth and further acquisitions in Chile & Peru.”
Minera Altos de Punitaqui Ltda, is a wholly owned subsidiary of Glencore plc, and produces copper and silver concentrates in Chile’s Coquimbo region (IV). It was acquired by Glencore in 2010 as a brownfield project.
The company is headquartered in the city of Ovalle, in the Coquimbo region, some 400km north of Santiago.