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GSilver to acquire Great Panther’s Mexican mining assets

Published by , Editor
Global Mining Review,

Guanajuato Silver Co. Ltd. (GSilver) has signed a binding definitive agreement with Great Panther Mining Ltd to acquire all of Great Panther’s Mexican assets.

The assets are being acquired through the purchase of Great Panther’s Mexican subsidiary, Minera Mexicana Rosario S.A. de C.V. (MMR) – including the producing Topia mine and production facility, the San Ignacio mine, the Guanajuato Mine Complex (GMC), and the Cata processing plant. GSilver will henceforth refer to GMC as the Valenciana mine.


  • GSilver’s operations will expand from two mines and one production facility to five mines and three production facilities.
  • The acquisition includes the Topia mine, located in Durango, Mexico which is currently producing concentrates containing silver, lead, zinc, and gold.
  • Significant lead financing orders have been confirmed from Ocean Partners (UK) Ltd and from an affiliate of OCIM Metals and Mining (OCIM).
  • 2021 total silver equivalent production at Topia was approximately 1.12 million Ag Eq oz.
  • 2021 total silver equivalent production at the Valenciana and San Ignacio mines and Cata processing plant was 1.05 million AgEq oz.
  • Total consideration of US$14.7 million; satisfied by US$6.7 million in GSilver Shares and US$8 million in cash.

Ramon Davila, President and Director of GSilver, said:

“This acquisition will prove instantly accretive; the Topia Mine is currently producing and will immediately lift GSilver’s production profile. Within the Guanajuato mining district, the San Ignacio, and Valenciana mines were put on care and maintenance less than eight months ago only due to a lack of available tailings facilities; GSilver plans to swiftly re-start production from these mines and process the mineralised material using the excess capacity at our nearby El Cubo production facilities. This acquisition keeps us on course to expeditiously establish GSilver as a mid-tier precious metals producer in Mexico.”

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