Primero closes sale of Black Fox Mine in Timmins
from Northern Ontario Business
Primero Mining has closed the sale of Black Fox Mine and complex, located in Black River-Matheson near Timmins, to McEwen Mining. In a recent announcement, the company said, as part of the deal, it would receive $32.5 million following a closing net working capital adjustment of $2.5 million. This includes $27.5 million in cash proceeds and the expected release of $5 million from restricted cash that was pledged towards environmental closure liabilities in the amount of $16.5 million, which will be assumed by McEwen.
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