A PYMNTS Company

Mexican Regulator OKs Silver Mine Acquisition

By  |  March 21, 2023

Sierra Madre Gold and Silver has received an affirmative ruling from the Mexican antitrust agency, COFECE, in relation to its Acquisition of the La Guitarra Silver-Gold Mine. The company is pleased to announce that all parameters of the Acquisition have been approved.

The Acquisition has been approved and is now scheduled to close on March 30th, 2023. Trade resumption of Sierra Madre shares is expected shortly after the completion of the transaction.

Read more: Mexican Competition Regulator Names New Head, Andrea Marván Saltiel

Alexander Langer, Sierra Madre CEO, states “We are excited to be nearing the closing of this transformational acquisition of a fully permitted mine and mill and advance towards our goal of becoming a mid-tier precious metals producer. Upon closing of the Transaction, Sierra Madre will hold three exciting precious metal properties in Mexico – La Guitarra, Tepic and La Tigra.”

La Guitarra is located in the southeast end of the Mexican Silver Belt, 130km SW of Mexico City. Modern production began in 1992 and was operated as a 500 t/d underground mine up until August 2018.