First Majestic Silver has agreed to sell its idled San Martin mine in Mexico to Flextronics Supply and Service for $90 million. The deal frees the miner of a site parked under care and maintenance since 2019, with closing expected in Q4 2026.
First Majestic Silver Corp. (NYSE: AG) will sell its San Martin Silver Mine in Jalisco, Mexico for $90 million, handing the operation to Flextronics Supply and Service under a definitive agreement the company announced on July 7. The transaction transfers all shares of the subsidiary that holds the mine along with the associated Jalisco Group of Properties.
The buyer pays $2.5 million upfront, then settles the remaining $87.5 million through scheduled installments over several years. The final payment of $35 million falls due on August 31, 2032.
The sale still needs customary closing conditions and Mexican antitrust approval, and First Majestic expects the deal to close in Q4 2026. San Martin, which produced both silver and gold, has sat under care and maintenance since July 2019.
Source: Insider Monkey
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