UNITED STATES ANTIMONY CORP (UAMY): restructuring charge — U.S. Antimony discontinues all Latin American ops; shuts Madero smelter and Puerto Blanco mine

UNITED STATES ANTIMONY CORP

Board approved immediate discontinuation of USAMSA subsidiary on March 11, 2024.
Madero smelter in Coahuila and Puerto Blanco mine in Guanajuato to be closed; majority of employees terminated.
USAMSA had cumulative negative cash flow since inception with no prospect of improvement.
Company plans to sell or lease USAMSA assets; no cost estimates available yet.
Chairman cites new Mexican mining laws, cartel disruptions, unpaid Mexican government taxes > $1M as factors.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

UNITED STATES ANTIMONY CORP announced a restructuring affecting Latin America operational activities, including Madero smelter facility in Parras de la Fuente Coahuila and Puerto Blanco mining facility in San Luis de la Paz Guanajuato (terminate a majority of USAMSA employees).

Type: restructuring
Affected area: Latin America operational activities, including Madero smelter facility in Parras de la Fuente Coahuila and Puerto Blanco mining facility in San Luis de la Paz Guanajuato
Headcount: terminate a majority of USAMSA employees

Exact text from the filing

On March 11, 2024, United States Antimony Corporation’s (“USAC” or “U.S. Antimony” or the “Company”) Board of Directors approved a plan to discontinue all Latin America operational activities and dispose of its US Antimony de Mexico, S.A. de C.V. (“USAMSA”) subsidiary, effective immediately.

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UNITED STATES ANTIMONY CORP filing history →

Source: SEC EDGAR

accession 0001654954-24-002910

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