Luca Mining Agrees to Acquire El Barqueño Gold Project - Mexico Business News

AI desk brief

Luca Mining agreed to acquire Agnico Eagle’s El Barqueño gold-silver-copper project in Jalisco for up to US$60 million in a staged cash-and-shares deal, expanding its Mexican production and exploration base. The project carries a 2025 historical resource estimate of 399,265 indicated oz AuEq and 650,046 inferred oz AuEq, with closing expected in 4Q26 pending COFECE and TSXV approvals.

The transaction is structured to limit Luca’s upfront cash outlay: US$10 million in shares at closing, up to US$30 million tied to drilling and commercial production, and a further US$20 million linked to up to 400,000 oz of gold-equivalent output, while Agnico retains a 2% NSR on selected areas. A pending amparo over Jalisco land-use rules remains a key execution risk, but the deal fits a broader Latin American consolidation trend as majors recycle non-core Mexican assets to mid-tier operators.