RAD counsels Nexa Peru in sale of Pukaqaqa Project
Rebaza Alcazar & De Las Casas has counselled Nexa Resources Peru on the sale of all the shares issued by Compañía Minera Cerro Colorado, a subsidiary of Nexa Resources group that holds the mineral rights to the Pukaqaqa project, to Olympic Precious Metals, a precious metals company.
Closing of the transaction, which was agreed on September 4, is expected in December 2024 and is subject to certain customary conditions precedent. The total consideration for this transaction comprises cash payments of US$4.3 million to be made at closing and up to 48 months thereafter, as well as additional cash payments of up to US$25 million subject to the achievement of certain milestones in the development of the project.
The transaction represents Nexa Resources’ continued effort to optimize its mining portfolio and improve its free cash flow. Martinot Abogados, now part of Santivañez Abogados, acted as counsel to Olympic Precious Metals.
Pukaqaqa is a copper and molybdenum mining project located in the Peruvian region of Huancavelica, which is in the exploration phase.
Nexa Resources is a large-scale, low-cost integrated zinc producer with over 65 years of experience in developing and operating mining and smelting assets in Latin America. The company currently owns and operates five long-life mines, three of which are located in the central Andes region of Peru, as well as three smelters, one of which is Cajamarquilla, located in Lima, which is the largest smelter in the Americas.
Olympic Precious Metals is a Canadian company dedicated to the development of copper and gold opportunities throughout the Americas. Olympic is committed to preserving, growing and realizing long-term shareholder value in a responsible manner, providing lasting benefits to local communities and stakeholders.
RAD’s team was led by partner Luis Miguel Elías (pictured), with support from senior associates Josefina Arana, Fiorella Wismann and David Baracco, and associate Derek Ortmann.
Martinot Abogados was represented by partner Fernando Martinot.
