Golden Minerals (AUMN) Company completed the sale of its wholly owned Mexican subsidiaries, Servicios Velardena and GMC Equipos, to a privately held Mexican group. The transaction was completed on December 30, for total consideration of approximately $65,000. Upon consummation of the transaction, Servicios Velardena and GMC Equipos held net operating losses, inflation-adjusted capital contributions, several liabilities including approximately $60,000 in past-due accounts payable, the remaining labor claim in Mexico of approximately $56,000, and the Rodeo mining concession, a mined-out project that includes an associated asset retirement obligation with a book liability value of approximately $450,000. Under Mexican law, the balance of the subsidiaries’ capital contribution accounts may be bought and sold. All funds related to the sale have been received.
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