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Santacruz Silver Mining Buys a 500-Tonne Per Day Milling Facility in Bolivia

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Santacruz Silver Mining (SCZ.V, SCZM) completed the acquisition of a 500-tonne per day (tpd) milling facility in Bolivia, it said Friday.

The company paid $4.6 million toward the $9.2 million total purchase price, with the remaining $4.6 million payable on Nov. 8, one month following receipt of the milling facility, expected on Oct. 8, it said. A further $4.8 million will be allocated to milling upgrades and working capital through commissioning and the achievement of commercial production, the company added.

The milling facility has two 250-tonne per day processing circuits, each equipped with selective flotation systems for the recovery of lead and zinc with high-grade silver contents, it said. This facility will be solely dedicated to processing ore sourced through the company's Bolivian unit, San Lucas.

The company expects the facility to be commissioned during the fourth quarter and to reach commercial production by year-end. It also expects the total investment in the milling facility to be about $14 million, inclusive of acquisition, commissioning and all costs required to bring the facility to commercial production.

US-listed shares of the company were last seen up $0.41, or 4.6% at $9.33 in pre-market Nasdaq trading.

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