Published on 9 Jan 2023 on Zacks via Yahoo Finance
Royal Gold (RGLD) Buys Additional Royalties to Boost Portfolio
Royal Gold, Inc. RGLD announced that its fully-owned subsidiary RG Royalties, LLC, acquired additional royalties from Idaho Royalty for $204.1 million.
The acquired two portions of the gross smelter return royalty cover a large area, which includes the Cortez mine operational area and the entirety of the Fourmile development project in Nevada. Royal Gold has strengthened its royalty position at the world-class Cortez Complex with this acquisition.
Except for the Fourmile development project, which is 100% owned and run by Barrick Gold Corporation GOLD, the area within the Cortez Complex is owned and operated by Nevada Gold Mines LLC. Nevada Gold Mines is a joint venture between Barrick Gold Corporation and Newmont Corporation NEM.