Fortuna Mining Corp. announced the successful completion of the sale of its 100 percent interest in Compañia Minera Cuzcatlan S.A. de C.V., owner of the San Jose Mine in Oaxaca, Mexico, to JRC Ingeniería y Construcción S.A.C. The transaction closed simultaneously with the execution of a definitive share purchase agreement.
Under the terms, JRC acquired all outstanding shares of Cuzcatlan for $10 million cash at closing, $5 million on the first anniversary, and $5 million on the second anniversary. Fortuna also retains a 1.0 percent net smelter royalty on production from the San Jose Mine concessions, payable after the first 6.1 million ounces of silver and 44,000 ounces of gold (or 119,000 gold equivalent ounces) have been mined.
The San Jose Mine was placed on care and maintenance in December 2024 due to higher operating costs and the exhaustion of its mineral reserves, prompting Fortuna to initiate a strategic divestment process for this non-core asset. This divestiture allows Fortuna to streamline its portfolio and focus on higher-value opportunities.
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