Fidelity Minerals Corp (CVE:FMN) on Tuesday provided an update on the progress with the Cerro Dorado plant upgrades and sale.
Per a modification arrangement reached with the purchaser, the company said in a statement that it has received US$250,000 of the December payment for the gold plant in Arequipa, Peru. The total sale to certain private Peruvian interests is US$1.43 million, with the balance payable on January 22.
The arrangement suits Fidelity Minerals and helps the purchaser maintain pace on the plant upgrades. And the payment schedule as previously announced remains otherwise unchanged.
READ: Fidelity Minerals CEO confident its Peru mineral projects can attract interest from large miners
The Vancouver-based company said that the restructuring with financing it undertook in December is complete, with 60% of the financing being taken up by company insiders.
Fidelity Minerals is now focussed on planning work for its Las Brujas project, targeted for mobilization in February 2020, and advancing its Las Huaquillas project strategy toward the integration of the project with its 100%-owned Greater Las Huaquillas project. The company also will continue as an active project generator in 2020.
In other news, the anticipated board changes announced in December have been completed. Luis Zapata, a co-founder of the company, has departed as necessitated by his need to focus on his appointment with Canaccord Genuity.
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