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Silvercorp Metals is diversifying into South America with the acquisition of Adventus Mining and its 75% interest in the El Domo copper-gold project in Ecuador.
At closing, existing Silvercorp and Adventus shareholders will own approximately 81.6% and 18.4%, respectively, of Silvercorp’s share capital. Currently, Silvercorp does not hold any share in Adventus. The base-case scenario presented an after-tax net present value, discounted at 8%, of $259 million and an internal rate of return of 32%. Initial capital cost was estimated at $248 million, with a payback period of 2.6 years.
Under their joint venture agreement, Adventus will fund El Domo’s capital costs to production and will receive 95% of the project’s free cashflows until all of its investments since 2017 are repaid, after which the cashflows will be shared 75% to Adventus and 25% to Salazar.
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