Post-completion, the combined entity will trade as International Consolidated Minerals.

The deal has valued the acquired business at US$240 million (£117 million), which was satisfied through the issue of 30 million consideration shares and more than 640,000 warrants.

The nominated adviser and broker was Strand Partners, while CLB Little John Fraser was the reporting accountant.

Post-completion, the board will focus the group’s operations on developing International Consolidated Minerals’ Pachapaqui Mine and San Luis project in Peru.