What's Happening?
PPX Mining Corp., a Canadian-based mining company, has secured a final payment of US$637,000 from Silver Crown Royalties Inc. as part of their silver royalty agreement. This payment is intended to support the ongoing construction of a carbon-in-leach
and flotation plant at the Igor project in Peru. The completion of this payment increases the royalty percentage to 15% and the total payable ounces to 225,000 ounces of silver. This development is a significant milestone for PPX Mining, as it strengthens the company's financial position and aids in advancing the Igor project towards production, thereby enhancing stakeholder value.
Why It's Important?
The final payment from Silver Crown Royalties Inc. is crucial for PPX Mining as it provides the necessary financial support to continue the development of the Igor project. This project is a key asset for the company, located in the Northern Peru gold belt, and its advancement is expected to enhance the company's production capabilities and financial performance. The increase in royalty percentage and total payable ounces of silver also indicates a stronger revenue stream for PPX Mining, which could positively impact its market position and investor confidence. This development is likely to have broader implications for the mining industry in Peru, potentially attracting more investment and interest in the region's mining potential.