India, April 11 -- Fortuna Mining Corp. (FSM), Friday announced the sale of its interest in Roxgold Sanu SA along with three other wholly-owned Burkina Faso subsidiaries to Soleil Resources International Limited for a total consideration of $130 million.
Of the total amount, $70 million will be paid to Fortuna on the closing of the transaction, $57.5 million will be paid in cash dividends by Roxgold Sanu, and around $53 million will be paid as value added tax receivables upon the completion of certain conditions.
The decision comes due to the cessation of exploration activities in-country, and the increasingly challenging business climate in Burkina Faso.
The company explained that the strategic exit would help to avoid approximately $20...