Sierra Madre progresses Del Toro acquisition in Mexico
Sierra Madre Gold and Silver has been granted approval by Mexico's antitrust agency to acquire the Del Toro silver mine, in the Chalchihuites District, from First Majestic Silver Corporation for $60-million.
Approval from Mexico’s antitrust agency, the Comisión Federal de Competencia Económica, is a key regulatory milestone and a strong validation of Sierra’s strategy of building a multi-asset producing silver and gold portfolio in Mexico, says Sierra CEO Alex Langer.
“With this clearance, we are well-positioned to finalise the acquisition and move forward with our plans to advance exploration ahead of a possible planned restart of Del Toro,” he adds.
Upon closing of the acquisition, Sierra will hold Del Toro in addition to its producing La Guitarra mine, in Mexico, where a two-stage expansion is underway to more than double throughputs by mid-2027.
Current plans are to start the mine restart process at Del Toro in mid-2027, with first production expected in mid-2028.
Del Toro is a fully permitted, past-producing underground silver/gold/lead mine with an on-site process plant that operated between 2013 and 2019.
It features three underground centres, with a total 62.5 km of development in place. The site includes a functional process circuit: three mills with a total capacity of 3 000 t/d, sulphide and oxide flotation circuits as well as a new dry stack tailings storage facility.