on Jaguar Mining, Inc. (CVE:JAG)
Jaguar Mining Resolves Satinoco Legal Matters, Enhancing Financial Stability
Jaguar Mining Inc. has announced the settlement of all legal issues related to the Satinoco dry-stacked pile incident at its MTL complex. A final agreement with Brazil's Public Prosecutor's Office complements previously resolved matters, ensuring all known liabilities are addressed. This milestone enhances the company's financial standing and operational clarity.
The Satinoco incident prompted legal and administrative challenges, including community compensation and environmental fines. Jaguar reached a deal to settle a significant public civil lawsuit for R$40 million, payable with R$10 million upfront and the remainder over 24 months. The environmental fine was reduced from R$320 million to R$60 million, structured with a payment plan.
This resolution strengthens Jaguar's balance sheet and allows the company to refocus on gold mining operations in Brazil, promoting sustainable production and growth. CEO Luis Albano Tondo emphasized the importance of this settlement in reinforcing the company's operational focus and value creation.
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