PPO advises Eloro Resources on $10m share acquisition

PPO Abogados has represented Eloro Resources in the acquisition of a stake in Minera Villegas’ project

 Bolivian law firm PPO Abogados has advised Canadian miner Eloro Resources on the acquisition of a majority stake in a tin mining project from Empresa Minera Villegas.

This transaction, closed on 28 September, was valued at $10 million, where Eloro purchased a 99% stake in the Iska Iska polymetallic silver-tin project in Potosi, a region of southern 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 $3 million US dollars through property option payments.

Eloro is a Canadian mineral exploration and development company with a portfolio of mines in Bolivia and Peru, as well as Canada. With this acquisition, the company now operates three diamond drill rigs at Iska Iska, comprising two surface rigs and one underground drill.

With interests in mining and metals projects, Empresa Minera Villegas operates solely in Bolivia.

PPO’s team consisted of partners Pablo Ordoñez (pictured left) and Mattias Garrón (pictured right).