DivestmentJul 7, 2026, 05:01 PM
First Majestic to Sell San Martin Mine for $90M
AI Summary
First Majestic Silver Corp. has entered into a definitive agreement to sell its 100%-owned past-producing San Martin Silver Mine in Mexico to Flextronics Supply and Service, S. de R.L. de C.V. for a total cash consideration of US$90 million. The payment structure includes an upfront US$2.5 million at closing, a further US$2.5 million within 180 days, five annual payments of US$10 million, and a final US$35 million payment by August 2032. The transaction, which includes associated mining concessions, is expected to close in the fourth quarter of 2026, pending Mexican Antitrust approval.
Key Highlights
- First Majestic to sell its San Martin Silver Mine to Flextronics Supply and Service for US$90 million.
- Upfront cash payment of US$2.5 million at closing, with US$500,000 already in escrow.
- Additional US$2.5 million cash payment within 180 days of closing.
- Five annual payments of US$10 million each, totaling US$50 million.
- Final payment of US$35 million due on August 31, 2032.
- Transaction includes the Jalisco Group of Properties (5,245 hectares of mining concessions).
- Closing is subject to Mexican Antitrust approval and expected in Q4 2026.
- San Martin Silver Mine was placed under care and maintenance in July 2019.
Price Impact
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