PPO Abogados has helped Canadian mining company Eloro Resources acquire a majority stake in a tin mining project from Empresa Minera Villegas for US$10 million.
The seller relied on in-house counsel for the transaction, which closed on 28 September.
In the deal, Eloro purchases a 99% interest in the Iska Iska silver-tin polymetallic project in Potosí, a southern region of Bolivia. The parties also negotiated an addendum to the agreement to protect Eloro’s interest in the project and gives the buyer the option to purchase land linked to the mine for US$3 million through property option payments.
Eloro now operates three diamond drill rigs at Iska Iska, comprised of two surface rigs and one underground drill.
Eloro is a Canadian exploration and mine development company with a portfolio of mines in Bolivia and Peru, as well as Canada.
With interests in mining and metal projects, Empresa Minera Villegas operates solely in Bolivia.
Counsel to Eloro Resources