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by Stockwatch Business Reporter
The TSX Venture Exchange fell 11.05 points to 739.95 Wednesday. Murray Sinclair and Bob Buchan's first capital pool shell, Buckhaven Capital Corp. (BKH: halted), is arranging a qualifying transaction with 1254688 B.C. Ltd. and Ag-Mining Investments AB. The QT terms are not yet available, but this is a mining deal. Ag-Mining owns the San Bartolome silver mine and ore-processing facility in Potosi, Bolivia. Before the QT can close, the shell and 1254688 B.C. must raise between $15-million (U.S.) and $40-million (U.S.). Financing details are not yet available.
It was Coeur D'Alene Mines Corp. that brought San Bartolome to production in 2008. The last time that Coeur talked about San Bartolome was in 2014. By then, the company was called Coeur Mining Inc. (CDE: $8.28 (U.S.)) and had five other producing silver and gold mines in Mexico, Nevada and Alaska. In 2016, San Bartolome generated a profit of $32.91-million on revenue of $93.88-million. This profit included a $20.99-million tax benefit. Then in 2017, the mine generated a loss of $12.24-million on revenue of $73.06-million. This loss included a $3.39-million writedown. In 2018, Coeur decided to exit South America. It sold San Bartolome to Ag-Mining for $27.6-million and a 2-per-cent NSR (net smelter returns) royalty.
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