Aura Minerals Inc., the mining company incorporated in the British Virgin Islands, agreed to sell Mineração Vale Verde Ltda, which is the owner of the Serrote da Laje Copper Gold project. Under the terms of the purchase and sale agreement, BVI company’s wholly owned subsidiary will sell 100% of its interest in Mineração to the purchaser group for an aggregate consideration of US$40mln, which comprises cash payment of US$30mln payable on closing, as well the delivery by the purchasers of a subordinated unsecured note in the principal amount of US$10mln. The transaction is planned to be closed before the end of February 2018, subject to customary closing conditions.
Rodrigo Barbosa, President and CEO of Aura Minerals, commented on the agreement: “Serrote is a first-class project and the decision to sell our interests followed careful consideration of our options. The consideration received from the sale unlocks significant value to our shareholders and accelerates our strategy to further develop our existing assets and pursue new growth opportunities.”
