Jaguar Mining Settles Environmental Fine to Strengthen Financial Position

Jaguar Mining Inc. has announced the settlement of an environmental fine with the State of Minas Gerais, Brazil. The penalty was significantly reduced from an estimated BRL320 million to BRL59,988,878.25. This settlement highlights the company's proactive measures and commitment to responsible corporate conduct.

The original fine arose after a tailings slide at Satinoco, but through negotiation, the liability was reduced by over 81%. Key terms include a 60-month installment payment plan with a 12-month grace period, and a commitment to socio-environmental projects valued at BRL24,500,000.00.

This agreement not only addresses a major liability but also strengthens Jaguar's balance sheet, enabling a refocus on optimizing gold mining operations. The settlement further emphasizes Jaguar's dedication to sustainable growth and community well-being.