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Fidelity Minerals updates on sale of Cerro Dorado and deferral of concession payments by Peru government

To date, Fidelity has received $500,000 of the $1.43 million total cash consideration for the Cerro Dorado gold plant, and expects to net $822,789 from the sale

Fidelity Minerals Corp. - Fidelity Minerals updates on sale of Cerro Dorado and deferral of concession payments by Peru government
The Peruvian government has also approved an extension for the payment of concession renewals and penalties until September 30, 2020

Fidelity Minerals Corp (CVE:FMN) said it has allowed the purchaser of the Cerro Dorado gold plant in Peru to defer a scheduled March payment after the country’s government extended its coronavirus lockdown measures to May 24, 2020.

The company said the payment is expected to immediately follow the lockdown being lifted and Peruvian tax authority SUNAT is processing the export approval application for the purchaser's gold production.

READ: Fidelity Minerals making good progress at Las Brujas gold project in Peru

To date, Fidelity said it has received $500,000 of the $1.43 million total cash consideration and is expecting to net $822,789 from the sale.

The firm added that the Peruvian government has approved an extension for the payment of concession renewals and penalties, if any, until September 30, 2020.

Fidelity is focused on assembling a portfolio of high-quality mining assets in Peru through a project generator model that involves the identification and acquisition of appraisal stage opportunities with near-term valuation catalysts.

Contact the author at [email protected]

Follow him on Twitter @Cal_Proac

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Market: TSX-V
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Fidelity Minerals provides update on Cerro Dorado sale as they put out...

Fidelity Minerals (CVE: FMN) CEO Ian Grahan joined Steve Darling from Proactive Vancouver with an update on the very busy company that has a number of key projects. Graham update investors on the sale of Cerro Dorado and also the latest on their Los Brujas project. Graham also provided an...

on 07/06/2020

2 min read