Major Silver Miner in Mexico Gets Three Month Reprieve from Lenders

Creditors to Fortuna Silver Mines will give the Canadian miner three months to obtain additional legal permission to keep operating in Mexico after the denial this month of a key environmental permit, the company said on Friday, Reuters reported. Over the past decade Fortuna has operated one of Mexico's top silver mines, but it faces possible closure due to the regulatory denial. The company said in a statement its lenders have agreed to waive the requirement that the company secure "a permanent injunction or equivalent protection" for three months until Feb. 18, 2022. The creditors previously required the permanent injection by the end of this week. While Fortuna's San Jose mine has been in operation since 2011, its main environmental authorization expired late last month, despite company efforts since May to petition the environment ministry to approve a 10-year extension. Read more.
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