Fresnillo to take 5% stake in Sinda ahead of US IPO

(Sharecast News) - Precious metals miner Fresnillo said on Monday that it has agreed to buy a 5% stake in Sinda via a private placement concurrent to the Mexican silver exploration and development company's initial public offering and listing in the US. The purchase price per common share will be the same as the per share public offering price.

Sinda holds title to, or has exploration and exploitation rights on, five contiguous mining concessions covering a large-scale, high-grade, silver-gold greenfield discovery adjacent to Fresnillo's advanced exploration project, located in the historic Guanajuato epithermal silver belt of Mexico.

The Sinda property is a large primary silver asset that has the potential to be a globally significant mining operation, Fresnillo said, adding that it is buying the stake "to enhance its exposure to attractive geological silver districts, complementary to the company's organic portfolio".

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