06:50 AM EDT, 04/14/2025 (MT Newswires) -- Fortuna Mining ( FSM ) on Monday said it has completed the sale of its 100% stake in Compania Minera Cuzcatlan, which owns the San Jose Mine in Mexico, to Peruvian private company JRC Ingenieria y Construccion.

As part of the deal, Fortuna will receive US$6.5 million, about US$1.2 million for pre-paid working capital items and tax receivables by April 30, and the right to receive up to US$8.3 million upon the completion of certain conditions.

Fortuna retains a 1% net smelter royalty on production from the San Jose Mine concessions payable after the first 6.1 million ounces of silver and the first 44,000 ounces of gold, or 119,000 gold equivalent ounces, have been mined or extracted from the property.

San Jose Mine was placed on care and maintenance in December 2024 due to high operating costs and the exhaustion of its mineral reserves.

Separately, Fortuna on Friday said it has agreed to sell its interest in Roxgold Sanu, which owns and operates the Yaramoko Mine, together with Fortuna's three other Burkina Faso subsidiaries that hold exploration permits in the country to private Mauritius company Soleil Resources.

At deal completion, Fortuna will no longer have any operations in Burkina Faso.

SRI operates three mines, holds exploration permits and owns a drilling company in Burkina Faso.

Fortuna is set to receive a cash payment of about US$130 million, composed of US$70 million payable at deal closing, US$57.5 million in cash dividends paid by Roxgold Sanu, and the right to receive up to about US$53 million of value-added tax receivables upon the completion of certain conditions.

The deal is subject to payment by Roxgold Sanu to Fortuna of the cash dividend, receipt of the consent of the Minister of Mines and customary closing conditions. The transaction is expected to be completed in the second quarter.

Fortuna's share price rose 3.7% to $9.01 on the TSX on Friday.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.