Golden Minerals Sheds Mexican Liabilities With Sale of Local Subsidiaries

Golden Minerals Co ( (AUMN) ) has provided an update.

Golden Minerals Company has completed the sale of its wholly owned Mexican subsidiaries, Servicios Velardeña S.A. de C.V. and GMC Equipos S.A. de C.V., to a privately held Mexican group for approximately US$65,000, with all funds received. The subsidiaries carried net operating losses, inflation-adjusted capital contributions, several liabilities including about US$60,000 in past-due payables, a remaining Mexican labor claim of roughly US$56,000, and the Rodeo mining concession, a mined-out property with an asset retirement obligation booked at around US$450,000. By divesting these entities, Golden Minerals substantially eliminates its Mexican liabilities, cuts ongoing overhead and administrative costs tied to the country, and advances its planned exit from Mexico, positioning the company to concentrate financial and managerial resources on projects in other regions.

More about Golden Minerals Co

Golden Minerals Company is a precious metals mining company listed on the OTCQB and TSX under the symbol AUMN, with historical operations and assets in Mexico, including mining concessions such as the Rodeo project. The company has been pursuing a strategic shift that includes exiting its Mexican operations to streamline its cost structure and refocus its activities in other regions.

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