Nativo Resources plc has agreed a cashless acquisition of the remaining 50% of its joint venture Boku Resources SAC, in Peru.
PRODUCTION
Boku owns the Bonanza gold mine on the Tesoro gold concession, an option to evaluate recovery and sale of gold and silver from the Toma La Mano tailings, and the Ana Lucia polymetallic project.
The JV also holds permits to establish and operate a gold ore processing plant.
In return, Nativo will transfer the 50% interest it holds in the REINFO (Registro Integral de Formalización Minera) company, Ecotopia Peru SAC, to the Boku sellers.
REINFO is a “formalisation registry for artisanal and small-scale miners”.
Nativo said it no longer needed Ecotopia since its direct 100% acquisition in April this year of Dydima E.I.R.L. which holds the Tesoro licence, with REINFO status.
Dydima will undertake future operations at Bonanza.
Nativo added it would appoint its operations manager Jorge Pinedo as general manager of Dydima and Boku, covering the Tesoro project.
He replaces Erick Pegot-Ogier who resigns as Boku’s GM under the transaction’s terms.
Nativo also plans further exploration this month at the Bonanza and Morrocota mines, the latter located 3km from Tesoro.
Engineering and geological consultants Inveritas Global Holdings Ingenieria S.A will join the company for fieldwork including sampling and modelling studies.
Production will begin with “revised mine plans” while tenders for contract mining operators will be issued “as soon as practicable”.
“Acquiring full control of Boku means Nativo can streamline its operations and opportunities in Peru,” said chief executive officer Stephen Birrell.
“We are very pleased with this outcome and look forward to resuming gold mining activities soon.”